RESO

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.

A Better Way to Describe Your Listings

Selecting a Listing Type has historically been how agents clarify what kind of listing is being entered into the MLS system.  Beginning next week, the Listing Type field in add/edit is going away and being replaced with two separate RESO-defined fields which will better describe the listing.

First, we’re adding a field for Listing Agreement – this refers to the type of agreement between the seller and the listing agent.  Options for Listing Agreement include:

  • Exclusive Agency
  • Exclusive Right To Lease
  • Exclusive Right To Sell

Second, we’re adding Special Listing Conditions – this field describes the type of sale at the time of listing (similar to what Listing Type was used for). Options for Special Listing Conditions include:

  • HUD Home
  • Other Foreclosure
  • Owner Agent
  • Short Sale
  • Standard (default)
  • VA Foreclosure

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There are three things to note.  First, RealTracs will map the Listing Type for existing listings into these two fields. Second, Saved Searches that include Listing Type will reference the appropriate Special Listing Condition value.  Lastly, both Listing Agreement and Special listing Conditions will be required for Residential, Condo, Commercial, Multi-Family, and Land/Lot/Farm property types.

Have questions about the new listing fields?  Be sure to chat, click, or call a support technician.


RealTracs Support Desk
M-F 8 a.m. – 5 p.m.
Saturday 10 a.m. – 4 p.m.
support@realtracs.com
615-385-0777

Parking & Driveway Fields in Add/Edit Updated to Further Align With RESO Platinum Data Standards

Over the past several weeks RealTracs’ users have undoubtedly noticed several changes to the parking fields in Listing Add/Edit.  This is related to our continued efforts of ensuring Add/Edit completely matches the RESO Data Dictionary (more information).

As part of the evolution toward a completely RESO compliant Add/Edit, changes have been made to the Driveway field in Add/Edit, listing searches, and reports.

The Driveway field and some of its descriptors are now selections in the Open Parking Features field in Add/Edit.  Open Parking — or uncovered parking — is a designation often associated with cities where identifying all options is important, e.g., alley parking, on-street parking, and a driveway. As part of this update, there are new options now available to choose from, denoted below by an asterisk (*).  When adding a listing, you can make up to three Open Parking selections.

Open Parking Features (3)

Aggregate Concrete Parking Pad*
Alley Access Driveway* Paved
Asphalt* Gravel Shared Driveway*
 Assigned On Street Unassigned
Circular Driveway* Parking Lot Unpaved

For current listings with the Driveway features found in the list below, the new Open Parking feature will replace each with a new description.  Please note, these changes will be automatic – there is no action you need to take for your listings. Additionally, you will be able to update Open Parking Features selections as needed.

Former Driveway Options With New Open Parking Descriptions

Former Driveway Options  New Open Parking Description
Blacktop Asphalt
Pea Gravel Gravel
Stone Paved
Penetrated Unpaved
None  – – –

GARAGE & PARKING ADD/EDIT FIELD CHANGES MADE FOR MULTI-FAMILY, LAND-LOT-FARM, AND RENTAL LISTINGS

As of August 29, RealTracs’ users will see RESO updates to the multi-family, land-lot-farm, and rental class garage/parking fields in Add/Edit.  This is a continuation of the parking updates that were started with Residential listings (see previous post).

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Going forward, there are two additional required fields when a multi-family, land-lot-farm, or rental class listing is input into the Add/Edit system: Garage Spaces and Garage Features.  If a value of at least “1” is entered into Garage Spaces, a description must be selected from the Garage Features drop-down list to the right.  There are also lists (options are shown below) to choose the features of your listing’s Carport or Open Parking Spaces.

New Garage Features New Carport Features New Open Parking Features
Alley Access Alley Access Alley Access
Assigned Assigned Assigned
Attached Attached On Street
Attached – FRONT Detached Parking Lot
Attached – REAR Private Unassigned
Attached – SIDE Unassigned
Attached/Detached
Basement
Boat
Detached
Private
Unassigned

Some important notes:

  • Individual Garage and Individual Carport are being replaced with Private in the Garage and Carport Feature lists.
  • Parking Space will be replaced with Parking Lot (you can also select Assigned in Open Parking Features for this situation)
  • Shared Garage and Shared Carport is being replaced with Unassigned

GARAGE & PARKING ADD/EDIT FIELD CHANGES MADE FOR CONDO LISTINGS

As of August 15, RealTracs’ users will see RESO updates to the condo garage/parking fields in Add/Edit.  This is a continuation of the parking updates that were started with Residential listings (see previous post).

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Going forward, there are two additional required fields when a condominium listing is input into the Add/Edit system: Garage Spaces and Garage Features.  If a value of at least “1” is entered into Garage Spaces, a description must be selected from the Garage Features drop-down list to the right.  There are also lists (options are shown below) to choose the features of your listing’s Carport or Open Parking Spaces.

New Garage Features New Carport Features New Open Parking Features
Alley Access Alley Access Alley Access
Assigned Assigned Assigned
Attached Attached On Street
Attached – FRONT Detached Parking Lot
Attached – REAR Private Unassigned
Attached – SIDE Unassigned
Attached/Detached
Basement
Boat
Detached
Private
Unassigned

Some important notes:

  • Individual Garage and Individual Carport are being replaced with Private in the Garage and Carport Feature lists.
  • Parking Space will be replaced with Parking Lot (you can also select Assigned in Open Parking Features for this situation)
  • Shared Garage and Shared Carport is being replaced with Unassigned

Garage & Parking Add/Edit Field Changes Made for Residential Listings

If you will recall from a post in April, RealTracs made some changes to the sewer descriptions in Add/Edit.  This was done in our effort to further align with the standards set forth by the Real Estate Data Standards Organization (RESO), who determine the “language” of MLS data, so technologists can more easily work with it. Why is that important?  Because it saves agents and brokers money!

