MLS Insight: How is RMLS™ Governed?

MLS Insight: How is RMLS™ Governed?

RMLSFutureSMWe sometimes get questions on how decisions get made at RMLS™ and how to get involved. If you are interested in knowing more about RMLS™ and how it operates, our new monthly column MLS Insight is for you. To get everyone on the same page, my first posts will explore the basics of RMLS™ ownership, governance, and history. Later we will also explore new ideas surfacing at the MLS industry level and let you know what the RMLS™ Board of Directors is talking about.

Who Owns RMLS™?
RMLS™ is incorporated in Oregon and is wholly owned by three REALTOR® associations: Portland Metro (PMAR), East Metro (EMAR), and Clark County (CCAR). The role of our shareholders is to appoint directors to serve on the RMLS™ Board of Directors and to approve any changes to the RMLS™ Articles of Incorporation and Bylaws.

Who Makes the Decisions?
The RMLS™ Board of Directors sets the high-level direction for RMLS™. For example, this includes approval of any new major vendors (like SentriLock), setting priorities for the development work on RMLSweb (which we do in house), approving any major policy changes and approving all changes to the RMLS™ Rules and Regulations. The RMLS™ Board of Directors also hire the President and CEO of the corporation, who has the responsibility for making the many day-to-day decisions that keep the company on course.

Who are the RMLS™ Board of Directors?
RMLS™ Directors are appointed for three-year terms. Nine come from PMAR, three from EMAR, and three from CCAR. In addition, two directors sit on the board representing the Service Advisory Committee (SAC), which provides a voice for all the REALTOR® associations that RMLS™ serves, but which are not shareholders in RMLS™.

Next month we will cover the RMLS™ standing committees that ensure that we have practitioner input into decisions, planning, and regulation. If you have questions you would like to have answered about RMLS™ governance or operation, I encourage you to post a comment to this blog.

MLS Insight: How is RMLS™ Governed?

MLS Insight: How is RMLS™ Governed?

RMLSFutureSMWe sometimes get questions on how decisions get made at RMLS™ and how to get involved. If you are interested in knowing more about RMLS™ and how it operates, our new monthly column MLS Insight is for you. To get everyone on the same page, my first posts will explore the basics of RMLS™ ownership, governance, and history. Later we will also explore new ideas surfacing at the MLS industry level and let you know what the RMLS™ Board of Directors is talking about.

Who Owns RMLS™?
RMLS™ is incorporated in Oregon and is wholly owned by three REALTOR® associations: Portland Metro (PMAR), East Metro (EMAR), and Clark County (CCAR). The role of our shareholders is to appoint directors to serve on the RMLS™ Board of Directors and to approve any changes to the RMLS™ Articles of Incorporation and Bylaws.

Who Makes the Decisions?
The RMLS™ Board of Directors sets the high-level direction for RMLS™. For example, this includes approval of any new major vendors (like SentriLock), setting priorities for the development work on RMLSweb (which we do in house), approving any major policy changes and approving all changes to the RMLS™ Rules and Regulations. The RMLS™ Board of Directors also hire the President and CEO of the corporation, who has the responsibility for making the many day-to-day decisions that keep the company on course.

Who are the RMLS™ Board of Directors?
RMLS™ Directors are appointed for three-year terms. Nine come from PMAR, three from EMAR, and three from CCAR. In addition, two directors sit on the board representing the Service Advisory Committee (SAC), which provides a voice for all the REALTOR® associations that RMLS™ serves, but which are not shareholders in RMLS™.

Next month we will cover the RMLS™ standing committees that ensure that we have practitioner input into decisions, planning, and regulation. If you have questions you would like to have answered about RMLS™ governance or operation, I encourage you to post a comment to this blog.

MLS Insight: How is RMLS™ Governed?

Residential Distressed Properties for Fourth Quarter (October-December) 2013

AllAreas4thQDistressedThis chart shows the number of bank owned/REO properties and short sales in all areas of the RMLS™ system during the fourth quarter of 2013.

Below are links to additional charts for some of our larger areas.
Portland Metro Distressed Properties (4th Quarter 2013)
Clark County, WA Distressed Properties (4th Quarter 2013)
Lane County, OR Distressed Properties (4th Quarter 2013)
Douglas County, OR Distressed Properties (4th Quarter 2013)
Coos County, OR Distressed Properties (4th Quarter 2013)

Here are some additional facts about distressed residential properties in the fourth quarter of 2013:

All areas when comparing percentage share of the market, fourth quarter 2013 to third quarter 2013:
• When comparing the fourth quarter 2013 to third quarter 2013, distressed sales as a percentage of new listings increased by 3.9% (12.5 v. 8.6%).
• In a comparison of the fourth quarter 2013 to third quarter 2013, distressed sales as a percentage of closed sales increased by 0.8% (12.1 v. 11.3%).
• Short sales comprised 6.0% of new listings and 6.8% of sales in the fourth quarter of 2013, up 0.9% and 0.2% from the third quarter of 2013, respectively.
• Bank owned/REO properties comprised 6.5% of new listings and 5.3% of sales in the fourth quarter of 2013, up 3.0% and 0.6% from the third quarter of 2013, respectively.

Portland Metro when comparing percentage share of the market, fourth quarter 2013 to third quarter 2013:
• When comparing the fourth quarter 2013 to third quarter 2013, distressed sales as a percentage of new listings increased by 3.1% (10.6% v. 7.5%).
• In a comparison of fourth quarter 2013 to third quarter 2013, distressed sales as a percentage of closed sales increased by 1.4% (10.8% v. 9.4%).
• Short sales comprised 6.0% of new listings and 7.2% of sales in the fourth quarter of 2013, up 0.7% and 0.9% from the third quarter of 2013, respectively.
• Bank owned/REO properties comprised 4.6% of new listings and 3.6% of sales in the fourth quarter of 2013, up 2.4% and 0.5% from the third quarter of 2013, respectively.

