What changed?
The ValleyMLS.com Board of Directors has voted to remove “Investment Property” as its own property type within the Residential class, but any property can still be coded as an “investment property” in the appropriate fields. The rules now read as follows:
Investment Properties
Properties may be noted as “Investment Properties” in the Residential Class by selecting an “Investment Tenant Option” from the dropdown. Only properly-noted, tenant-occupied investment properties may be Active without allowing showings. Proper documentation indicating this as tenant-occupied investment property must be available upon request to the MLS.
Why was this change made?
There are several issues with using “IP” as a property type. First and foremost, it does not accurately describe the property – there is always a more descriptive option. Also, it does cause an issue for both buyers and sellers, as any listings coded with property type “IP” do not show up in searches on ValleyMLS.com. Even saved searched within Paragon using specific criteria these properties may meet are being excluded from the search results because they aren’t showing up as their appropriate type.
Who will be affected?
Currently, the IP property type has been used only 58 times, so only these handful of listings will need to be changed to reflect their true property type, and those agents will be contacted.
What if my client has (or wants to find) Investment Property?
There are fields in which an agent can code a property as “investment property” which will not exclude the listing from searches based on property type. (For instance, a search for single-family homes which would currently show none of these properties will now return any single-family “investment properties” which meet the other search criteria in the search results.) Anyone looking specifically for (or to exclude) investment property, can narrow their search using the available fields.