Starting today, July 24th, RealTracs’ users will see RESO updates to the garage/parking fields in Add/Edit.

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Going forward, there are two additional required fields when a listing is input into the Add/Edit system: Garage Spaces and Garage Features.  If a value of at least “1” is entered into Garage Spaces, a description must be selected from the Garage Features drop-down list to the right.  There are also lists (options are shown below) to choose the features of your listing’s Carport or Open Parking Spaces.

Garage Features

Carport Features

Open Parking Features

Alley Access Alley Access Alley Access
Assigned Assigned On Street
Attached Attached Parking Lot
Attached – FRONT Detached
Attached – REAR Unassigned
Attached – SIDE
Attached/Detached
Basement
Boat
Detached
Unassigned

The update is ONLY to the Residential property class for now.  This is so we can gather feedback and make any needed adjustments before moving on to the other property classes. There are a few essential things to know about the latest changes:

  • Parking Total will be calculated, and be a searchable field that replaces Garage/Parking Capacity.
  • Driveway is still a separate field in Add/Edit.  It will be transitioned into a parking feature in a future update.
  • If a value of “1” or more is entered into Garage or Carport Spaces, a selection from the respective features list will be necessary as well.
  • The Add/Edit selections of your current Residential listings will be transferred to the new fields automatically.  If an existing listing is edited with a value in either Garage or Carport, a feature selection will need to be made prior to saving.

Do you have questions about the changes?  Be sure to chat, click, or call one of our Help Desk representatives who can assist with all of your concerns.

MLS GRID LAUNCHES SERVICE

BRENTWOOD, TN, April 10, 2018 — The MLS Grid, of which RealTracs Inc. is a founding member, has officially launched in its first market. Midwest Real Estate Data (MRED), which services the Chicagoland area, was selected as the first organization to receive MLS Grid service. Carolina MLS in Charlotte, NC and then RealTracs will soon folloMLS Grid Logo (1)w, along with other markets as part of a nationwide effort to make MLS listing data more readily available.  The MLS Grid platform removes barriers related to accessing multiple listing service data for real estate brokers and their vendors by providing a consolidated source of IDX and VOW information with a single, universal license agreement.

The MLS Grid was founded in 2016 as a cooperative venture between eight MLS organizations. Today, this network has grown to include ten large MLSs, providing service to more than 200,000 real estate practitioners throughout the country. The current MLS Grid network comprises Austin MLS (Texas), Carolina MLS (North andSouth Carolina), Heartland MLS (Kansas City), MARIS (St. Louis), MIBOR (Indianapolis), MRED (Chicagoland), MyFloridaRegional MLS (Central Florida), Northstar MLS (Minnesota), Northwest MLS (Seattle), and RealTracs (Tennessee).

“RealTracs, which serves brokers in Middle Tennessee, Southern Kentucky, and Northern

RealTracs076

Stuart White

Alabama, is one of the founding members of MLS Grid and is excited to announce the launch of this exciting and collaborative effort,” said RealTracs President & CEO Stuart White.

 

The MLS Grid compiles data directly from MLSs to create the single data feed, unifying compliance, display, and usage standards to ease the distribution process for all involved.

“This is an immensely exciting day for the real estate industry,” said MLS Grid CEO Joseph Szurgyi. “We’re tearing down all the roadblocks that once stood in the way of data access and efficiency.”

REALTRACS GOES PLATINUM IN MUSIC CITY

In addition to, and in support of, MLS Grid, RealTracs is also pleased to announce their Real Estate Standards Organization (RESO) data dictionary Platinum RESO_Certified_Platinum_RGBCertification. The Data Dictionary serves as the real estate industry’s “Rosetta Stone” for real estate data and ensures technology providers will be able to interpret the data the same way regardless of the MLS from which it is procured.

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Doug Powers

RealTracs Chief Technology Officer, Doug Powers, the force behind RealTracs’ RESO certification, echoed that statement.  “Every market is different, but we all have bedrooms and bathrooms.  Where we can agree to a standard, we can simplify the organization, delivery, and presentation of data for the products and brokers that transcend markets.”  So, in true Nashville, Music City style, what better way to mark the occasion than our very own RealTracs/RESO inspired record?

 


ABOUT MLS GRID

The MLS Grid is an MLS-owned company that provides a unified data platform based on RESO Standards as well as a single license agreement, all for the benefit of brokers. The MLS Grid is currently comprised of ten large MLSs across the USA that jointly represents more than 200,000 subscribers. Members include Austin MLS (Texas), Carolina MLS (North and South Carolina), Heartland MLS (Kansas City), MARIS (St. Louis), MIBOR (Indianapolis), MRED (Chicagoland), MyFloridaRegional MLS (Northern Florida), Northstar MLS (Minnesota), Northwest MLS (Seattle), and Realtracs (Tennessee). For more information visit MLSGrid.com.

ABOUT REALTRACS

RealTracs was established in 1996 and is owned by seven REALTOR® associations.  RealTracs provides multiple listing service, data aggregation, training, and support in Middle Tennessee, Southern Kentucky, and Northern Alabama for more than 13,500 users in over 1,400 offices.  RealTracs is dedicated to the delivery of quality products and services to its customers, both internal and external, through a system of core values that are the basis for every decision and standard of service throughout the organization.

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