What does the Outside Comps policy mean?

This policy affects brokers who handle transactions which have never been entered into MRED’s connectMLS. This policy will allow brokers to obtain credit for the transactions within the MLS for these sales. At the same time, adding in these outside comps provides a better picture of market activity for MRED’s many subscribers. An example of how this would work could involve FSBO (For Sale By Owner) properties. Under the old rules, if a broker brought a buyer to a FSBO property which was not represented in the MLS under an Exclusive Agency agreement, the buyer’s agent would also need to represent the seller in order to have this property entered into the MLS. Often, sellers in this scenario were not willing to sign a listing agreement so there was no way to enter the sales data into the MLS. Under MRED’s revised policy, the broker involved in the transaction can enter the data into the MLS, providing they have the buyer’s permission.