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Compliance Corner #63
November 14, 2022
Entry Only vs Comp Only: Do you know the difference?
When you’re viewing listings in the MLS, you have most likely seen the terms Entry Only and Comp Only. Although these terms sound similar, they are actually very different concepts and can be the source of confusion.
Entry Only is a type of a listing service in which the agent is hired to just list a property on the MLS. In some instances, the agent might also provide the following services:
- Advertising.
- Arrangement of appointments, showings, open houses, etc.
- Presentation of offers.
- Assistance to the Seller(s) in developing, communicating, or presenting counteroffers.
- Participation on the Seller(s) behalf in negotiations leading to the sale of the listed property.
The Service Type field, which appears in the Listing & Compensation section towards the bottom of the Agent Full display, alerts you to any listings that have been designated Entry Only. If you come across an Entry Only listing, it is crucial to also review the Agent Remarks and Showing Instructions fields for any information that will assist in the transaction.
Additional information about Entry Only listings can be found in Article 4.1.4 of the Smart MLS Rules and Regulations.
Comp Only is defined as a sale that is procured BEFORE the listing is/was entered in Matrix. These listings are entered into the MLS for comparable data purposes only and no market share is given to either party.
Listings that have been designated as Comp Only will have CO appear directly to the right of the list number on most agent-facing displays. You will most likely also see the wording Entered for Comparable Data Purposes towards the top of the display on Comp Only listings.
Click here for more information about Comp Only listings.
The Compliance Team values your opinions, comments and suggestions. Never hesitate to contact us at compliance@smartmls.com or (203) 750-6000.
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