Auction Property in MLS Geoff Gurney, CIO Emerald Coast Association of REALTORS® National Association of REALTORS® Multiple Listing Issues and Policies Forum May 15, 2008

Summary of ECAR Auctions Information Exchange Model Separate from sales categories No compensation Voluntary participation Describes the Auction No price Details of event Limited property information Slow Steady Acceptance Released May 2004 Measurable increase in usage Rules added to MLS categories

ECAR Auction Required Fields Auction Type (Absolute, Minimum Bid, Reserved) Auction Date Auction Location Pre-Offers? Bidder’s Choice? Online Bidding? Inspection/Preview Instructions Property/Listing Property Address Parcel ID/Legal Property Type (Home, Condo, Commercial, Land, etc.) Seller Name Listing Date Expiration Date

ECAR Auction Optional Fields Minimum Bid Auction Time Buyer’s Premium Registration Deadline Property/Listing Square Footage Bedrooms Baths Stories Year Built Acreage Waterfront Type Waterview Type Seller Phone

ECAR Auction Category Usage

Subsequent Actions by MLS July 2006 – added MLS rule requesting non-listed property sold at auction to be entered into appropriate sales category at closing May 2008 – added requirement that current listings being “converted” to auction be identified if staying active and include Type of Auction and Auction Date

Additional Information Available Need help setting up auctions? Auction Marketing Council web site http://AuctionMarketingCouncil.com Geoff Gurney Emerald Coast Association of REALTORS® geoff@ecaor.com – (850) 243-6145 Ben Anderson Ben@BenAnderson.com – (850) 654-5300