Brad Tertell General Manager M idwest R eal E state D ata LLC. Auction Properties. Background/Criteria. Users have had the ability to enter auction properties into the database dating back to 1996
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Brad Tertell General Manager Midwest Real Estate Data LLC Auction Properties
Background/Criteria • Users have had the ability to enter auction properties into the database dating back to 1996 • All exclusively listed properties that are subject to auction and have a list price (reserve price or minimum price) that the seller is willing to accept may be placed in the service • Auction listings which do not have a listed price may not be placed in the service • Properties must be entered into the proper property type
Current Auction Inventory Active Auction Listings by Property Type • 229 Detached Single Family • 58 Attached Single Family • 11 Commercial & Land • 137,136 Total Active Listing Inventory
Current Procedures • We do not have a separate Auction Property Type • Must use the remarks field to input details of the auction and to search for active Auction Properties • List price must be the minimum acceptable bid or higher • Compensation is Required • Can’t be sold prior to the auction
Suggestions/Recommendations • Have a check box added to each existing property type (except rental) where an agent can identify the listing as an auction property. • Create a non-required Yes/No field. If “Y” in this field is selected, an auction date would be required • The system can be programmed to flag the property as “For Auction”. You create a new status “AUCT” which would remain unchanged until the property has been sold or taken off the market
Suggestions/Recommendations • If you wanted you could program your system not to require List Price • Consideration could be given to adding a Market Value range if the property was flagged for auction. However, this may negate the purpose of listing these properties in the MLS since most auction agents do not want to reveal their minimum bid • AUCT would be added to an MLS’s status list so that these properties can be included with any search criteria, searched separately or excluded from a search if desired
Suggestions/Recommendations • For market statistics reports, when an auction listing sells the Sold Price should be required to be reported on the MLS listing. • Footnote: We see no value in having a separate property type for auction properties as this would unnecessarily duplicate property types and their fields already in the MLS. Most MLS systems are very sophisticated and the type of programming described should be able to be done by most if not all MLS vendors.