The new REcolorado Matrix that launched early in 2020 brought with it new Real Estate Standard Organization (RESO) Data Dictionary field names that are being adopted by MLS organizations across the U.S. Here’s a quick overview of the Property Type, Property Subtype, and Structure Types for Residential.
To gain a thorough understanding, be sure to attend our Matrix: If It Can’t Be Found It Can’t Be Sold and Matrix: Accessing What You Want classes that are being offered online and include CE credit. You can also view Matrix: Listing Input and Matrix: Search training videos on demand from the REcolorado Learning Center.
Residential Property Type, Property Subtype, and Structure Type
The new REcolorado Matrix no longer has categories for “Residential – Detached Single Family” and “Residential – Attached Single Family.” Now, all homes fall under the Residential Property Type and are distinguished based on Property Subtype. All single-family detached homes are included in the “Single Family Residence” Property Subtype.
What about what we used to know as Single-Family Attached? In the new REcolorado Matrix, you’ll find these in the Property Subtypes for Condominium, Townhouse, and Multi-Family. Here are some tips for using these categories:
- Use the Dictionary of Property Types to help you select the correct Property Type and Subtype
- According to RESO, the Property Subtype is defined by the type of ownership, which can be determined by the legal description or how the property is deeded.
- The Structure Type describes the structure in which the unit/property is located, or the physical appearance of the property. Selecting the correct Property Subtype will give you applicable structure types.
Listing Input: Condos, Townhomes, or Multi-Family Homes
To enter listings into REcolorado Matrix, think about Property Type and Subtype in terms of the ownership of the properties first, then how they appear or how you want to market them.
Tip: There are many other fields available that you can use for marketing your listing! You can also include important marketing information in the Public Remarks field.
Condominium should only be selected if “condominium” is in the legal description. Likewise, Townhome should only be used when “townhome” is in the legal description. Both condominium and townhome are ownership types. For all other attached properties, including those with Lot/Block in the legal description, select Multi-Family as the Property Subtype.
Next, you can describe how the home looks using the Structure Type field. For example, Patio/Cluster or Townhome.
Searching for Condos, Townhomes, and Multi-Family Homes
When searching for properties, start broad and narrow your results until you reach the highest and best results for your client.
- Start with the map. This is the easiest way to narrow results to only the geographic area that interests your client.
- Search Property Subtype of Condominium, Townhouse, and Multi-Family. You can exclude certain ownership types using “not” on the search form, or by selecting only the options you wish to see. If you want to see attached properties but not condo ownership, you can select only Townhouse and Multi-Family in the Property Subtype.
- Add Structure Type to your Single-Line Display. This allows you to review your results and identify homes that look like a Townhouse, Duplex, High-Rise, etc.
- Look at Listing Photos. Use the photos to determine which properties are appropriate to send to your client. You can easily add these properties to a Cart or email them directly to your clients.
If you had a saved search or auto email with “Attached Single Family” selected, the transferred version would have Condominium, Townhouse, and Multi-Family selected under Property Subtype. Review and edit your searches as needed to ensure you see the results you expect.
Why were these Changes made?
Field names and definitions were changed because REcolorado adopted the RESO Data Dictionary standard across our native MLS system. This creates a streamlined consistency that carries through listing input to displays on REcolorado.com and partner products.
Further, because these standards are used across the industry, you’ll have access to third-party products that will bring you better and more affordable technology tools faster. Plus, it means your listing data will be consistent with national standards established by RESO. We’re the only MLS in Colorado to do this. Learn more about why we changed REcolorado Matrix.
If you have any questions, please don’t hesitate to call our Customer Care team at 303.850.9576, option 1, or email us at support@REcolorado.com.