To accomplish this goal, TREND conducts random audits on both active and settled listings in our database. Our primary goal in conducting these audits is to build and maintain the integrity of our database and to ensure that listing and settlement information is reported in a timely manner and is reflected accurately.
When Auditing Active Listings...
When an active listing is selected for an audit, TREND contacts the brokerage firm and requests a copy of the listing agreement. The firm must submit a listing agreement to TREND within three (3) business days of when the request is made.
During the audit, TREND seeks to verify the following information:
- Does the listing agreement meet all requirements for entry into MLS Blue?
- Was the listing submitted to TREND within three (3) business days? (New Jersey requires that listings be entered within 48 hours.)
- If not, was a Waiver of Broker Submission form submitted within three (3) business days?
- Were the listing and expiration dates reported correctly in the MLS? Property Marketing Period (PMP) and Days on Market (DOM) are affected by this information.
- Does the listing agreement permit the broker to cooperate with and compensate other brokers?
- Was a co-op fee specified on the MLS listing?
Additionally, when applicable, TREND also attempts to verify:
- Was written permission obtained from all property owners concerning:
- Listing extensions?
- Price changes?
- Other changes?
Results of the Audit
The most frequent violations observed for actively listed properties are as follows:
- Listings not entered into TREND within three (3) business days.
- Listings reported an incorrect list date.
- Listings reported an incorrect expiration date.
- Co-op fee not disclosed.
- No written documentation obtained for price changes, listing extensions, etc.
When Auditing Settled Listings...
TREND also randomly audits listings that have been settled. Our goal is to ensure that reported settlement information in the MLS is consistent with information recorded by the municipalities in which the properties are located.
Results of the Audit
The most frequent violations observed for settled listings are:
- Incorrect settlement dates
- Incorrect settlement price
- Listings not updated within three (3) business days.
Audits Ensure Accuracy of MLS Database
By conducting random audits of listing information in the MLS, TREND's goal is ensure that the most accurate and current information is available to you. In turn, you will be better able to provide your clients with more reliable and up to date information in helping your clients to achieve their real estate goals or needs.