Georgia Real Estate Voice

FMLS is making more changes and I think they're good. In metro Atlanta, GA we have 2 Multiple Listing Services, GA MLS and FMLS which stands for First Multiple Listing Service.  I am a member of both because it gives my sellers the most exposure and it gives my buyers access to the most home choices.

The changes are as follows and they are scheduled to take place on January 14th, 2010 based on member feedback. It is the hope of FMLS that these enhancements will aid in more quickly matching buyers with sellers. New fields, field changes, enhanced features, and additional pick list selections are among the updates coming.

The most notable changes are:

• The addition of Square Footage and Square Footage Source for Residential Detached properties. This means that single family homes will now be able to list square footage. If you list square footage, you must list the source where it came from. Buyers should not solely rely on what is listed. We all know that information is deemed to be correct but may not always be. By the way, the square footage rule for condos and townhomes was added last year. If you're listing a condo, please include the square footage there too. I still see lots of listings that don't add the square footage for condos when that information is so easy to obtain.
• Increase in photos allowed per listing to 20 (formerly 16)  Buyers want to see photos. If there is a listing without photos, I think the listing agent is either lazy or the house is just so horrible they are afraid to show people what it looks like. If you're an agent wanting to get a house sold, do the maximum number of photos and make sure they are clear enough, please.
• Sold Listings to be stored for 5 years (formerly 3 years)  This is huge, especially in neighborhoods that don't have high turnover. Remember that the sold homes from 5 years ago cannot be used as comparables on a current appraisal, but it's just good information to know.
• Sold Listings to include a new field "Lender Mediated- Y/N"  This means that if a home was sold as a short sale, there's a space now to identify it as such, once again giving more accurate information for comparables in a neighborhood.
• Enhancements to the Shadow Listing Program (formerly Ghost Listing).  This Ghost or Shadow listing is one I think just confuses people. I recently saw the same home listed twice, with different areas and county listed because it was near the edge of Dekalb County near Fulton County. My opinion is that if all agents just put accurate information in to begin with we wouldn't need this feature. I have been seeing a lot of listings lately that are labeled as the wrong area. When this happens, if a savvy agent is searching by area and a listing is submitted incorrectly, it just won't show up in the search. This hurts both buyers and sellers. I can't change the world though... :)

I hope this information was helpful. If you are thinking of of buying or selling real estate in or around Decatur, GA contact Realtor Jen Bowman, Broker Associate & e-PRO with Success Realty at 404-456-5024.  We are also looking for quality real estate agents to join our team.

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In metro Atlanta we have 2 multiple listing services, GA MLS and First MLS or FMLS. I received this notice from FMLS about some changes which I think are going to be good. This is not the complete notice, it's just a summary.

Economic conditions and other factors have made it necessary for FMLS to establish some new policies and to modify certain rules; see below:

FMLS Policies Short Sales Reference to "short sales" is allowed only in remarks, either public or private. The verbiage must include the following language: "potential short sale/subject to lender approval"

Auctions In accordance with all other requirements for listing input, properties subject to auction can be entered into the FMLS system only if they can be sold before the auction takes place. Such listings must include a reasonable list price. The following must be included in the "Remarks" field: "subject to auction, call listing agent". If the listing can only be sold at auction, it cannot be entered in the FMLS system.

If a current active listing becomes subject to auction only sale, it must be withdrawn from the FMLS system.

All improved and unimproved real estate listed for sale under an exclusive right to sell contract with a Principal Member must be listed with FMLS except as provided in Rules 3.2 and 3.3 hereof.

All FMLS listings are required to be placed in the proper class of property and in the actual geographical area in which they are located. Members shall make every effort to input accurate listing data into the FMLS system including, but not limited to, a list price that represents the amount the seller is willing and able to accept given other reasonable contract terms. Additionally, photos shall not be altered or enhanced in any way that might misrepresent the property.

This one is exciting to me: On March 11, 2009 a new field, Unit Sq Ft, will be added to the Residential Attached property type. Reference to square footage in the Remarks section is still prohibited. Reference to square footage shall not be disclosed or referenced in the FMLS computer system except for:

a) reference in "Remarks" to approximate square footage for Commercial property type

b) fields specifically provided for square footage in Residential - Attached property type (This is for condos and townhomes only.)

So many condo buyers want to know the square footage of a place and in the past it was prohibited to add it in the listing. This will make it so much easier for Buyers to compare units. If square footage is added to the listing in a residential detached (house) it will get kicked out of the system.  For now, we will take what we can get, square footage in condos is a great change!

Area Boundaries were also discussed. Agents can login to FMLS for more details.

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If you are thinking of buying or selling a home, contact local expert Jen Bowman, Realtor and Broker Associate with Success Realty serving the real estate needs of Decatur and Metro Atlanta, GA. 404-456-5024