auction listings on the mls nar mid-year meetings may, 2008

Auction Listings on the MLSNAR Mid-Year Meetings

May, 2008

You are a South African bush pilot working for Blue Sky Aviation.

You fly in some critical medical supplies,then enjoy a quick lunch at the hospital.

It’s a stifling 100 degrees in the shade and you’re eager to get back up to the cool, high blue yonder.

On the way back to your plane, you discover that the only bit of shade within 1 mile has become very popular…You start calculating the distance to the plane door and

wonder…

“Do I feel lucky today?”

MLS PIN

• REALTOR® Broker Owned MLS• Database of property information• Coverage• Approx 30,000 users• Over 6500 offices• 60,000 + active listings

Coverage

Who uses MLS PIN

• Brokers/Salespeople• Appraisers• How access is defined & who owns listings…

MLS Access

ABC Realty

Broker/Owner

Agent

Agent

Agent

MLS PIN

Participant Firm

Individual Participant

MLS Access - Auctions

ABC Realty

Broker/Owner

Agent

Agent

Agent

MLS PIN

Participant Firm

Individual ParticipantAuctioneerAuctioneer

Auctions Defined

• Auction Listing• Exclusive Right to Sell at Auction

• Signed by Owner.• Non distressed property‑

• Currently may not be a bankruptcy sale, a foreclosure sale or any other sale that is ordered or compelled either by a court or by any other third party that is not the title holder of the property.

• Task Force met last week to determine expanding to allow for additional types of auctions.

Rules & Regulations• Auction Listings subject to Rules

• Photos• 24 hour changes• Etc…

• Cooperation & Compensation• Unconditional• “Bottom Line” percentage, flat dollar amount

How to Subscribe• Must have brokers or sales license• Must be licensed auctioneer in

Commonwealth of MA• Must be a Participant in MLS PIN

How Does it Work? - Input

• Who can input?• Tied into licensure

• Types• Minimum Bid• Absolute

• Other fields• Seller’s Confirmation (yes/no)• Preview Date & Time• Deposit Required• Abbreviated Terms• Buyer’s Premium (yes/no) __%

Adding an Auction Listing• Specify the proper Listing Agreement Type

Adding an Auction Listing, cont’d• Include Auction-specific information

Searching for Auctions• Include the Listing Agreement Type as criteria

Auction Search Results

Auction Listing Example