NJMLS Information Recap

NJMLS Information Recap

Posted on 20. Mar, 2020 by in Changes, News, Support

We know you are receiving many emails right now, so to help, here is a summary to keep you up to date on anything you may have missed along with some new information:

New Statistical Trends Update
For a Year-To-Date comparison of 2020 vs 2019 statistics with Monthly and Quarterly totals, click here.

New in XL Paragon
Attorney General’s Memorandum: Last month, the state published an updated Attorney General’s Memorandum which required separate signatures of the seller(s) to acknowledge receipt. The state has eliminated this separate requirement and the updated version without seller signature fields, dated 10/7/20, is now included with all listing agreements. The acknowledgement of receipt of the memorandum remains on our listing agreements.

Temporary listings will now be saved for 120 days (previously saved for 60 days).

Hotsheets: You can now save up to 20 Hotsheets (previously you could save up to 10). Hotsheets are a great way to track a market area. If you are unfamiliar with how to set up a Hotsheet, take a look at the Hotsheet video found in the Help Video Library accessed from the Toolkit menu.

New Tool: The first in a series of new tools that leverage MLS Data has been released. Now when viewing the Pricing and Summary page in a CMA prepared for a town in Bergen County, an additional option to view potential interest will appear under the suggested list price. Click for more information about this new tool.

Clarification to New Rule
A recent addition to the NJMLS Rules and Regulations, Section 1.17, requires each member participating in a transaction to be listed as co-listing agent or co-selling agent. Fields were added to accommodate the reporting of up to four co-listing agents and up to four co-selling agents.

Based on questions and feedback received by our membership about this new rule, the Board of Directors approved the following changes:

  • Amending the rule to define participation in a transaction. This new language is highlighted below in blue.
  • Formalizing a team structure within our system. System changes will be made to allow Designated Realtors to set up teams in their offices, and separate Market Share Statistics for teams will be created. Specific details on these system changes to follow.

Section 1.17
Listings with Multiple Listing/Selling Agents

Each Participant must list each Subscriber participating in the transaction in the appropriate co-listing or co-selling agent field in the MLS.

Participation is defined as the licensed Realtor® or Realtors® who is/are a Subscriber(s) to the Service and is/are the predominant interacting Realtor® or Realtors® with the client in the transaction. If more than one, all Subscribers must be represented as co-listing or co-selling agents. Participation is NOT defined as someone who provides only the following or similar services:

1)      Administrative assistance in a transaction
2)     Access to the property for an inspection
3)     Preparation of paperwork
4)     Coordination of showings

 
Detailed Showing Instructions
It is extremely important that listing information is clear, accurate and up-to–date, and this is especially true for showing instructions. It is incumbent on listing agents to provide detailed information in the showing instructions of their listings, including whether showings are virtual or in-person, the days and times showings are allowed, whether a COVID-19 waiver is required, limits on the number of people who can attend a showing, etc. Recognizing that situations change quickly, we strongly encourage listing agents to regularly check and update the showing instructions on all their listings. Equally important, showing agents must take care to read and follow these instructions to the letter and contact the listing agent or office prior to a showing if there are any questions.

If the showing instructions specify using ShowingTime, this feature must be enabled. As a reminder, using ShowingTime allows the listing agent to specify the type of appointment (virtual, in-person, or both) and to block the days and times in which showings are not permitted. We’ve also included in Listing Maintenance a new option to choose Virtual Showing Only in Showing Instruction choices (yellow field).


Information from New Jersey REALTORS®
The New Jersey REALTORS’® website contains important information to provide REALTORS® with assistance during this period impacted by COVID-19:

To view New Jersey REALTORS’® list of FAQs for the Real Estate Industry, click here.
To view New Jersey REALTORS’® list of Unemployment FAQs, click here.
To view New Jersey REALTORS’® new Addendum Regarding Coronavirus, an additional addendum to the Standard Form of Real Estate Contract, click here.

NJ Information Hub
For up-to-date information from the nj.gov website, click here.

Best Practices
For best practices from the National Association of REALTORS®, click here.

Supporting You
Though our offices are currently closed, the NJMLS staff is still here to support you via phone, live chat, and email during our regular business hours. To learn more, click here.

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