What is a valid comp only
- Listings with buyer agencies only
- FSBO in which only the buyer has agent representation
- New build (this must be for the land and the buildup) Buyer only is represented.
- A listing in which the buyer is represented by a member of our MLS and the seller is represented by a non-member of our MLS.
What does not qualify as a Comp Only
- Dual Agency does not qualify for a comp only, both sides are represented. If you represent the seller and your listing is not available to the rest of the membership. (A one-time showing in this instance is not permissible as a Comp Only listing)
- Limited service is a type of service provided under the listing agreement and should be entered into the system as new listings available to all MLS membership.
- Listings that are agent owned, and they bring their own buyer are also excluded from comp only because they are not available to the membership, and they are one-party listings. (A one-party listing is also not permissible as a Comp Only listing)
- If it is an office exclusive in which both sides are represented in house and the listing was not available to all MLS members then that also cannot be used for comparable purposes.
How to enter a Comp Only listing and request Comp Only Approval
- Enter your listing into the system as you would a new listing
- Enter the listing type as a “comp only”
- Upload Primary Photo (remember this is required to be the front exterior view of the listed property & only required for Residential and Residential Income listings)
- Save listing as incomplete.
- Take note of MLS ID#
- In the speed bar type MLS ID #, click enter.
- Click Pink Link “request comp only approval.”
- Answer the questions.
- Upload the required documentation, Agency, Purchase Agreement (if applicable Addenda to sell price), ALTA/HUD or Closing Disclosure), and Buyer’s Agency. Then submit for approval.
- Wait for an approval email from Quality Assurance with the next steps. (Your listing has been approved for comp only purposes. Please log into your listing and make it active, mark it pending, then sold so we can complete the comp only process.)
- Make sure when marking listing sold it is sold by” Comp only” and either, Cash, Conventional, FHA, VA, etc.…
- Once we have been notified this is complete, we will then correct the list office to read Non-Member and correct any other information if necessary.
We will send a final email, (Thank you for completing the comp only requirements in the MLS System. I have converted the listing side to reflect non-member.
Just a reminder, if the closing date of this “Comp Only” is beyond 14 days of entering into the system, a $50.00 processing fee will be assessed as MLS rules require these listings to be entered within 14 days of title transfer.)