Entering seller concessions correctly is an important part of closing your listing. The closed price is used for a variety of statistical purposes in the SmartMLS, the most important of which are CMA comps and appraisals.
When concessions are not correctly reported, agents are unable to provide accurate information to their clients. This makes it more difficult for you, the agent, to be able to recommend a fair and competitive list price to your seller clients. This also means that appraisers are not able to provide reliable information to mortgage brokers and lending institutions.
When reporting a Closed listing in Matrix, the sales price should match the amount recorded at Town Hall when the title has passed.
*** Do not add or subtract the concession amount from your closed price. ***
Any concessions must be recorded in the Amount of Seller Concessions field:
If you enter a Concessions amount, you can use the adjacent Description of Seller Concessions field to provide a brief explanation of the nature of the concession.
Sale Price recorded at Town Hall: $605,000 (amount entered in Closed Price field).
Concessions to buyer: $5,000 (amount entered in the Amount of Seller Concessions field when marking the listing Closed).
You can find the amount of seller's concessions (as well as the description of the concessions) on a closed listing in the Marketing History section (towards the bottom) of the Agent Full display: