Starting today, CRMLS, the largest MLS in the country, is rolling out a new seller concession field. This feature allows listing agents to indicate if a seller is willing to offer concessions, and if so, specify the amount. It can be either a percentage or a dollar amount. I’ll walk you through how to find and input this new information in the MLS.
The New Seller Concession Field
When you log into your MLS dashboard and start adding a new residential listing, you’ll find the new concession fields under the basics tab. There are three fields: concessions and price, concessions and price type, and seller consider concessions. If you click on the question mark next to these fields, you’ll get an explanation of what they cover.
Seller concessions are monetary payments that can cover various expenses like escrow costs, title fees, lender fees, repairs, property upgrades, inspections, and even the buyer broker fee. You can input either a dollar figure or a percentage. For example, let’s say you enter $5,000 as a flat fee; this is how much the seller is willing to offer as a concession.
Flexibility for Sellers
There’s also an option for sellers who don’t want to commit to a specific figure upfront. They can simply indicate that they are willing to consider concessions by marking ‘yes’ without specifying an amount. This will prompt buyer agents to make a request in their offers.
Conversely, some sellers might choose not to offer any concessions at all. The field is optional, so it’s perfectly fine for it to be left blank. Buyer agents can still request concessions in their offers just as they did before this field was introduced.
Impact on Neighboring MLS Systems
Interestingly, San Diego MLS, which borders CRMLS to the south, has decided not to implement a concession field at this time. They sent out a letter explaining that they believe it’s prudent to err on the side of caution during these uncertain times.
This decision highlights a split in approach among different MLS systems across the country. While some are moving forward with these changes, others are taking a wait-and-see approach.
Navigating the Changes
For those using CRMLS, finding and using these new fields is straightforward. When adding a new listing, you’ll see the options for seller concessions right there under the basics tab. Whether you input a specific dollar amount or percentage or leave it open-ended by just marking ‘yes,’ this new feature aims to streamline negotiations and make it clear upfront what sellers are willing to offer.
Even if this field is left blank by listing agents, buyer agents can still request concessions in their offers as they always have. This new feature simply adds another layer of transparency and efficiency in the listing process.
Looking Ahead
The introduction of this new field comes more than two months before the August 17th deadline for settlement changes to go into effect. This gives everyone involved plenty of time to adjust and get used to these new practices.
CRMLS’s move sets an example for other MLS systems across the country. By taking the initiative early on, they allow others to observe and learn from their implementation process. It’s likely that we’ll see more MLS systems adopting similar features in the near future.
This change also helps real estate professionals navigate the post-settlement landscape more effectively. By clearly indicating potential seller concessions upfront, it can alleviate some of the burdens placed on buyers and streamline transactions.
As we move forward with these changes, it’s important for real estate agents and brokers to stay informed and adapt their strategies accordingly. The addition of seller concession fields represents just one of many adjustments we’ll need to make in response to evolving industry standards.
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