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Auction Property in MLS

Auction Property in MLS. Geoff Gurney, CIO Emerald Coast Association of REALTORS ®. National Association of REALTORS ® Multiple Listing Issues and Policies Forum May 15, 2008. Summary of ECAR Auctions. Information Exchange Model Separate from sales categories No compensation

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Auction Property in MLS

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  1. Auction Property in MLS Geoff Gurney, CIO Emerald Coast Association of REALTORS® National Association of REALTORS® Multiple Listing Issues and Policies Forum May 15, 2008

  2. Summary of ECAR Auctions • Information Exchange Model • Separate from sales categories • No compensation • Voluntary participation • Describes the Auction • No price • Details of event • Limited property information • Slow Steady Acceptance • Released May 2004 • Measurable increase in usage • Rules added to MLS categories

  3. Auction Auction Type(Absolute, Minimum Bid, Reserved) Auction Date Auction Location Pre-Offers? Bidder’s Choice? Online Bidding? Inspection/Preview Instructions ECAR Auction Required Fields • Property/Listing • Property Address • Parcel ID/Legal • Property Type(Home, Condo, Commercial, Land, etc.) • Seller Name • Listing Date • Expiration Date

  4. Property/Listing Square Footage Bedrooms Baths Stories Year Built Acreage Waterfront Type Waterview Type Seller Phone ECAR Auction Optional Fields • Auction • Minimum Bid • Auction Time • Buyer’s Premium • Registration Deadline

  5. ECAR Auction Category Usage

  6. Subsequent Actions by MLS • July 2006 – added MLS rule requesting non-listed property sold at auction to be entered into appropriate sales category at closing • May 2008 – added requirement that current listings being “converted” to auction be identified if staying active and include Type of Auction and Auction Date

  7. Additional Information Available • Need help setting up auctions? • Auction Marketing Council web site http://AuctionMarketingCouncil.com • Geoff Gurney Emerald Coast Association of REALTORS® geoff@ecaor.com– (850) 243-6145 • Ben Anderson Ben@BenAnderson.com– (850) 654-5300

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