Going Once, Going Twice – The Auction Property Class is Going Away Soon!

Don’t worry.  The ability to list auctions in RealTracs is not going away.  However, how and where you list an auction in the MLS is changing to better match RESO’s data dictionary standards.

How is Auction Changing?
Previously all auctions were listed in their own property class regardless of what type of property was being auctioned.  The auction property class was a mixed bag of residential, land, commercial, and other type listings.  Now, when listing an auction, it will be added to the appropriate property class – residential, condominium, land/lot/farm, commercial, or multi-family.

How Will I List an Auction?
Auction is now a Special Listing Condition.  Recent changes were made in Add/Edit that require listing agents to select a special listing condition to describe the type of listing being entered.  Absolute Auction and Reserve Auction are being added as two of those options for offices who are approved to list Auctions.

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Are the Auction Types Changing?
No.  Listing agents approved to list auctions will still have the option to add a Reserve or Absolute auction to the MLS system.  As a reminder:

  • Reserve Auction:  An auction where the property for sale may not be sold if the final bid is not high enough to satisfy the seller – that is, the seller reserves the right to accept or reject the highest bid.
  • Absolute Auction: An auction in which the property for sale will be sold regardless of price

Please note: Reserve or Absolute Auction can be used in combination with one other Special Listing Condition, including foreclosure.  Reserve and Absolute Auction cannot be selected together.

How Will I Search for Auctions?
Auctions will be easy to search for, identify, or exclude, depending upon your needs.  First, auctions will now be included in the search results (except rental) and will be distinguishable by the presence of a gavel icon in the list views and agent/buyer reports.

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Want to search only for auctions?  You can do so by adding Special Listing Conditions to Additional Criteria and selecting Absolute Auction and/or Reserve Auction.

You can exclude auctions from your search in a similar way by selecting Standard (or any other) Special Listing Conditions and excluding the Auction selections.

Perhaps you want to save a search that looks for just Auctions?  You can select one or both Auction selections from Special Listing Conditions, choose your search criteria, and click Save.  Give your search a name, and it’s available any time you need it from your list of saved searches.

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Some Additional Notes

Information specific to the auction such as minimum bid, auction date & time, terms and buyer’s premium should be included in the Public Remarks field.

The existing and historical auction listing information will not be converted to an existing property class or special listing condition and will be found by using the auction search.

Existing auction listings will be accessible for a short period of time to ensure that you have time to close them all out.

If You Have Questions or Need Help

This is a significant change, and the RealTracs Support team is here to help you with any questions or concerns.  Support technicians are available via online chat, email or phone Monday – Friday from 8:00 a.m. until 5 p.m. and on Saturday from 10:00 a.m. until 4:00 p.m.