Understanding Outside Comps: Add/Edit, Search, and Reporting

What is an Outside Comp?

An Outside Comp is a property that was sold outside of MRED but is entered into the MLS after closing to document the sale and receive production credit. For example, if you represented the buyer in a For Sale by Owner (FSBO) transaction, you can enter the sale as an Outside Comp. Outside Comps are intended for reporting purposes and allow the transaction to be included in your production totals.

Does MRED require paperwork for an Outside Comp?

No. MRED does not require agents to submit any paperwork when entering an Outside Comp. However, a Consent to Publish Data form is available under Forms > MRED Listing Forms if you would like to keep documentation of the seller's consent for your own records.

How do I add an Outside Comp?

To list an Outside Comp, follow these steps:

1. Click Add/Edit at the top of the MLS.

2. Click Add New Listing.

3. Select the Property Type.

4. Check the box for Comp Sold Outside MLS.

5. Select how you want to enter the listing (i.e., clone from Tax, MLS, or enter manually).

6. Click Next >>.

7. Fill in the listing information. (Note: When entering an Outside Comp, the List Broker will always be Nonmember ID: 99999.) 

8. Click Publish.

How do I search for Outside Comps?

To find Outside Comps in the MLS:

1. Click Search at the top of the MLS.

2. Select the Property Type you would like to search.

3. Under Status, select:

   • Closed (Comparable) for sold Outside Comps.

   • Rented (Comparable) for rented Outside Comps.

4. Enter any additional search criteria, if needed, and run your search.

How do I see Outside Comps in my production totals?

Navigate to Reports > Market Share Report to run a production report that includes Outside Comps.

Still need help?
Contact MRED Support at 630-955-2755 (call or text), or email help.desk@mredllc.com. We’re happy to help!