Auction Property Best Practices/Guidelines - METRO MLS Blog

An auction seems like a fast and straightforward strategy for selling a property. But if you want it on the MLS, multiple steps need to take place.

The seller must include a list price and public and private remarks with the listing. The list price is the opening bid or the buyout price. If there is a reserve price, the listing is not required to disclose the specific dollar amount, but it must state that there is a reserve.

Since a seller cannot show an auctioned home, the listing must feature information that describes the property. A seller cannot display any of its contact information. If a seller includes inappropriate information, it will be removed, and the office will be sanctioned at the current rate. Sellers also can include the auction status in Public Remarks to increase searchability.

Sellers can include private remarks. This information is for other brokers to have and goes into the Private Reports section. This information will not be printed in Public Reports. You can include remarks about commission and mortgage information here. It also is recommended that you add auction information to enhance searchability, including details for the auction site.