A Comp Only listing is defined as a sale that is procured BEFORE the listing is/was entered in Matrix. It is entered after the fact so the property can be used as a comp by other MLS users.
A Comp Only can occur when a Traditional Listing gets an accepted offer within the 48-hour grace period before it is entered into the MLS, when a Withhold from MLS listing sells or in a for sale by owner (FSBO) situation.
Here are the rules and processes surrounding Comp Only listings:
- A property is not eligible to be entered as a Comp Only listing if an active SmartMLS agent was not involved in the procurement of the sale.
- Listing is entered in MLS for comparable purposes only.
- No market share is given to either party.
- The List Agent (or sales agent in a FSBO situation) enters the property into SmartMLS under their own ID as a NEW listing. Once the listing has been entered, please contact SmartMLS so we can mark the listing as Comp Only (only MLS staff can make that change). *
Once the listing is in Matrix, you must:
- Upload the listing paperwork as a Private document under Supplements (not required for FSBO listing with a SmartMLS member as the buyer's agent ).
- Upload at least one exterior photo.
Change the status to Under Contract:
- if the transaction has not yet closed, make sure to have a PCD in the future
- If the listing has already CLOSED, use tomorrow’s date as the PCD.) *
- Change to status to CLOSED and enter all required closed information (Closed Date, Sale Price, Sale Agent and Office, etc.).
* If Matrix does not allow you to enter the correct dates because you are doing it after the fact, you can just enter the current dates and MLS Staff will adjust them upon closing.
Per SmartMLS Rules & Regulations:
Section 4.13 Non-MLS Closed Transaction .
The Participant shall have the option to enter into the MLS a Non-MLS Closed transaction. A transaction where the property was not listed in the MLS, but where the sale was assisted by the Participant would qualify for entry. Any such Non-MLS Closed Transaction must be filed with the system as incomplete with at least one exterior photo and a Non-MLS Closed transaction form must also uploaded. Non-MLS Closed transactions will not be included in market share statistics but entered for comparable sales purposes only. (Updated 2/19)
The Non-MLS Closed Transaction form can be found at the end of the SmartMLS Rules and Regulations. It is also attached to this article.
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