Canopy MLS offers three options for entering a listing for “comparable purposes” (“Comp Sales”) after closing: Selling Agent Comp Sale, Firm Exclusive Comp Sale, New Construction Listing Agent Comp Sale.

Comp Sales must provide at least one photo, must provide complete data in all required fields, and the “Listing Agent” and “Selling Agent” fields must accurately reflect the transaction side represented by the member. A copy of the listing agreement or buyer agency agreement, purchase agreement and settlement statement must be maintained in the company files and can be requested by the Canopy MLS staff to verify the information entered into the MLS system.

For new construction sales not listed in the MLS, if the listing brokerage does not input a New Construction Listing Agent Comp Sale within five business days after the closing, the selling agent has five business days thereafter to input a Selling Agent Comp Sale (which equals ten business days for Selling Agent Comp Sales to be entered), and the listing brokerage receives no credit for the sale. The five-business day limit also applies to entry of Firm Exclusive Comp Sales. 

To add a “Comp Sale”, click the “Add/Edit” tab in the toolbar at the top of Matrix, then click “Add New” under “Listings” when the page appears.  On the next screen will be 11 options – the first six will be the listing property categories, while the last 5 will be the “Comp Sale” option for each category (Rentals may not be added as comps).  Then select an option to pre-fill data, or simply click on “Start with a blank listing”.

This will open the “Status” tab of the newly created listing, where a new field is now available: “Sold Comp Type”.  There are three options in this field, each of which has different requirements for the listing and selling agents:

Selling Agent Comp Sale

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• Use this option to enter non-represented seller transactions, non-member listing agent transactions and unlisted new construction transactions.  A buyer agency agreement is required.
• The “List Agent MLS ID” must be 00001 (Non-Member).  This will default to your MLSID and must be changed.
• The “Selling Agent MLS ID” must be your ID, or if the listing is being entered by an Assistant, or an Office or Firm Broker, it must be the ID of an agent from within the firm.

Firm Exclusive Comp Sale

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• Listings can be entered into the MLS system by the Listing Brokerage once the listing is Closed, unless prohibited in writing by the seller.
• The “List Agent MLS ID” must be your ID, or if the listing is being entered by an Assistant, or an Office or Firm Broker, it must be the ID of an agent from within the firm.
• The “Selling Agent MLS ID” must be the ID of an agent from within your firm, or it must be 00001 (Non-Member).  This will default to your MLSID and must be changed.

New Construction Listing Agent Comp Sale

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• These listings must adhere to the Canopy MLS definition of New Construction properties, and must include a valid street address, Legal Description, Deed Reference and Parcel ID.
• The “List Agent MLS ID” must be your ID, or if the listing is being entered by an Assistant, or an Office or Firm Broker, it must be the ID of an agent from within the firm.
• The “Selling Agent MLS ID” can be any other Active MLS subscriber.

When creating a new listing it can be submitted as CLOSED, or as an incomplete listing.  An incomplete listing will receive an MLS number, but will not be available for everybody to see.  Once an incomplete listing has been completely filled out and the status is changed to CLOSED the listing becomes available for everybody. 

Photos, attachments, etc. can be added to incomplete listings and reports can be run for incomplete listings as well.

No Exceptions

Canopy MLS staff are unable to make an exception to the Comp Sale Policy. As of October 2021, the Comp Sale Policy, that was approved by the Canopy MLS Board of Directors, limits entry of comp sales to five business days for the Listing Brokerage, and thereafter five business days for the Selling Agent. 

The members who provided input into developing the Comp Sale Policy -- including Realtors®, builders and appraisers -- felt strongly that the deadlines for entry of comp sales must be enforced.  The policy reflects compromise between their varying viewpoints as well as other considerations:

• Agents desire to input comp sales.
• Builders sometimes do not want comp sales reported. 
• Appraisers concerns about sales being reported in the MLS system AFTER an appraiser might have used comps from a neighborhood for an appraisal, and the potential for new comp sales being input after they had already submitted their appraisal.
• The need for consistency in the rules. Since regular "for sale" listings are required to be updated within five business days, it made sense to apply that same timeframe to comp sales as well. 

With this change, MLS staff no longer backdate listings input for comparable purposes.

See also: How to list New Construction in Canopy MLS