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.
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.
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.
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.
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
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.
Property Report Editing
Today, we’re exploring ways to make important edits to your property reports. These simple adjustments can help you make accurate changes to the property characteristics of your subject building.
Be sure to press enter or tab to save your changes automatically. These changes will only be made to your account. They will not be seen by other users.
How to Edit Property Characteristics
You have the ability to edit the number of bedrooms, number of bathrooms and total square feet for a property. When you pull up your property report, edit these sections by clicking in the boxes (shown above) and typing your new values.
Be sure to press enter or tab to save your changes automatically.
How to Revert Back to Your Original Values
1. Click in the blue box.
2. When the pop-up box appears, you can click to revert the number to the original value
1. Click on the link – “click here” – at the bottom of the “Property Characteristics: Building” section.
2. Once you click on the link, the numbers will be reverted back to their original values.
To Our Valued Users:
Earlier today, the RealTracs MLS system experienced a network failure related to a piece of hardware and its configuration. During that time, our engineering team worked continuously along with multiple senior engineers from Cisco to rectify the problem.
The core issue was a network connectivity failure related to a piece of hardware and was not associated with the MLS system itself or the database. Please know, your data was always safe and secure.
All RealTracs systems, including our Internet service providers, have redundancies, or backup systems, in place to ensure MLS uptime. Today’s outage was caused when a redundant piece of network hardware took over a process from a failed system as it is designed to do, and the failed system continued to run, causing the interruption. As soon as our engineers identified the source of the failure, it was removed, and system access was restored.
RealTracs will continue the ongoing implementation of cloud-based systems and other technologies to help ensure such a failure in the future is mitigated. We take the uptime and reliability of the MLS system very seriously, and sincerely apologize for this unacceptable inconvenience.
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)
|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|
|None||– – –|