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Best Practices when Setting a Future Date for Offer/Presentation/Review/Response
In an effort to promote the highest level of professionalism and cooperation, we strongly recommend the following best practices regarding setting a future date for presentation of, review of, or response to an offer:
Buyer Agents:
- It is best to submit offers in a timely manner, and not wait until the deadline. The seller is free to change their mind, and the date set for presentation/review/response could change at any time.
- Open communication with the listing agent is key. If you will be writing an offer, let the listing agent know, and ask to be notified if the date changes.
Listing Agents:
- Under Wis. Admin. Code § REEB 24.13(3)(c) and the Realtor® Code of Ethics, listing agents are required to promptly present all written offers to their sellers. Holding offers, even at the request of a seller, creates potential risks for the listing agent. If a seller insists on setting a specific date for presentation of, review of, or response to offers, this should be documented in writing, preferably in the listing contract. Language should be clear as to the terms and conditions under which an offer should not be promptly presented.
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Terminology such as “presentation”, “review”, or “response” date is sometimes misused, making it difficult for cooperating agents & buyers to understand the seller’s timeframe & intent. Instead, a statement like “Seller requests binding acceptance through ______(date)” may help avoid ambiguity and confusion.
- Discuss with your seller how to handle offers written with binding acceptance dates prior to the set date for presentation/review/response.
- To promote fairness & equal opportunity to all interested parties, the listing agent should communicate with all agents who have shown the property, have upcoming showing appointments, and who have expressed interest if the originally stated date changes. This can easily be done via ShowingTime Appointment Center (select listing and select Send Notifications). The change should be documented in writing, and the MLS remarks should be updated as soon as possible.
- Listing agents should not make the decision that one offer warrants presentation before the deadline, while others do not. In order to fulfill their obligation to be fair and honest to all parties, the listing agent should present all offers if the decision is made to present one. The seller and the listing agent should recognize that reviewing/accepting an offer before the originally stated date puts cooperating agents in an unfavorable position because other buyers may become angry if they rely on the MLS information only to discover another offer has been accepted.
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The winner of our Spring Trivia contest from the April newsletter was Tami McFarlane. Tami won a credit for the upcoming annual dues billing of $300. Congratulations Tami!!!! | |
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Not showing yet? Should you use Active or Delayed
We generally see two reasons a new listing is not available for showings right away.
In the first situation, the property is ready for public marketing, but the seller and listing agent decide to pick a launch date, often starting with an open house. It makes sense to enter these listings as Active, as the seller and agent usually want them to be visible to the public. The listings in Active must include the date showings will be allowed in the first line of the public remarks.
In the second situation, the property is not ready to be marketed due to needed clean up, timing for professional photos, desired staging, etc. It makes sense to enter these listings as Delayed, as the listing is not ready to be exposed to the public yet.
Our rules regarding listings not ready to be shown take both situations into account allowing agents the flexibility to market these listings as either Active or Delayed.
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Competing Offer Y/N
When changing a listing to an offer status, you are asked if there were competing offers. Answer YES only if more than one written offer was considered at the time an offer was accepted. This field is optional at the time of acceptance and required when a listing is marked as Sold.
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Associated Document Reminder
When adding an associated document to a listing in Paragon, it will automatically be set as a private document unless the "Public" box is checked. Public documents are visible to the public via Collab Center & e-mailed listing links, and are also sent to WIREX, where agents in other MLSs can view them. Private documents are not included when listings are emailed from Paragon, but SCWMLS members have access to them via the Documents link on a listing.
Please remember that documents may not be marked public if they contain agent or company names, contact information, or branding/logos. Public documents that are contractual in nature (ex: RECR, addenda) may contain the name of the listing firm, but it must be in typeface no larger than the median typeface of the document. There has been an increase in the number of reports of contact information on public documents, so please double check this before marking a document as public. Thank you!
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Searching by MLS Remarks
Did you know the MLS remarks section of a listing is searchable? Within the Advanced Criteria section of your search options (at the bottom under Search), you will find the Remarks search prompt. Simply type in the word or words you are looking for.
For example, if your buyer would like a property that has a large garden space, type large garden and your search results will include properties for which the listing agent has included the words large garden in the remarks.
You can also string together multiple words. For example, if your buyer would like a home on a secluded lot, you could type secluded (tab) private (tab) isolated. Your search will bring back properties for which the listing agent has included any of these words in the remarks.
Give it a try the next time you are looking for something there is not a specific search feature for. Also, when composing your remarks, make sure to mention special features not covered elsewhere in the listing features.
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Driving Directions
When setting up showings, you most likely use the driving directions available within ShowingTime.
If, however, you want driving directions for properties before setting up showings, you can do this directly from Paragon:
- Pull up the list of properties from their search or in a listing cart
- Select the properties you want to map
- Click More, then Driving Directions.
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On the popup box choose a starting point and click Get Directions. This will open the properties into Google Maps and show the suggested route. You can rearrange the order of the properties by clicking and dragging them on the list. There is also an option to send the directions to your phone. | |
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The Supra™ eKEY annual renewal date is July 1st of this year for all eKEY users.
If you are no longer using your Supra™ eKEY app, and wish to cancel your lease, please email mls@wisre.com no later than May 1st so that we don't bill you. If you wish to continue to use your eKEY, you do not need to contact us.
The annual fee of $175 per key holder will be included on your mid-May invoice, along with your annual MLS Dues of $300. Invoicing will change this year, as invoices will be sent via email directly to agents.
Please do not try to pay now. Payment should be made when you receive your invoice in mid-May.
Please call our office at 608-240-2800 Ext. 0199 with any questions, or email mls@wisre.com.
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Personalized Office Training
Dave Bass, our Paragon trainer, offers personalized training sessions for your office. These can be either in person at your office, or online via Zoom. Topics can be tailored to what you feel would help your agents the most, plus an open Q&A. Training sessions must be for at least 8 agents. Email support@wisre.com to arrange a date and time.
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Upcoming Training Opportunities
Collab Center: Do you want to set up buyers with an automatic search that notifies them about new properties? Learn how to set up a Collab Center site for your buyers, and what they can do with it. This live class will be held via Zoom, please register here.
Map Search in Paragon: With Paragon's map search you can visually define areas on a map to search for listings. Join SCWMLS trainer, Dave Bass, for this 30-minute class where you will learn how to draw different shapes on the map and edit them, use layers to show lots of helpful information, and more. This live class will be held via Zoom, please register here.
Paragon Connect: Join Dave for a 30-minute class via Zoom where you will learn how to use the mobile version of Paragon, Paragon Connect, on your smartphone. Please register here.
Paragon Overview Classes: We offer monthly live webinars via Zoom for Paragon training. To register for an upcoming session click here.
In person: We are offering an in-person Paragon training class at the MLS office. Please bring your own laptop or tablet. To register click here.
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South Central Wisconsin Multiple Listing Service
4801 Forest Run Rd, Suite 101
Madison, WI 53704
(608) 240-2800
www.scwmls.com
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