Two Commonly Asked Questions

Written by Kelsey Brunson, Communications Specialist

As a member of the Communications Department here at RMLS™, I get asked a wide variety of questions from subscribers. I want to take some time in this blog post to answer two questions that subscribers ask on a regular basis. My thought is that more of you might also have these same questions and might benefit from the answers I can provide.

How Do I Search for Forms, Documents and Tutorials?

The Forms and Documents menu is home to all of our documents, including (but not limited to) training documents, informational documents, desktop news posts, Market Action reports, and tutorials. You can access the Forms and Documents menu through Toolkit at the top of the RMLSweb screen.

Once you are in our Forms and Documents menu, there are three ways to search for that particular document you are looking for. Below is an image showing you the locations of the three areas you can use for your document search:

1)   Enter a keyword, phrase or document number into the search box.

2)  Click on a tag and get all the documents in that particular category.

3)  Search the Forms & Documents Folder Menu. For example, document folder 1500-1699 in this menu is the Market Action and Statistics Menu, where you can find all of the new (and archived!) Market Action reports.

How Does RMLS™ Calculate Appreciation?

Another commonly asked question that I receive from subscribers is how to calculate appreciation (or depreciation). Appreciation is a comparison of the average sales price of a specific area between two time periods. Here are some key points to remember about this calculation:

1)   You must compare TWO time periods. Sometimes I get asked, “What is the appreciation of Portland for the last year?” A more accurate question to ask for this statistic would be, “How has Portland appreciated (or depreciated) from 2009 to 2010?” Or, you could compare one month to the next, such as January 2010 to February 2010. (Notice that we are comparing two time periods here).

2)   You can use the appreciation formula to calculate both appreciation AND depreciation. Often, subscribers believe that the formula for appreciation is different than the formula for depreciation. In fact, the same formula is used for both of these calculations. Whether the result is a negative or positive number determines if the area’s average sales price has appreciated or depreciated between those two time periods.

3)   Document #1745: How to Calculate Appreciation, gives a detailed example of how to use the appreciation formula. This is an easy formula involving plugging in the average sales price for your two time periods! Take a look at this document; I use it for guidance as well!

If you have any questions, feel free to email communications@rmls.com. Or, you can call our Help Desk at 503-872-8002 or toll-free at 877-256-2169. They will be able to answer your question or transfer you to the appropriate department. Thank you!



Use CMA to Help Clients Find the Best Price

RMLS™ can help you show sellers the right price for their listing!

Selecting a price for a listing can be a tricky thing, especially when a client feels their home is worth more than you think it is. With all the sentimental value attached to the house for the client, it can be hard for a seller to stomach the idea of selling for less than the figure in his or her mind. To help your client gain a better understanding of the realities of the market, so he or she can see why the price you’ve suggested is more likely to succeed, here are some tips from within the RMLSweb system:

A Comparative Market Analysis (CMA) report is your most important tool. Our new CMA lets you compare the seller’s home to other similar homes that are or were for sale in the area. By researching active, pending, and closed listings, you can show the client an image of the past and present state of the local real estate market.

Use statuses to provide a complete story. By comparing the listing to not only comparable active listings, but also pending, expired, and closed listings, you can better understand and show an entire story of sales prices. Active listings will show you the current prices of comparable homes on the market, so your client knows the competition. Pending listing prices will show which prices attracted buyers, while closed listing prices show the price at which comparable homes actually sold. Expired listings are also useful to search for, as they can show prices that did not attract any buyers (although price isn’t the sole cause for expired listings).

Use the “Recommended Price” tab in the CMA. The “Recommended Price” tab in the new CMA allows you to see statistics related to your comparable properties, including average and median sold prices. It also gives you the ability to enter your own recommended range, in an easy-to-read graph that shows the price range most likely to succeed in the given market.

By using the new CMA module to its fullest, you can create a more vivid picture of the local market in which the client’s house will be listed. With a better understanding of the history of comparable property sales, you’ll be able to help your client find a listing price that is palatable to them, as well as attractive to buyers!

To brush up on your knowledge of the new CMA module, check out these handy online tutorials:
CMA Overview
Accessing the CMA
How to use Radius Search
User Preferences
Adding Comparables and Making Adjustments
Creating a CMA Profile
Customizing Your CMA Report
Entering Subject Property Information

Or you can look at or print our Creating a new CMA in RMLSweb quick reference guide.



