Selling new construction doesn’t have to be tricky if the listing is in the MLS.
Selling new construction is easy – unlike traditional home selling, there are no sellers with attachments to the property, no need for inspections or multiple negotiations, and builders might offer incentives.
Agents and their clients find new construction listings using either Builders Update or NewHomeSource Professional, with a guaranteed commission for the agent. Each product gives agents the tools to present themselves as new home experts, with a personalized and branded search tool for prospective buyers, including their agent’s logo, picture, and contact information.
CRMLS provides both Builders Update and NewHomeSource Professional at no additional cost. To access either resource, click on their icons on your Dashboard.
You can also access them from within your MLS system:
Flex: Click on “Menu,” then “Products”
Matrix: Link and External Links
Paragon: Resources icon
Overview – New Construction Listings (NCLs) in the MLS:
- NCLs are exempt from the requirement to enter the listing for each individual lot into the MLS within two (2) calendar days of the listing agreement (Mandatory Delivery Rule 7.8). Instead, owners/developers may enter representative properties or models in the MLS.
- The NCL Listing Broker agrees that the commission entered in the MLS will be consistent for all properties in that development or subdivision.
- The buyer’s agent may void any changes made to the commission amount that change it from as advertised in the MLS on the date the buyer’s offer is submitted.
- NCLs are not exempt from the Clear Cooperation rule. The listing side must submit any publicly marketed NCL to the MLS for cooperation within 1 day of the public marketing. However, any NCL placed in the MLS as “Coming Soon” may remain in Coming Soon status until it obtains a certificate of occupancy.
Official CRMLS New Construction Listing Rule:
7.18.4 New Construction Listings
- a) Any Residential Property listed in the MLS that requires the disclosure of a Final Public Report pursuant to the Subdivided Lands Law prior to a sale of the property, or that requires a new construction building permit, shall be designated a NEW CONSTRUCTION LISTING (NCL). All MLS Rules shall apply to an NCL except as modified as follows:
b) Submitting an NCL shall cause to be exempted from the Mandatory Delivery Rule 7.8 each individual lot within the subdivision covered by the same Final Public Report as the NCL.
c) NCL Listing Broker agrees that the offer of compensation for the NCL filed with the MLS shall be the same offer of compensation pursuant to Rule 7.15 for all of the properties requiring disclosure of the same Final Public Report as the NCL property.
d) Any agreement to modify the amount of the offered compensation published in the MLS as of the date the offer from a buyer is made, shall be voidable at the option of the buyer’s agent.
e) NCL’s may remain in a Coming Soon status until such time as a certificate of occupancy is issued.
Upon final closing of any property subject to the same Final Public Report as the NCL, the Listing Broker shall report or input in the MLS as “sold” and report the selling price within 2 days of the final closing date.
Updated Sept 2021