Auction Property in MLS

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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
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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

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ECAR Auction Required Fields

• Auction
• Auction Type (Absolute, Minimum Bid, Reserved)
• Auction Date
• Auction Location
• Pre-Offers?
• Bidders Choice?
• Online Bidding?
• Inspection/Preview Instructions

• Property/Listing
• Property Address
• Parcel ID/Legal
• Property Type (Home, Condo, Commercial, Land,
  etc.)
• Seller Name
• Listing Date
• Expiration Date

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ECAR Auction Optional Fields

• Property/Listing
• Square Footage
• Bedrooms
• Baths
• Stories
• Year Built
• Acreage
• Waterfront Type
• Waterview Type
• Seller Phone

• Auction
• Minimum Bid
• Auction Time
• Buyers Premium
• Registration Deadline

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ECAR Auction Category Usage
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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

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Additional Information Available

• Need help setting up auctions?
• Auction Marketing Council web site
• http//AuctionMarketingCouncil.com
• Geoff Gurney
• Emerald Coast Association of REALTORS
• geoff_at_ecaor.com [phone]
• Ben Anderson
• Ben_at_BenAnderson.com [phone]