How to Save Old CMA Reports

Use this guide to save your old CMA reports before January 6!

With the old CMA module departing from RMLSweb on January 6, 2011, it is important for all subscribers to go into the system and save any old CMA reports they would not like to disappear along with the module. Luckily, this only requires a small amount of your time, and should be quick and easy if you follow these simple steps:

1. Run a category specific search (such as Residential).

2. Check off at least one listing from the search results.

3. In the “Select a Report” drop-down list, select “CMA Report (old)” and click “GO.”

4. In the “Subject Profiles” drop-down list, select the profile you would like to save.

5. Click “Continue to Pricing.”

6. On the pricing page, select either “Email” or “Print Preview.”

7. If you select “Email,” then email it to your own email address. Then in the email you receive, you can click the link and either print the report or save it to your local drive.

8. If you select “Print Preview,” you can print the report to paper. Or, if you have Cute PDF, you can save it as a PDF.

By following these steps for all your old CMA reports you would like to hold onto, you can ensure that nothing you need is removed from our servers when the old CMA disappears on January 6! And if you need any help with the new CMA, here are some tutorials to answer some of your questions:
CMA Overview
Accessing the CMA
How to use Radius Search
User Preferences
Adding Comparables and Making Adjustments
Creating a CMA Profile
Customizing your CMA Report
Entering Subject Property Information

Or you can check out our Creating a new CMA in RMLSweb quick reference guide.

As always, if you have any further questions or concerns we are here to help. You can call your local RMLS™ office or the RMLS™ Help Desk at (503) 872-8002 in the Portland Metro Area or toll-free at (877) 256-2169.



RMLSweb and the iPad (Operating system version 4.2)

Guest post by Terry Romel, RMLS™ Help Desk Manager


With the recent release of the new iPad operating system (Version 4.2) some important changes occurred in the way the iPad interacts with RMLSweb.

As you may recall from my last iPad post, RMLSweb works best with Internet Explorer 6+. All of the RMLSweb system functionality is available and fully supported on IE 6+ (although honestly you should be well past IE 6 by now). Obviously the iPad does not use IE as a browser, and that immediately created some challenges when using the iPad with RMLSweb. In fact the challenges were so diverse the decision was made to re-direct the iPad browser (typically Safari) to the RMLS™ mobile site, to ensure the iPad user wouldn’t be tasked with dealing with the challenges. This was not a popular decision with iPad users but was really necessary due to substantial data integrity issues when using RMLSweb.

With this OS update, and based on substantial testing by RMLS™ technical staff, we are confident that some of the core RMLSweb functionality lacking in the first iPad operating system is now working as it should. That is not to say that the entire RMLSweb system works with the iPad, but simply that it is more functional with this operating system update than it was before. As such, it was decided to remove the automatic re-direct to the RMLS™ mobile site and allow the iPad access to logging in to the RMLSweb site. There are still inconsistencies in several areas of RMLSweb, but most Search functions work as expected and most importantly return an accurate set of search results.

Please keep in mind that while we certainly agree that the iPad is a wonderful new tool that fits well in the real estate space and undoubtedly has many other benefits for our Realtor® subscribers, accessing RMLSweb and expecting full functionality is just not yet possible. As we move forward in the evolution of RMLSweb you will see more functionality available through the iPad.

If you have any specific questions about what does and does not work with the iPad and RMLSweb please contact the RMLS™ Help Desk. The RMLS™ Help Desk is available 8AM-7PM Mon-Thursday; 8AM-5PM Friday & 10AM-2PM Saturday. Call 503-872-8002 or 877-256-2169 (toll-free).



Bar or Line Graph? You Choose!

Listing View Counts has a new graph feature

We’ve had a lot of positive feedback regarding our new Listing View Counts feature on RMLSweb. As you know, Listing View Counts allows listing agents to see how often the public and other subscribers are viewing their listings. To make Listing View Counts even better, we’ve added a new graph feature that allows you to see a graph of listing views for the last 30 days!

You have the choice between inserting a bar graph, a line graph, or no graph at all into your report. We have also combined the RMLSweb Mobile Detail counts with the RMLSweb Detail counts.

Here is an example of the bar graph:

(Click on the graphs to view larger images)

 

Here is an example of the line graph:

 

If you’d like more information on Listing View Counts or the new graph feature, view the How to Use Listing View Counts document or the Accessing Listing View Counts online tutorial.

