What is a Comp Only Listing?
A Comp Only listing is a transaction in which only a buyer's agent is involved — there is no listing agreement. It is entered into MLS Now solely to record the sale for comparable purposes.
Important Rules
- A Comp Only listing must be entered within 14 days of the title transfer date (effective 2-1-19). Failure to enter within 14 days results in a $50 non-waivable fee.
- Comp Only may not be used for office exclusive or opted-out properties.
- MLS staff will override the listing office and agent to a non-member designation.
Step-by-Step Instructions
- Enter the listing in MLS Now as you would a standard listing.
- Save As Incomplete with the following field values:
- List Agent: Enter the Buyer's Agent MLS ID
- List Date: Enter the contract date
- Expiration Date: Enter the performance date
- List Type: Select Comp Only
- Broker Remarks: Type Entered for Comp Purposes Only
- Upload the primary photo for the listing.
- Pull listing up by typing MLS# in speedbar shortcut & Click the REQUEST COMP ONLY APPROVAL# button.
- Submit the questionnaire with the following documents attached:
- Purchase Agreement
- Agency Disclosure
- Closing Disclosure, HUD, or ALTA
- Wait for approval from CompOnly@MLSNow.com. Do not make any status changes until you receive approval.
- Once approved, change the listing status from Active to Under Contract No Showings, using the contract date.
- Change the status to Sold:
- Closed Date: Enter the title transfer date
- Closed by: Select Comp Only
Questions?
Contact MLS Now staff at CompOnly@MLSNow.com for assistance with Comp Only entries.