California Regional MLS Provides New "Concessions in Price" Fields for Greater Agent and Broker Communication

News provided by

May 29, 2024, 13:00 ET

The new fields will be the first time that concessions are visible prior to closing

CHINO HILLS, Calif., May 29, 2024 /PRNewswire/ -- California Regional MLS (CRMLS), the nation's largest and most recognized multiple listing service, is launching a new set of MLS system fields referring to Concessions in Price (CiP) for its more than 100,000 users beginning today, May 29, 2024. The fields promise to encourage greater communication between listing agents, buyer agents, and homebuyers by providing up-front information regarding concessions.

In 2023, nearly 40% of CRMLS's Closed listings included concessions, i.e., monetary payments that a seller agrees to contribute towards the buyer's expenses and other costs a buyer is responsible for in the transaction. Historically, concessions were only included in Closed listings. The new CiP fields will provide concession information at the listing level and be directly available in the MLS, so seller agents can fill them out when adding a listing. CiP fields will benefit all parties as those on the selling side can more easily market listings while those on the buying side receive a clearer idea of financial options.

"We're always looking for ways to improve user experience, and, considering the fact that data shows an extensive use of concessions in CRMLS's Closed listings, these new Concessions in Price fields at the listing level seemed like no-brainers," said CRMLS CEO Art Carter. "By providing new fields that clearly specify a seller's willingness to consider concessions, we can better foster communication between all our users to make finding the right property that much easier."

About California Regional Multiple Listing Service (CRMLS)

California Regional MLS is the nation's largest and most recognized subscriber-based MLS, dedicated to servicing more than 100,000 real estate professionals from dozens of Associations, Boards, and MLS organizations. CRMLS is the industry powerhouse and thrives on providing the most relevant products and services to its subscribers. For more information on CRMLS, visit CRMLS.org.

Media Contact:
Art Carter
[email protected]

SOURCE California Regional MLS