For additional information, please contact RMLS™ Training at 503-236-7657 or for immediate assistance you can contact the RMLS™ Help Desk at 503-872-8002 (toll free 877-256-2169 or via e-mail at helpdesk@rmls.com).



A Trio of Frequently Forgotten Rules

When loading a new listing, a REALTOR® has a multitude of factors to consider. While worrying about complex issues such as pricing and competition, it can be easy to forget a regulation or two. However, a basic understanding of our rules and regulations will help make the listing process easier and more efficient for both REALTOR® and client.

The following are some of the most frequently forgotten rules and regulations that a REALTOR® should keep in mind to ensure his or her listings are correct, fair, and – most importantly – effective!

  • When adding a “Virtual Tour” or “Video Tour” for a listing, please double-check that the tour is free of branding (such as personal contact information or advertising).
  • Similarly, links or contact information (including notes such as, “Call listing agent,” or, “Call for appointment”) are not allowed in the “Public Remarks” section of a listing.
  • There are still many listings that do not have the correct photograph in the number 1 space. The first photograph should always be of the exterior building view. (If the property is land, the first photograph should be of the bare land.) Remember, RMLS™ offers up to 15 additional photo spaces for any other shots of the listing you might want to add!

If you would like to get reacquainted with all of our up-to-date rules and regulations, please check out Document 1450 at RMLSweb. You might also like to take our most recent Rules and Regulations Quizzes (Quizzes 14 and 15), to test yourself!



How to Access Listing View Counts

See how often your listing is viewed!

After hearing requests from subscribers, the Listing View Counts feature is now available on RMLSweb. This means that listing agents are now able to see how often the public and other subscribers are viewing their listings.

In addition, listing agents can share the impact of their online marketing efforts by showing their clients the Listing View Counts report. Agents can also use these statistics in listing presentations and to see if a listing is being considered, but not shown.

To access Listing View Counts, follow these steps below:

1) Access your listings in Listing Load under Back Office. You will see the Listing View Counts button to the far right (lower) of the screen.

2) You can select the “View Counts” button to see a quick snapshot of your listing view counts.

3) Then, you can select the “View Counts Report” button to see more detail on listing views. For example, you can see more detail on listing views from the day before, 7, 14, or 30 days back, and the life of a listing (as far back as 8/1/2010).

4) On the Listing View Counts Report page, you will see the ability to convert to PDF or print in the upper right corner of the screen.

Remember, each time a report is viewed counts as a listing view and listings are not counted when they come up in a search, but when a more detailed report is selected.

Take a look at these tools below for more information:

Help Document: How to Use Listing View Counts

Help Document: How Listing View Counts are Calculated

Tutorial: Accessing Listing View Counts

For additional information or to attend a class on the RMLSweb system, please contact RMLS™ Training at 503-236-7657 or access the RMLS™ Training calendar under the Toolkit option. For immediate assistance you can contact the RMLS™ Help Desk at 503-872-8002 (toll free 877-256-2169 or via e-mail at helpdesk@rmls.com).



RMLS™ Communications Department Receives Bronze Beacon Award

Awarded for communications plan during the new RMLS™ Comparative Market Analysis release

The RMLS™ Communications Department has been honored with the Bronze Beacon Award of Excellence by the Oregon-Columbia Chapter of the International Association of Business Communicators (OCIABC).

According to OCIABC, the annual Bronze Beacon Communicator Awards program was created to give local communications professionals the opportunity to showcase their work and receive recognition for communication excellence. Past award recipients include Kaiser Permanente, Nike, Conkling Fiskum & McCormick, and Providence Health & Services.

OCIABC also aims to provide communications professionals with networking and learning opportunities. The organization’s mission is: “To foster excellence and awareness of communications as an integral function of every organization.”

Last spring, members of the RMLS™ Communications Department submitted an entry for the Bronze Beacon Award. The entry was entitled, RMLS™ Comparative Market Analysis Release, and gave a comprehensive overview of the communications plan for the new RMLS™ Comparative Market Analysis (CMA) report feature. The entry included samples of communications tools that were used during the release, as well as a written explanation of the plan’s goals and results. These samples consisted of Twitter, Facebook, RMLSweb and blog posts, as well as printed materials and eight electronic tutorials.

