5/14/2022 5 Things You Should Know About Private Listings

Modified on Mon, 4 Nov at 10:30 AM

Got questions about Private listings? MRED has the answers.

MRED introduced the Private listing status to connectMLS to give listing brokers more flexibility while working with clients. At the same time, this initiative gives brokers and appraisers access to the data they need to make informed decisions and pull accurate comps.

Based on many Help Desk conversations with our subscribers, we’ve compiled the following list of 5 Things You Should Know About Private Listings.

How can you input a Private Listing?

As with a Standard listing, you must have a signed listing agreement from the seller before inputting a Private listing. We recommend having a conversation with your seller about the differences between the types of listings before you choose Private listing status.

When you’re ready to input a Private listing, follow these steps:

Go to Listings > Add New Listing.
Fill in all information as you would for a Standard listing.
For the listing type, select Private Listing.
Hit Next and fill in all other fields as you would for a standard listing.

How can you search for Private listings?

To search for Private listings in connectMLS, click on Search and select General Search from the dropdown.

Click status to change the status.
Select any or all of the following Private statuses:

There are two key differences between searching for Private listings vs. Standard listings:

Since Private listings have fewer required fields, your ability to filter by certain criteria will be limited.
You will only be able to share Private listings with your clients if the listing broker selected this option.

How can you transition Private listings to closed status?

To transition a Private listing to closed status, you must first change it to a Standard listing.

Follow these steps:

Go to My Listings/Transactions.
Click the pencil to edit.
Select Edit Listing Details/Change to Standard Listing.
Fill in the required fields. (Note: It is critical that you fill in all the required fields upon changing to a Standard listing because this helps us provide you with more accurate data and sales comps.)
For listing date, please use the original date on the listing agreement.
Select Save & Change to Standard Listing.
If the listing passes the rules check summary, you may then select Activate as Closed.

How can you change the price of your Private listing?

To change the price of your Private listing, follow the same steps as you would for a Standard listing:

Go to My Listings/Transactions.
Click the pencil to edit.
Select “Edit Listing Status”.
Select “Price Change” from the dropdown menu.

There are a few differences to note between price changes for Standard vs Private listings:

For Private listings, a price change does not mean the status changes. Your listing will remain in the same status (active/contingent/pending) as it was before the price change.
Price changes for Private listings are not reflected in the history.
NOTE: If you wish to market a Private listing without a listed price, leave the price field blank. Do NOT put a “0” in the field.

How long can your listing remain private?

A listing can be Private for as long as the listing agreement allows or until the listing closes, whichever is sooner. The permitted market time for Private listings is determined by the listing agreement you have with the seller.

As with Standard listings:

Private listings must be entered into the MLS within 48 hours of the list date or within 24 hours of advertising the listing to the general public, whichever happens first.

As opposed to a Standard listing:

Listing market time will not accrue until the Private listing goes under contract or is transitioned to a Standard listing, whichever comes first.

If a listing goes under contract while it is a Private listing:

You may leave it as a Private listing while it is pending sale.
Listing market time will begin to accrue based on the list date on the listing agreement once it is transitioned to a Standard listing.

If a listing closes while it is a Private listing:

You must transition it to a Standard listing.
Listing market time will be determined based on the list date indicated on the listing agreement and contract date. Note: Please verify that the list date on your listing agreement matches what is in the system before transitioning to a Standard listing.

For any additional questions regarding Private listings, please refer to our Private Listings FAQs or MRED’s Knowledge Base. If you still have unanswered questions, our Help Desk is always ready to help: 630-955-2755 or help.desk@mredllc.com.