Compliance Corner #29
December 19, 2020
Some notable additions and changes to keep you compliant!!!
Change to the reporting time of status changes: The Board of Directors recently voted to change the mandatory reporting for all status changes from 48 to 24 hours. See Section 5.6 of the Rules and Regulations for details. In our current market condition, where properties are closing at a very brisk rate, it is even more important to stay on top of your listings and make sure they are in the correct status.
Selling Agents are allowed to report closings: If a Listing Agent does not report the closing of a property within 24 hours, Selling Agents can now report it via email to email@example.com and our staff will close the listing with the information provided.
Square Footage: When entering a listing, the square footage amount is auto populated from the tax record. As a point of reference, we will begin displaying the square footage information from public records on the listing input screen as displayed below.
If you have to adjust the square footage amount from what was auto populated, we have added a field where the difference can be explained. Our compliance team will review the information rather than sending out a generic compliance request for information.
New field for Ownership Interest: There will be a new mandatory field for a Listing and/or Co-Listing Agent to disclose any ownership interest.
Lastly, I wanted to share with you two of my favorite things……SMARTDESK and THE VIRTUAL TOOLKIT! Give yourself an end of year gift and familiarize yourself with these innovative tools and prepare for a Prosperous 2021!!!
SMARTDESK is an online knowledge base and self help portal which is available 24/7 to get you through those times where you’re working outside of our business hours and need a little push in the right direction. This collection of articles ranges from quick answers to basic questions all the way to detailed, step-by-step instructions (with screenshots) for more complex issues. You can access the SMARTDESK directly from our corporate website (smartmls.com), as well as from the Member Dashboard and the External Links widget on the Matrix home page. Additionally, many of the email replies we send after support interactions include a link to the SMARTDESK. Currently, we have over 1,500 self-help articles. We’re constantly adding new content, so make sure to check back frequently. Also, please let us know if there is a topic you would like covered- we’d be happy to add it to make your life easier.
VIRTUAL TOOL KIT includes many tools available to help you carry out the essential functions of your day-to-day business- everything from immoviewer’s virtual tours to Authentisign’s digital signing tool. Some of you may already have these tools at your disposal however SMARTMLS has put them all in one convenient place!
Our goal is to keep you up and running while remaining as safe as possible. The products and resources in the VIRTUAL TOOLKIT can help you do just that. https://smartmls.com/virtual-resources/ Products such as Instanet, Immoviewer and Homesnap are provided at no additional cost by SmartMLS. These products all have robust support from their respective vendors, and the SmartMLS staff can assist you with them as well. Take a look for yourself and please do not hesitate to give us a call with any questions.
Have you ever wanted to revisit a past Compliance Corner article that is no longer available in Matrix? Now you can. Simply click this link Compliance-Corner-Archive or enter compliance corner in the SMARTDESK search bar and you will be able to view all past articles.
Compliance questions? Send an email to Compliance@SmartMLS.com or call us at 203-750-6000.