Here is the latest edition of the NJMLS newsletter. It has been emailed to you in a more mobile-friendly format.

What’s New in XL Paragon 2021

During these first months of the year, the NJMLS has provided some new features in XL Paragon that provide you with additional tools and market insights. In case you missed anything, here’s what was released so far this year:

Option to Upload 50 Photos
You can now show more photos on your listings! The Manage MLS Photos option in Listing Maintenance has been expanded from 25 photos to 50 photos.

New Market Stats link on Full Reports
We recently upgraded the Absorption Rate link on Full Reports to a Market Stats link on Bergen County listings and will be expanding this to other areas over time. Clicking on the link provides absorption rates and estimated months inventory based on 12 month average of Under Contract Listings as well as 12 month average of Sold listings. Additional statistical data is included, such as Current Actives, Median List Price, Median Sold Price, Units Sold and Average Days on Market.

 



Town Insights Tool
There is a new option in the Stats menu called the Town Insights Tool which provides a quick overview of the current listing activity in a town. Simply enter a town and property category and you’ll be provided with the following information:

  • Inventory Level:  Number of Current Actives and Months Inventory
  • Interest Level by Price:  Number of Saved Prospect Searches at various price points
  • Sales Trends by Time Frame:  Average List Price, UC Listings, Average DOM, Sold Listings, Average Sold Price

 



Team Share Reports in Market Share
Brokers have the option to run Market Share Reports by Teams, effective January 1, 2021. This option can be found in Step 1 when running the Market Share reports. All transactions by any team member will roll up into the Team Share Report.


Realist:  Search by Sell Score
Realist has enabled an option to do a search based on Sell Score, providing results based on the relative likelihood a property will be listed for sale in the next 6 months. This new feature is not part of the default criteria, but can be added to a search by using the Customize Search option > Sales Information > Check the box for Sell Score > Apply.

You may display the Sell Score in the search results by using Customize Table > Show/Hide Columns > Sales Information > check the box for Sell Score and Apply or you can view the detail report to see a property’s individual Sell Score.

The Sell Score option can only be used when a single county is selected. When multiple counties are used in a search, the Sell Score feature will be grayed out under Customize Search and cannot be selected.


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New Rule Regarding Office Teams

We would like to thank the Brokers who have already registered their office teams; as of this writing there are currently 53 teams registered with the NJMLS.

The NJMLS Board of Directors has approved a new rule regarding the registration of office teams. The new language explains that Brokers are required to register all teams in their office, and defines guidelines for identifying teams:

Section 1.18
Registration of Teams

Participants must register all teams in their office with the Service. Teams may consist of two or more Participants/Subscribers associated with the same company who pool resources to list and sell/lease properties. Registration must include the team name, name of the team leader, and names of all licensed members of the team who are Subscribers to the Service. Team names cannot contain terms that imply that the team is offering brokerage services independent of the broker or violate state licensing laws. Some prohibited terms are brokerage, company, and associates. Before using a team name in an advertisement, the Participant must register the team name with NJMLS. All transactions by team members accrue to the Team for Market Share rankings and are not credited to the Subscriber’s Agent Market Share ranking.
Note:  Subscribers who work as a partnership to co-list or co-sell/lease property are not required to register as a team provided all Subscriber names appear on the listing or sale/lease in the Service where credit in Market Share Statistics will be split equally among all parties to the transaction.




 
 

Reminder Regarding Listing Distribution

While we’ve had an option to send office listings to ListHub for display on a select group of publisher websites, we have now opened the option to all publisher websites ListHub offers, and made it easy to send office listings to ListHub via a new option in Manage Listing Distribution.

Designated Realtors should follow the two-step process:  Subscribe in XL Paragon by going to Toolkit > Site Admin > Manage Listing Distribution > click the circle to the left of Subscribe > and click Save Changes. Next, click on the ListHub link; you will be taken to the ListHub website where you will need to register to set up an account and then select the websites where listings will be sent.


 
 


The NJMLS provides training, currently offered as webinars, on all services and products, during which we also discuss applicable rules and policies. Should you need to review any of our rules, regulations or policies, please call and we will be happy to assist you.
 

 

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