Comp Only listings

A Comp Only listing is defined as a sale that is procured BEFORE the listing is/was entered in Connect. It is entered after the fact so the property can be used as a comp by other MLS users.

A Comp Only can occur when a Traditional Listing gets an accepted offer within (or prior to) the 48-hour grace period before it is entered into the MLS, when a Withhold from MLS listing sells, or in a for sale by owner (FSBO) situation. 

• A property is not eligible to be entered as a Comp Only listing if an active SmartMLS agent was not involved in the procurement of the sale.
• No market share is given to either party.

There are a couple of paths for a Comp Only listing to be added to the MLS:

1. The property has already closed and it is being uploaded to the MLS after the fact.

• • The list agent (or sales agent in a FSBO situation) enters the listing into connectMLS with an Activation Status of Closed- Comparable Only.
  • Save as a Draft listing.
  • Upload the listing paperwork as a Private document under Supplements (if you are the buyer's agent on a FSBO, please upload the Non-MLS Closed Transaction form instead).
  • Upload at least one exterior photo.
  • Once the paperwork and photo(s) have been uploaded and all required fields have been completed, go back into the Draft listing and click Validate for Publishing. That should bring up the Edit Listing Status screen.
  • Enter all the closed information and click Save Changes*.
  • The listing should go directly from Draft> Closed with the Comp Only flag.

* If Connect does not allow you to enter the correct dates because you are doing it after the fact, you can just enter the current dates and then notify SmartMLS so we can adjust them accordingly.

2. The property is already Under Contract and the list agent is entering it for backup offers.

• • The list agent (or sales agent in a FSBO situation) enters the listing into connectMLS as a traditional listing (with an Activation Status of Active).
  • Save as a Draft listing.
  • Upload the listing paperwork as a Private document under Supplements (if you are the buyer's agent on a FSBO, please upload the Non-MLS Closed Transaction form instead).
  • Upload at least one exterior photo.
  • Once the paperwork and photo(s) have been uploaded and all required fields have been completed, go back into the Draft listing and publish it as an Active listing.
  • Change the status to Under Contract. Make sure to set the PCD in the future.
    • If the original deal goes through and the property closes, mark the listing Closed and then contact SmartMLS so we can mark it as a Comp Only listing.
    • If the original deal falls through, mark the listing Active (Back on Market) and maintain it for the rest of its life cycle as you would any other listing. The listing is no longer eligible to be a Comp Only listing, since it is now on the MLS in an active status.

Per SmartMLS Rules & Regulations:

Section 4.13 Non-MLS Closed Transaction .

The Participant shall have the option to enter into the MLS a Non-MLS Closed transaction. A transaction where the property was not listed in the MLS, but where the sale was assisted by the Participant would qualify for entry. Any such Non-MLS Closed Transaction must be filed with the system as incomplete with at least one exterior photo and a Non-MLS Closed transaction form must also uploaded. Non-MLS Closed transactions will not be included in market share statistics but entered for comparable sales purposes only. (Updated 2/19)

The Non-MLS Closed Transaction form can be found at the end of the SmartMLS Rules and Regulations. It is also attached to this article.

Related articles:

What is Activation Status?