Compliance Corner- Types of Listing Service

Please note: this article is a snapshot of a message that was posted on the MLS system at some point within the last year.  Things evolve rapidly in our industry, and the information in this article may have changed since it was first published. Compliance Corner articles are not updated after they are published, even if the information contained within has changed.

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Compliance Corner #69

February 28, 2023

Types of Listing Service

When entering a listing in the MLS one of the mandatory fields agents will come across is Type of Listing Service. Selecting the correct service type is important as it lets other agents know how a transaction may be handled. Sometimes the applicable service type may be confusing, so we have defined them below.

Full Service means that the broker is responsible for providing the seller with all normal brokerage services, including marketing, MLS input and maintenance, negotiations, etc.

Limited Service – The listing agent/broker will provide some services and not others. For example, the seller will be responsible for showings, but the agent will participate on seller’s behalf in negotiations. The listing broker may provide one or more of the following.

• Showings and negotiations
• Accepting and submitting offers
• Advisement on transactions to the seller

Entry Only – (often confused with Comp Only) The listing agent and broker are only responsible for entering and maintaining the listing in the MLS. Other responsibilities should be handled by the owner. The listing broker will not provide ANY of the following.

• Showings and negotiations
• Accepting and submitting offers
• Advisement on transactions to the seller

If a listing is Limited Service or Entry only the listing agent should provide as much information as possible to assist fellow agents. Please include any necessary information in the agent remarks.

The listing agent/broker is always responsible for maintaining their listing in the MLS regardless of the listing service type. All listings are still required to be in compliance and should be updated accordingly.

The Compliance Team values your opinions, comments and suggestions. Never hesitate to contact us at compliance@smartmls.com or (203) 750-6000.