The MLS is the hub of all Real Estate data. The Real Estate industry uses the data from the MLS to determine market conditions, days on market, list price to sell price and much more.
Here is a list of the most common violations to help you stay in compliance. Note: If you are using our MLS + Paperwork or Transaction Management Service, we manage the listing compliance on your behalf:
Status Updates- The MLS gives you 24 hours to update the status of your listing. Here are some examples:
The MLS will issue a FINE of $250 for the violations once the 24 hour time period passes. The MLS will fine you, the seller $250 EACH WEEK until the status dates are updated.Accepting an offer- You have 24 hours to change the status of your listing on the MLS from "active" to "pending" found by logging into your dashboard at ListedSimply.com.
In an effort to save Listed Simply and the seller from a violation and $250 fine, if the status change is reported after 24 hours, we will cancel the listing on the MLS. By doing this, 9 times out of 10 we avoid the status change violation. In some cases, the MLS can still issue the $250 with the reasoning that the cancelation of the listing occurred AFTER the offer was accepted.
Changing Your Status To Sold- Once your home officially closes and the deed transfer is recorded with the county, you have 24 hours to report the status change to the MLS using our Closing Compliance Form.
Extending Your Closing Date- Not all transactions close on the "projected closing date". If your transaction is scheduled to close on say June 15th, but it will be extended and instead close on June 20th, you need let us know so we can change the closing date on the MLS. The MLS will automatically change the status to SOLD on June 15th so you need to notify us before the close date that the transaction is extended using our Extend Closing Date Form.
Photo Violations- $1,500 FINE
The MLS does not allow the use of google images, pictures with "For Sale" signs, pictures with watermarks OR pictures that were taken by a previous agent.
If photos are not owned by the seller, the MLS will remove the images and issue a $1,500 fine.
PAYMENT OF FINES
Once a fine is issued by the MLS, there is NO disputing the fine. Per Listed Simply's MLS Agreement, we will invoice or charge you for the fine received immediately. If a fine cannot be collected directly from the seller, Listed Simply will submit the invoice to escrow and be paid out of seller proceeds.
NON-PAYMENT OF FINES
Collections- If Listed Simply is unable to collect the amount owed within 72 hours of when the MLS issues the fine, Listed Simply will send your account to collections.
Credit Card Disputes- If you dispute a fine charged to your credit card, your account will be forwarded to to collections.
Small Claims Court- If collections is unable to collect the balance owed within 30 days, Listed Simply will file a small claims lawsuit and obtain a judgement to collect the debt.
Listed Simply does send courtesy sms messages and emails for status changes to help you stay in compliance, but you are ultimately responsible for your listing and staying in compliance per our MLS only agreement. We do catch a majority of photo violations before listing your property on the MLS to avoid hefty fines, but we're human and sometimes non-compliant images that are posted by the seller make it to the MLS.