Outside Comp

MRED hasn’t allowed submission of outside comps before. Why do it now?
Brokers have asked for the ability to enter comps when they represent a buyer. Now, they can submit valuations based on agent-provided data. Having these co...
Tue, 13 Apr, 2021 at 9:47 PM
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 fo...
Tue, 13 Apr, 2021 at 9:48 PM
What does the new rule state?
Section 9.14 of MRED’s Rules and Regulations was revised to state: REPORTING OF CLOSED TRANSACTIONS BY NON-LISTING BROKER. Only the Listing Broker Service P...
Tue, 13 Apr, 2021 at 9:48 PM
Is it required that I enter in an outside comp if I was the buyer’s agent and there was no listing broker?
No, this is optional.
Tue, 13 Apr, 2021 at 9:49 PM
Do I need a listing agreement or permission to enter a listing?
Yes. You will need to get permission to enter the transaction into connectMLS, but MRED does not require you to obtain a listing agreement or authorization ...
Fri, 16 Apr, 2021 at 3:13 PM
If I do not need an authorization form, why is one available?
It is optional to use a form, but MRED recommends that you do. It is always a best practice to have permission in writing. Your managing broker may want to ...
Tue, 13 Apr, 2021 at 9:49 PM
Can I put in a rental as a comp?
Yes. You can enter comps into the MLS for all property types.
Tue, 13 Apr, 2021 at 9:50 PM
What fields are required?
 There are a few basic fields that must be filled out for each comp. These include: • Sales Price • Concessions • Type of Financing • Upgrade amount ...
Tue, 13 Apr, 2021 at 9:51 PM
Why are there only a few required fields?
Buyers’ brokers may not have access to a property’s interior. In creating the policy, MRED met with a focus group comprised of appraisers and they provided ...
Tue, 13 Apr, 2021 at 9:52 PM
How long do I have to enter in an outside comp?
The rule which requires closed transactions to be entered within 48 hours applies unless you have written direction from the buyer specifying a certain date...
Tue, 13 Apr, 2021 at 9:52 PM