Exciting progress is being made and we expect August to be another busy month at Bright MLS. Read up on some important updates below and look for additional information about upcoming conversions to the new system coming soon.
Conversions for Central Pennsylvania MLSs will occur by October. Dates have not yet been finalized for Sussex, Coastal, TREND, MRIS and Cumberland. The plan is for these conversions to take place from Q4, 2017 through early 2018. Additional information will be sent as these dates are finalized.
Public Records Expansion Update
Recently, Lebanon County, PA public records were made available in the TREND system in order to continue to unify the Bright marketplace, as well as prepare for the addition to Bright. Work is currently being done to incorporate Huntingdon County, PA; Juniata County, PA; Snyder County, PA; and Northumberland County, PA to Bright’s database.
What’s included in Bright’s public record information? Public Records in Bright will include deed and mortgage information, tax information, assessor maps, as well as foreclosure information. This broad ecosystem of data is what makes Bright unique and gives you the quality information you and your clients need.
Bright MLS Rules and Regulations: 6 Important Changes
Every participating organization helped create the Bright rules, through a collaborative process. The rules follow the NAR model rules, so they will be very familiar to many subscribers. Of course, there are some details that may be different, based on which MLSs you use.* Here are the top 6 most notable changes:
- All changes to listings, including initial entry, status changes, and price changes, must be completed within 3 business days of the effective date.
- Every listing must include at least one listing photo. This is across all property types, but must include a curbside photo (for residential – non-new construction), an architectural rendering (for new construction) or a plat/survey (for unimproved non-residential).
- If requested, you must provide copies of listing agreements and all related addenda to Bright within 3 business days.
- A transaction that is not marketed in Bright may be added to the MLS after it has sold in 3 instances: if the property wasn’t listed or was listed with a non-Bright participant but sold by a Bright participant; or if it was subject to an open listing agreement.
- Cooperative Compensation may not be based upon Net Sales Price. Cooperative Compensation must be offered as a percentage of the Gross Sales Price, as a flat dollar amount, or combination of the two. For new construction only, cooperative compensation may be offered as a percentage of the base sales price, which is defined as the price before any buyer upgrades.
- Since Bright MLS allows non-REALTORS®, if deemed necessary non-REALTOR® participants will be required to participate in the REALTOR® complaint and arbitration process, and may have their MLS access suspended if they refuse to pay an award as the non-prevailing party in an arbitration decision.
* A document will be created for each market that outlines these and any other Bright changes based on your current rules.