As the listing agent, taking a few minutes up front to verify you’ve entered correct and complete listing details in the MLS can help the appraiser provide an accurate valuation of the home, and bring the transaction process that much closer to the finish line. Additionally, we’ve included a couple of things to keep in mind when closing out the listing so the data can be used for CMAs or other analysis.
Note the ‘Commission Modified’ field
Providing information about adjusted commissions gives a more complete picture of the sold pricing information. It helps appraisers when determining valuations and helps other agents who use that listing information for CMAs or other analysis. The ‘Commission Modified’ field, located in the Closed section of the Full display for Closed status listings, is required when changing a listing to Closed status. You’ll need to indicate if the commission was increased, decreased, or unchanged from the original information in the listing.
Complete as many Matrix MLS fields and options as you can.
When you enter your listing, be sure to complete as many fields as you can, even if those fields aren’t required. Doing this will ensure the appraiser can identify the most accurate comparables, as well as property features that could increase the value but might not otherwise be visible.
Verify accurate listing details with Listing Data Checker.
Included in Matrix is easy access to a convenient tool called Listing Data Checker (LDC). After you submit a listing to Active, Pending, Withdrawn, Closed, or Expired status, you can use the Listing Compliance Check option, to ensure your listing contains accurate, timely, and complete information. Learn about LDC >>
Appraisers need listing details to be accurate. If they aren’t, it can create a load of additional work and can slow down the appraisal process. Although Listing Data Checker is a great resource, it can’t catch every error and doesn’t know about features unique to each listing. That’s why we encourage you to let us know if you see a detail on a listing that looks a bit inaccurate or perhaps shouldn’t be there at all. You can use the ReportIt button for this, which is located on the Full property display of every listing. When you report a listing, your name stops with us and we don’t share your information with the listing agent. Learn about ReportIt >>
Remember the Square Footage Companion.
The Square Footage Companion is an easy-to-use guide that helps you correctly identify a property’s style, the square footage fields you should use, and the number of stories in the home according to REcolorado Rules and Regulations. The Companion helps to keep listing details consistent, so everyone using Matrix MLS can find appropriate comparable properties. Take a minute to make sure you’ve accurately reported your info; your fellow real estate professionals, especially appraisers, will appreciate it.
Use the 1004MC Tabular Statistics Report as a resource.
The 1004MC Tabular Statistics Report is available from the Print options in Matrix, and it isn’t just for appraisers. It contains valuable information for brokers, too, including minimum, maximum, average and median values for sold price, total bedrooms, total bathrooms, above-grade square footage, list price, CDOM, year built, and more. Reviewing this information can help you understand the variables appraisers consider when they value a property. Generating the 1004MC Tabular Statistics Report >>
Double check your map pin placement.
The map pin placement (latitude and longitude) ensures your listing appears in the correct location when appraisers and brokers run searches in Matrix. If you’re not sure of the exact property location, you can add a map layer that displays the property address on each parcel. How to Set Your Map Pin >>
Use the broker closing comments to indicate specific sale conditions when closing out the listing.
Closing comments are used to describe unique conditions of the sale and are helpful to appraisers using the sold comparables for future loans. For example, if the buyer’s agent was the buyer, then you’d want to note that there was no commission paid. Or, perhaps the buyer was a family member of the broker, and so, therefore, the broker’s commission was reduced. Additionally, you can also use closing comments to indicate if there were multiple terms, or if the buyers brought cash to the closing to compensate for the difference between the appraised loan value and the sale price.