When the market is hot and properties are moving fast, it can be hard to keep it cool.
CREB® Member Practice has recently seen an increase in compliance issues and will be providing members with hot market real estate rules and reminders over the coming weeks to keep pace with these trends.
Today’s article provides an in-depth recap of last week’s Matrix™ reminders.
Reminder: Ensure the listing information on the MLS® System is correct before the listing is activated
Once a property is sold, listing information is harder to change. It’s imperative that the listing agent upload the correct and complete information from the beginning.
Did you know, listing agents can preview the Agent Full View report before making the listing live?
If you would like to review the information as it will appear on the Agent Full View, follow the steps below:
- Save the listing as incomplete (take note of the MLS® Number)
- Hover over “My Matrix™”
- Click on “My Listings”
- Select “My Incomplete Listings”
- Click on MLS® Number you’d like to preview
If you notice an error on another member’s active MLS® listing, you can advise CREB® Member Practice of the error by clicking the yellow triangle icon at the top of the listing.
Together, we can ensure the MLS® System remains a reliable source of information.
Reminder: Sellers are able to change their minds about specific dates and times when they intend to review offers.
Listing agents and sellers can develop strategies to generate interest in a property that sometimes involves sellers setting a specific date and time to review all offers.
Keep in mind that buyers can still submit tempting offers that do not adhere to the date and time, and sellers are also able to change their minds about that date/time. This can result in a property being conditionally sold before the initial offer review date/time.
Always get your sellers instructions in writing for your brokerage file, especially if they are changing their mind about offer presentation dates.
If they are changing the offer review date/time, it is best practice to find out if they want you to advise other members who have expressed an interest in the property. You have a responsibility to ensure that you present your sellers with all options, benefits and drawbacks associated with offers so they can make an informed decision. Failing to do so can expose you and your brokerage to risk under the Real Estate Act Rules and civil claims
As well, if the sellers change their instructions, please be sure to review the MLS® listing and update any comments to align with the new sellers’ instructions. Having misleading information on the listing may be deemed a violation of CREB® Rule Part I 4.03 related to information integrity.
Please remember, even though the market is hot, it’s still important to keep a level head and manage expectations with clients. Professionalism is necessary even when frustrating situations arise.
If you have any questions about these hot market reminders, please email CREB® Member Practice at crebmp@creb.ca.
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