“Concessions In Price” Fields For Listing Input
Effective May 29, users can access the optional Concessions in Price (CiP) fields when creating a listing. It provides a more clear, and precise way to communicate concessions directly in the MLS.
The facts:
- In 2023, nearly 40% of closed residential listings included some form of concessions, including seller paying for escrow and title fees, loan discount points, repair and/or upgrade costs.
- 15% of those closed residential listings in 2023 had some sort of advertisement for Concessions being offered in the Private Remarks section of the listing.
With such a large amount of our userbase actively offering concessions, we saw an opportunity to create a specific set of dedicated fields for the benefit of our users and their clients. These new CiP fields will allow agents to convey their willingness to offer concessions at the listing level, thus allowing for clearer communication and cooperation between agents and brokers.
The new fields benefit all parties:
- Listing agents and sellers
Will gain a dedicated space to advertise/market their willingness to consider concessions at the listing input level - Buyer’s agents
Will be able to better serve their clients with up-front information on which listings will consider concessions to assist in transaction fees - Homebuyers
Enhanced transparency on which listings are willing to consider concessions to assist with their financial needs
What’s changing?
Currently, concessions are recorded only at the close of a transaction with a mandatory requirement to state the amount of any concession. The new, more descriptive CiP fields will be available for input at the listing level.
To be clear, the new CiP fields will be optional and only reflect a client’s willingness to consider concessions. Details regarding the concessions that may be offered must be discussed outside of the MLS and after a written agreement is signed.
The new fields will be titled:
- Concessions in Price: a text box for numerical input only. This amount should include any and all potential concessions in a single total amount.
- Concessions in Price Type: classify the number above as either $ or %
- Seller Consider Concessions?: either Yes or No. If Yes, then the listing will include the phrase “A Seller may consider a buyer concession if made in an offer.”
As of May 29, the new fields in your Matrix system will appear here:
View the CIP FAQ Sheet Here (pdf)
