Have Listings with Land, Multiple Dwellings or Commercial Components? Here’s Some Listing Rules for You!
NorthstarMLS subscribers sell a lot of unique properties. From a “To-Be-Built” in Woodbury to farmland in Marshall County, there are six specific instances that impact the property type you select for your listing and the number of listings you may have for the property. Let’s take a look!
Property Type Exceptions
As a rule of thumb, listings can be entered into only one property type. Yet in these scenarios, exceptions are allowed:
Multi-family buildings with commercial components. A property with multiple dwelling units may be entered in Multi-Family Residential and in Commercial/Mixed Use IF the building has a commercial component.
Properties being sold with the intention of being developed. A property may be entered as “Active” in both Single Family Residential with “To-Be-Built” Construction Status, as well as in Lots & Land that have the same Property Identification Number (PID).
To do this, the property owner must complete and sign a listing input form for each of the property types that accurately represents what is being offered for sale on each listing.
Properties with both commercial and single-family components. We often see a commercial space that has a home within the building structure. An example of this could be a hairdresser shop that has living quarters located within the building.
These properties may be entered in both Single Family and Commercial and it is a best practice to do so.
Single-family home tear downs. A single-family home that is likely to be torn down for the value of the land may be entered in both Single Family and Lots & Land.
It’s important to note that the remarks must state the structure is a tear down in both listing types.
Farms. Farms may be entered in both Farms and Lots & Land.
To do this, the property owner must complete and sign a listing input form for each of the property types that accurately represents what is being offered for sale on each listing.
Single-family residential properties with land. If a Single-Family Residential property is available with optional amounts of land, it may be listed no more than twice with different amounts of acreage.
This applies only to large parcel listings, so the acreage difference between the two listings must be more than one acre. If more than two optional amounts of land are available, the additional amounts should be described in remarks.
Let’s say your client has a house with 20 acres of land. You may want to enter it once with all 20 acres, and separately at a lower price with just 10 acres. They can both be entered in a single Property Type, or separate ones (for example the larger lot in Lots and Land and the smaller one in Single Family Residential).
Whatever configurations you and your client choose for the listing situations described above, remember that you are limited to no more than two Active (and/or TNAS) listings for the same PID…with these two exceptions:
Commercial can list as For Sale and For Lease using the same PID.
In new developments where PID numbers have not yet been assigned multiple properties may be entered with the TBD.
In both these exceptions you must Pend and then Close the configuration that sold after the sale of the property. The listing for the other configuration must be Cancelled within 24 hours of the other listing being Closed.
Have additional questions about duplicate listings? Our NorthstarMLS Rules + Regs team is here to help! Review the NorthstarMLS Property Type definitions, visit our Rules + Regs site or contact us at rules@northstarmls.com.
