Changes are taking place in the real estate industry that could alter the financial offers and agreements made between real estate brokers and their clients. These potential changes could also create new ways in which listing and transaction data is collected and reported within the technology systems that support businesses and consumers.
This guidance from the Real Estate Standards Organization (RESO) is focused on two specific sets of data elements:
- Current concessions-related fields for closed transactions
- New concessions-related fields for active and closed transactions
Current RESO Concessions-Related Fields for Closed Transactions
Current concessions fields in RESO Data Dictionary 2.0 are in the Closing Group, data elements intended to describe facts that occurred at the closing of a transaction, not offers of potential financial agreements prior to close.
The data recorded in Closing Group fields has historically been utilized in appraisal valuations and Comparative Market Analysis (CMA) reports. The ConcessionsAmount field definition states that the net value of concessions by a seller are often subtracted from the final sales price by appraisers and other property valuers to create an adjusted final value. Ensuring that this data is recorded consistently is important to continue providing quality information to professionals and consumers evaluating properties.
Relevant Data Dictionary Closing Group Fields
- Concessions Field (Pick List: Yes, No or Call Listing Agent)
- ConcessionsAmount Field (Data Type: Number)
- ConcessionsComments Field (Data Type: String; i.e., a text field)
New Concessions-Related Fields for Active and Closed Transactions
Multiple MLS organizations have implemented new concessions-related fields in their systems in 2024. These fields are intended to allow brokers to advertise potential concessions to buyers and to record how specific types of concessions were designated at the closing of a transaction.
These fields were submitted to RESO for consideration of standard field additions to the Data Dictionary. After reviewing and discussing the proposals, the Data Dictionary Workgroup voted to approve these fields for inclusion in Data Dictionary 2.1, which is slated to be closed in the fall of 2024. Creation of official definitions for these fields is underway.
New Concessions-Related Fields for Active Transactions
- ConcessionInPrice (Number)
- ConcessionInPriceType (Lookup) $ or %
- SellerConsiderConcessionYN (Boolean)
New Concessions-Related Fields for Closed Transactions
- ConcessionsClosingCosts (Number)
- ConcessionsPropertyImprovementCosts (Number)
- ConcessionsFinancingCosts (Number)
- ConcessionsBuyerBrokerFee (Number)
- ConcessionsOtherCosts (Number)
Individual Decisions on Implementation
The creation of standardized data fields does not require any entity to implement these fields in its technology or its practices. While many MLSs are users of the RESO Data Dictionary, it is also used by other types of companies in many countries for brokerage, valuation and marketing, all with their own business requirements.
The RESO Data Dictionary supports usage of any portion of the standard independently, and the Data Dictionary is extensible and omissible by users. Organizations often create local fields prior to a standard being established, as was evidenced by the MLSs that forwarded this proposal. Implementing fields like these prior to the closing of Data Dictionary 2.1 is allowable and up to each organization’s discretion.
RESO members can join the Data Dictionary Workgroup discussion to continue developing the standard definitions for these fields.
