Listing Data Checker
Listing Data Checker
MLS data is held out as being the most reliable source for property data.That is why so many 3rd party data aggregators like Realtor.com will only use MLS data as the source for property information. The Lubbock Association of REALTORS MLS will begin using a tool developed by Corelogic called the Listing Data Checker (LDC).
When a new listing is entered into the MLS, LDC uses several data points to ensure the accuracy and quality of the information entered into the MLS. LDS applies certain rules to ensure accurate and compliant MLS data.
The rules LDC uses look at the timeliness of the listing entry, including the estimated selling date, status updates, Fair Housing, and if pictures were added within seven (7) days on market. It helps protect the listing agent by flagging unnecessary contact information such as names, emails, phone numbers, and website.
Fair Housing compliance is an important function of LDC. While few properties are flagged for possible Fair Housing violations, it can happen. LDC helps to reduce the risk for the listing broker, education for the listing agent and protection for the consumer against discrimination.
LDC violations will be sent via email and are sent to the listing agent, listing broker and the listing office manager. If you recieve an email regarding an LDC violation, don’t ignore it! Look at the violation carefully and make the required changes as quickly as possible. When LDC identifies a violation, an email is generated and reviewed by MLS staff for accuracy before being sent.
We can’t stress enough the importance of opening these emails regarding LDC violations. There are fines associated with the failure to comply with the MLS Rules and Regulations. However, some fines based on time frames are sent automatically. Our goal is to make sure our MLS data is of highest quality, not collecting fines for violations. If there is a failure to comply, there are policies in place that may lead to fines to the listing broker and/or listing agent.
LDC is a valuable tool that will help listing brokers/agents and buyer’s agents provide correct property data. Bear in mind that LDC cannot monitor every field for possible violations, but it is a good place to start.