1. Midwest Real Estate Data LLC
Auction Properties
Brad Tertell
General Manager
Midwest Real Estate Data LLC

2. Background/Criteria
Users have had the ability to enter auction properties into the database dating back to 1996
All exclusively listed properties that are subject to auction and have a list price (reserve price or minimum price) that the seller is willing to accept may be placed in the service
Auction listings which do not have a listed price may not be placed in the service
Properties must be entered into the proper property type

3. Current Auction Inventory
Active Auction Listings by Property Type
229 Detached Single Family
58 Attached Single Family
11 Commercial & Land
137,136 Total Active Listing Inventory

4. Current Procedures We do not have a separate Auction Property Type
Must use the remarks field to input details of the auction and to search for active Auction Properties
List price must be the minimum acceptable bid or higher
Compensation is Required
Can’t be sold prior to the auction

5. CC: SEE AGENT REMARKS

6. CC:

7. Suggestions/Recommendations
Have a check box added to each existing property type (except rental) where an agent can identify the listing as an auction property.
Create a non-required Yes/No field. If “Y” in this field is selected, an auction date would be required
The system can be programmed to flag the property as “For Auction”. You create a new status “AUCT” which would remain unchanged until the property has been sold or taken off the market

8. Suggestions/Recommendations
If you wanted you could program your system not to require List Price
Consideration could be given to adding a Market Value range if the property was flagged for auction. However, this may negate the purpose of listing these properties in the MLS since most auction agents do not want to reveal their minimum bid
AUCT would be added to an MLS’s status list so that these properties can be included with any search criteria, searched separately or excluded from a search if desired

9. Suggestions/Recommendations
For market statistics reports, when an auction listing sells the Sold Price should be required to be reported on the MLS listing.
Footnote: We see no value in having a separate property type for auction properties as this would unnecessarily duplicate property types and their fields already in the MLS. Most MLS systems are very sophisticated and the type of programming described should be able to be done by most if not all MLS vendors.