NJMLS Newsletter - July 2008
Volume 5, Issue 7

Word from Tina Griffin, Executive Director

Are you checking your emails for leads from our public website, njmls.com? Consumers viewing your listings on njmls.com can send you an email requesting showings or requesting more information. The number of email leads from njmls.com continues to increase – May saw 42% more email leads than the same time last year. The public site is working for you; make sure your email account accepts emails from leads@njrealestate.com so you don’t miss a valuable lead.

Over the summer we will be working on several enhancements to XL Paragon based on your suggestions. A few of these enhancements include:

Prospect Enhancements – Ability for the prospect to view listings on a map; Ability to print and map “Prospect Favorites”; “New Matches” link on the Prospect e-mail will remain active after matches have been viewed; Automatic e-mail to agent when a prospect opts-out of the auto email.

CMA Enhancements – Ability to add or delete comps to a saved CMA; Addition of a new “Map Report” option; Addition of an agent cover letter.

Expanding Internet Remarks from 500 characters to 1000 characters.

Bar Codes for 5162 Labels.

Look for these and more enhancements over the next few months.
Enjoy your summer!

Tina

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Tax Auto-Fill: An Important Tool for Maintaining Data Integrity

There is an important and easy-to-use function in the XL Paragon system that will allow members to automatically insert key tax information into listings. Accuracy in this content lets other members who view your listings link to the correct tax data and tax maps. You may have already seen the Auto Fill Tax Search screen pop up when entering a new listing into the system.















The key to using this tool effectively is to abide by the “less is more” maxim and put the minimum amount of information into the system. Members can start their search by using the owner’s last name or the property address. Once the search has been successfully completed, simply click the Auto Fill link and the system auto-populates the lot, block, zip code, owner’s name, and address into the listing.






NJMLS has recently installed a new system check in XL Paragon that will automatically verify the block and lot numbers when a listing is put into the system and when an existing listing is modified. If the incorrect block or lot numbers have been entered, upon clicking Save the pop-up below will appear. Condominiums also have a tax condo number in addition to the block and lot which must be added to the Tax Condo Number field in order to save the listing.








Block and lot numbers and tax condo numbers are easily located by linking to the tax data through Realist (click on the red “R” link at the top of the listing) or by locating the tax records through Tax Search.

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DOJ and NAR Reach Settlement

The litigation between the Department of Justice (DOJ) and the National Association of REALTORS (NAR) over claims of antitrust violations has resulted in a proposed Final Judgment that will likely be entered in early September 2008. Key parts of the Final Judgment include:

• Clarification of the definition of “MLS Participant.” The most significant change requires that Participants actually “offer or accept cooperation and compensation” – the previous definition required that they only be “capable of offering and accepting cooperation and compensation.”
  
  
• Requirement that NAR adopt and maintain a “Modified VOW Policy” – the policy governing the use of MLS data in connection with Internet brokerage services offered by MLS Participants. The new policy will affect how a MLS Participant (as defined in the Judgment) may provide brokerage services via a VOW (“Virtual Office Website”) and how a Multiple Listing Service permits MLS Participants to operate VOWs.

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Short Sales: Part of Today’s Real Estate Landscape

The potential “short sale” has become more commonplace in the current real estate environment. According to NAR, a potential short sale is one where “the listing agent reasonably believes the purchase price may not be enough to cover payment of all liens and costs of sale and the seller is unwilling or unable to bring sufficient liquid assets to the closing.” It is important that NJMLS members understand that they have an obligation to disclose a potential short sale to prospective buyers in the Remarks section of a listing. Suggested language for this is “Potential short sale, subject to lender/bank approval.”

The listing agent must also update the status of the listing as he would any other property in the MLS. The listing should be marked as “ARIP” when the contract is signed by the buyer and the seller (fully executed). The listing then remains in ARIP status while the lender is reviewing the offers, and until a contract is accepted by all parties.

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What’s New at the New Jersey Multiple Listing Service

NJMLS Executive Director Presents Scholarship Awards
At the 25th Annual NJAR Educational Foundation Scholarship Awards Luncheon held on June 18, 2008, Executive Director Tina Griffin presented scholarship awards to two worthy recipients: Francine Lieberman (left), who is studying Landscape Architecture at the University of Maryland and Nicole Waters (right) who is studying Sociology at Rutgers University. Congratulations to Francine and Nicole on their achievements!

POSSESSION HAS RETURNED
We have added the “Possession” field back to Listing Maintenance and to the XL Paragon search options. You will find the yellow “Possession” field directly above Showing Instructions.

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Did you know?

TALK ABOUT A DEAL!
Did you know that the NJMLS fees for new offices are less now than they were in July of 1995? Not only that, semi-annual membership fees for all members (previously called Access Fees) have since been reduced by almost 40%! And one last bit of NJMLS inflation-fighting information— fees for entering a listing into the NJMLS system have also been reduced since 1995 by about 11%.

LISTING CHANGES
If you call us to make a change on a listing, in order to successfully save this change, you cannot be in the listing load page at the same time as the NJMLS staff member helping you. You must exit from that page while we’re modifying your listing; then you can go back in to view the change.

EXTENDING A LISTING
A listing expires at midnight on the recorded date of expiration. If your seller intends to keep the listing active in the NJMLS, it is the responsibility of the listing broker to have an extension form signed and dated prior to the original expiration date. Once the form is signed, if the listing is still showing active in the system, the agent can change the expiration date on his own.

Copyright® 2008 by the New Jersey Multiple Listing Service, Inc. All rights reserved.