Clark County when comparing percentage share of the market, fourth quarter 2013 to third quarter 2013:
• When comparing the fourth quarter 2013 to third quarter 2013, distressed sales as a percentage of new listings increased by 4.7% (18.6% v. 13.9%).
• In a comparison of fourth quarter 2013 to third quarter 2013, distressed sales as a percentage of closed sales decreased by 1.9% (17.6% v. 19.5%).
• Short sales comprised 8.2% of new listings and 9.1% of sales in the fourth quarter of 2013, up 0.6% for new listings and down 2.0% for sales when compared to the third quarter of 2013, respectively.
• Bank owned/REO properties comprised 10.4% of new listings and 8.5% of sales in the fourth quarter of 2013, up 4.1% and up 0.1% from the third quarter of 2013, respectively.

If you’d like more information or percentages of distressed residential sales in other areas not represented by our charts, please contact us at communications@rmls.com.

SentriLock Lockbox Activity January 6-12, 2014

SentriLock Lockbox Activity January 6-12, 2014

This Week’s Lockbox Activity

For the week of January 6-12, 2014, these charts show the number of times RMLS™ subscribers opened SentriLock lockboxes in Oregon and Washington. Showings rose significantly in both states this week.

For a larger version of each chart, visit the RMLS™ photostream on Flickr.

Please note: due to the RMLS™ transition to SentriLock, historical data is only currently available through the RMLS™ Flickr page, under the tag “Supra lockbox activity.” SentriLock data will continue accumulating until each chart represents a year of data.

MLS Insight: How is RMLS™ Governed?

SentriLock Spotlight: One Day and Contractor Codes

SentriLockBoxatDoorSMOver the next few months we’ll be discussing some important topics on the blog about SentriLock, the new lockbox system at RMLS™. One of these topics is the difference between time-limited one hour codes and contractor codes. In this article I will talk about the benefits of each of these types of codes and in what situations they should be used.

Remember: your firm should have (or be developing) policies about using these codes—check in with your principal broker. You may be liable for anything that occurs when you give out a code!

Time-Limited One Day Codes

Time-limited one day codes are a feature that we didn’t have with our previous lockbox system. A time-limited one day code is a six digit code that you can generate from the SentriLock website that will allow a non-SentriCard® holder access to your lockbox for a specific amount of time. By default this time is for one hour. You can change this on a per lockbox basis to be up to four hours.

You are not required to use one day codes, even if you are asked for one by another RMLS™ subscriber. If you choose not to use them, you don’t need to do anything to disable the feature. You will just choose not to generate any codes for your lockboxes.

How to Generate a Time-Limited One Day Code
1. Log in to the SentriLock website.
2. After logging in, click the “Add 1 Day Codes” button on the left side of the main menu.
3. Click the “Select” button next to Lockbox to open a search window and choose the lockbox for which you wish to generate a code.
4. If you select the checkbox labeled “Create lockbox-specific codes for all lockboxes belonging to the selected lockbox’s owner,” you will receive separate codes for each lockbox, not a single code that works on all boxes. “Create codes only for lockboxes assigned to listings” skips generating codes for unassigned lockboxes.
5. Select a date or date range from the “Date(s) Valid” calendar. Selecting a date range will generate one code per day for the selected lockbox(es).
6. Click the “Generate Codes” button to create the one day codes.
7. After you click the “Generate Codes” button, the Sentrilock server displays the “Edit 1 Day Codes” window.
– If a single lockbox and day were selected, the code field will display “Assigned to Required.” Enter the name of the person being provided with the one day code and click “Assign.” The code will be displayed next to the name you entered, and a new code field will be presented, allowing you to generate multiple one day codes for the same lockbox and date all at once.
– If multiple lockboxes and/or dates were selected, the list of one day codes you created will be displayed. These codes will work on the lockbox listed in the Lockbox field on the date shown in the “Date(s) Valid” field.

If you want to modify how long a time-limited one day code works for, you need to change that for each lockbox. To make this change, go to the “My Listings” section of the SentriLock website, click on the lockbox serial number, and then click on the “default lockbox settings” link. On this page you will see a field to set the number of minutes that a time-limited one day code will work for. You can change that number to anything up to 240 minutes (four hours).

Contractor Codes

Contractor codes are a more permanent code than time-limited one day codes. SentriLock lockboxes have three contractor codes for each lockbox. You can modify these contractor codes, so you can have the same codes for all of your lockboxes. Once again, you can do this under the “default lockbox settings” section for each lockbox in the “My Lockboxes” page on the SentriLock website. Contractor codes must be physical enabled on each lockbox you want to be able to use them on. Contractor codes are permanent, meaning that once you give out a contractor code, it will always work for that lockbox, until you go in and change it.

How to Turn On Contractor Mode
1. Insert your SentriCard® into the lockbox. Wait until the CODE light displays, then enter your PIN and press ENT.
2. After the lockbox displays the READY light, enter FUNC + 6 + 1 + ENT.
(Note: if you would like to turn contractor mode off, you can enter FUNC + 6 +0 + ENT.)

Due to the permanence of contractor codes, they should be reserved only for users that you trust implicitly, as they will have access to the property at any time during regular lockbox access hours. Check with your principal broker for your firm’s policy on their use.

Don’t Forget the Lockbox Access Log

Remember, anytime someone uses a SentriCard®, contractor code, or time-limited one day codes to access the key compartment of a lockbox, the lockbox and SentriCard® record access information. This information can be viewed in the Lockbox Access Log on the SentriLock website.

Need to know more? SentriLock is the best resource for questions for these or any other lockbox features. They can be reached at (877) 736-8745.