QUICK GUIDE TO YOUR MLS
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WHAT IS MLS?
MLS stands for Multiple Listing Service, sometimes called Multiple Listings System known worldwide. PAREB-MLS is being handled by the MLS Committee of the Philippine Association of Real Estate Boards, (PAREB) Inc. Members post and exchange listings among its members through the MLSPAREB E-GROUP. PAREB Members posts listings for properties for sale or lease and/or clients property requirements-equally sharing Professional Fees on successful closings.
HAVE YOUR OWN WEBSITE VIA RPMLX.COM?
PAREB MLS also uses an online system-RPMLX.com our website which houses our real estate portal. RPMLX.COM contains basic information on a properties for sale or lease. Sign up and get your own website where you can upload information and pictures about you and about your listings. (New Pareb Mls website: www.parebmls.com )
MLS RULES AND GUIDELINES:
PAREB MLS has its own set of RULES which the members must follow to ensure a fair, equitable and peaceful sale of real estate amongst its members.
WHO OWNS THE MLS?
PAREB owns PAREB MLS which is a member based service and is part of the benefits of PAREB members through membership in local boards, it is administered and operated by its MLS COMMITTEE.
BENEFITS OF USING MLS SEARCH FOR LISTING
MLS moves our listing faster by matching listings posted in the MLS. The SEARCH engine in our MLS database makes this possible.
WHO MAY POST LISTING TO THE MLS?
All Pareb members in good standing may post listing on the MLS. Members who post listings on MLS agree to abide with all the MLS rules and code of ethics.
HOW WILL MLS WIN CLIENT LOYALTY?
Posting your listings on MLS means members will immediately receive your listing on their email as soon as it is posted. Your listings will be seen by 814 other members from different local boards who can help you find a buyer/ tenant for your listed a property or help you find a property for your wanted to buy/lease listings. With so many members you can sell your property faster and your client will stick with you for providing good service.
WHAT CAN YOU POST IN THE MLS?
Only direct listing for Sale/Rent/Joint Ventures may be posted in our MLS. Wanted to but/lease properties may also be listed but must also be from DIRECT BUYER/CLIENTS. Listing Broker must verify titles of the subject properties for sale and venture, minimum.
The Professional Fee must be 5% or at least 3% of the Selling Price. For properties for rent it should be minimum of one (1) month per year. PF for subsequent year/s may vary.
WHAT ARE THE BASIC GUIDELINES FOR POSTING OF PROPERTIES IN MLS?
A listing broker must have personally seen and inspected the said property. Submitted data must be true and correct to the best of his knowledge and ability. A written AUTHORITY TO SELL/LEASE must be available upon demand.
CAN YOU SHARE LISTINGS POSTED ON THE MLS?
NO. PAREBMLS is a private E-GROUP. Only MLS Members can view its content, emails and archives of messages and information. You must secure permission from the listing broker to share listings with non-members.
WHAT DETAILS OF THE LISTING BROKER MUST BE INCLUDED?
All messages must bear at the very minimum, the name of the member, his local board affiliation, and contact info. Location, Price, Professional fees must also included. Without these info, it will not be approved by the moderators.
HOW DO I PUT THE ABOVE INFORMATION EACH TIME I SEND AN EMAIL?
You may set your “signature” in your email so that this becomes authomathic . To assist you with your signature, the MLS Committee have its members assist you during the CONGRESS. You may also refer to suggestions made by our our “PAREB TECHIES” in earlier e-mails in the e-group. Type “SIGNATURE” in the Search box and look for postings on this topics.
HOW DO I ORGANIZE MY LISTINGS:
Listing of properties individually will benefit you more if you organize postings or put them in “folders’ according to category as some REALTORS do. For example you may file them as ‘For Sale’ House and Lot, etc. You may always refer to these folders in proper Category as your need arise.
USE OF CATEGORY FOR LISTING PROPERTIES IS ENCOURAGE:
Members are encourage to use categories selected by the MLS Committee to maximize the listing placed on MLS. Here are some :
FS – For Sale
FL - For Lease
WTB – Wanted To Buy
WTL – Wanted to lease
THSE – Townhouse
HL – House and Lot
VL – Vacant Lot
IF YOU WANT TO LOOK FOR A SPECIFIC PROPERTY LISTED TO THE MLS E-GROUP, HOW DO I FIND IT IN MY E-MAIL?
If you currently a member of the e-group, you may type the name of property, or property type in the “search box” and through ‘search result’ you may find property you are looking for.
WHAT DO YOU DO WHEN YOU GET A REPLY TO YOUR POSTINGS?
When someone calls you regarding your listing, it becomes your obligation to reply to the Realtor . As a courtesy to your fellow Brokers, you must acknowledge the email/text regarding your listing promptly. Always make it a habit to check your “BULK”or “Spam” folder. Sometimes replies to your emails land in there.
WHAT IS THE SHARING OF PROFESSIONAL FEE TO THE MLS?
In our MLS sharing is always split 50/50 by the listing Broker and the Selling Broker. In case there is a REFERRAL, the referral fee which is 10-20% may be shared by the selling and Listing Brokers but only if there is prior agreement among the parties. The other party who is being requested to share in REFERRAL FEE has no obligation to participate in sharing such fee, in which case the referral fee will have to be borne by the member whose who was referred the buyer/client/listing.
IN CASE OF OPEN LISITNG, IS IT ALRIGHT FOR SELLING BROKER WHO PREVIOUSLY BROUGHT IN A PROSPECTIVE BUYER (but the transaction did not materialize or otherwise)to solicit his own Authority to Sell/Lease from property owner?
A listing broker may not go directly to the OWNER even if the transaction did not materialize. He/She must go through the other Broker who introduced him to the property.
WHAT IF THE SELLING BROKER FINDS OUT AFTER BEING INTRODUCED OF THE PROEPRTY THAT HE “KNOWS “ the property owner through some personal circumstances ( a friend of a friend, sister of a client, etc.) is it alright to solicit an AUTHORITY TO SELL/RENT for himself and close the sale on his own?
Even if the selling Broker is a friend , relative, etc of the owner, our CODE OF TETHICS prohibits him/her from getting the listing from owner/client of the listing broker.
CAN WE POST COMPLAINTS IN THE MLS E-GROUP?
The MLS Committee through the recommendation of the Moderators and the local MLS President and/or Chairman where errant member who does not follow the mls2005 rules as set forth. (Courtesy of Pareb Mls)