This week, the RMLS™ Communications Department was notified as a recipient of the Bronze Beacon Award of Excellence. This wonderful news has instilled a sense of pride in members of the department, as well as the whole company, who all contributed in making the CMA release possible.

In case you didn’t know that we recently released a new CMA, here is some information about our new, transformed CMA report feature. View our tutorials below:

Or, print out our Creating a New CMA in RMLSweb quick reference guide.

In addition, RMLS™ is offering a new training course called CMA & Statistics. To view the training calendar, log onto RMLSweb, go to Toolkit on the toolbar at the top of the screen and scroll down to Training Calendar.

Or, you can contact the RMLS™ Training department at 503-236-7657 or call help desk toll-free at 1-877-256-2169 or via email at helpdesk@rmls.com



Old CMA Report Feature to be Discontinued December 31, 2010

Learn and experience our new, improved CMA

Since the release of the new CMA, the number of old CMA users has been steadily declining. Because of this, we will be discontinuing the old CMA report feature so that we can now focus on pursuing future projects and improvements. You may have noticed that we have recently extended the deadline for the discontinuation of the old CMA from October 4th to December 31st. As of December 31st, you will no longer have access to the old CMA.

We have also heard concerns from users regarding font size being too small on the new CMA. We appreciate your feedback and are currently working to improve this aspect of the new CMA.

In case you didn’t know that we recently released a new CMA, here is some information about our new, transformed CMA report feature. View our tutorials below:

Or, print out our Creating a New CMA in RMLSweb quick reference guide.

In addition, RMLS™ is offering a new training course called CMA & Statistics. To view the training calendar, go to Toolkit on the toolbar at the top of the screen and scroll down to Training Calendar. Or, you can contact the RMLS™ Training department at 503-236-7657 or call help desk toll-free at 1-877-256-2169 or via email at helpdesk@rmls.com



How Well are Short Sales and Bank Owned Properties Selling?

Terms like “short sales” and “bank-owned” are on many people’s tongues and minds in the real estate industry. The recent addition of the Short Sale and Bank Owned fields on RMLSweb now allow us to look at data for these listings individually.

Before there was a short sale field on RMLSweb, there was only a “3rd Party to Transaction” field. As you may know, “3rd Party to Transaction” listings are not always short sales. They may also be estate sales or relocations. In order for you to identify short sales more efficiently, the RMLS™ Board voted to add these new fields, a change that occurred July 29, 2009. This also helps the other types of properties that require 3rd Party approval to get fair attention. RMLS™ has added the following fields regarding short sales:

Short Sale Yes/No – will be required when entering a listing and 3rd Party to Transaction will be automatically checked when Yes is selected.

Short Sale Offer (Seller Accepted; Submitted for Approval) Yes/No– The rules will be revised to require updating this field when an offer is made.

In a blog post last year, we compared 3rd Party to Transaction sales to the total active listings on the market. Now, with the recent addition of these new fields, we can look at short sale data and bank owned data more specifically and also compare them to the market as a whole. The graph below shows you the total number of active listings in RMLSweb as of today July 23, 2010, compared to the number of active listings that are checked Short Sale Yes, and also compared to those that are marked Bank Owned. The number of active short sales in comparison to the total number of active listings is approximately 11.7%, while the number of active bank owned properties in comparison to the total number of active listings is about 5.4%.

As you can see from the above graph, the number of active short sales and bank owned properties is a small fraction of the number of total active listings. There were 31,762 total active listings, 3,731 total active short sales and 1,715 total active bank owned listings.

Now that we’ve looked at active listings, let’s compare total pending sales in the market with pending short sales and pending bank owned properties. The graph below depicts this comparison using data from RMLSweb on July 23rd, 2010:

There were 5,094 total pending listings, 877 pending short sales and 913 pending bank owned properties.

Last, let’s take a look at sold listings. The graph below shows that there were 17,751 total sold listings from the period of January 1, 2010 to June 30th, 2010. The number of sold short sales was 1,620, just 9.1% of total sold listings. Bank owned listings sold at a higher rate with 3,422 sales, which is approximately 19.3% of total sold listings.

Visit the National Association of Realtors® website for more information on short sales and bank owned properties.

Also, stay tuned for future blog posts that will compare prices and the number of days on market for short sales and bank owned properties, to the market as a whole.