One of the most significant changes you’ll see in the new version of REcolorado Matrix, which will launch January 13, is changes to field names and definitions.
Some of the field changes are minor, like using “Closed” instead of “Sold.”
Others, like the move to RESO’s names and definitions for Residential Property Types and Subtypes, are more substantial.
Here’s a quick overview of what’s changing for Residential. To gain a thorough understanding, be sure to attend our all-new classes, Matrix: If It Can’t Be Found It Can’t Be Sold and Matrix: Accessing What You Want. You can also view new training videos on demand from the REcolorado Learning Center, including Matrix: Listing Input and Matrix: Search.
New Matrix: 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.” Instead, all homes will fall under the “Residential” Property Type and will be distinguished based on Property Subtype.
All single-family Detached homes will fall within the “Single Family Residence” Property Subtype.
The bigger change will come to what we previously knew as Single-Family Attached. The new REcolorado Matrix will now have Property Subtypes for “Condominium,” “Townhouse,” or “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.
You’ll begin using the new Property Types, Subtypes, and Structure Types once the new version of REcolorado Matrix is available on Monday, January 13.
How Listings Were Transferred
All active, pending, withdrawn, and historical listings will transfer into the new system. Due to changes in field names and definitions, you’ll want to validate your listings to make certain the information was transferred to the new REcolorado Matrix as expected.
Here is how single-family attached listings were moved to the new system:
- Listings were transferred to Townhome if “townhome*” was in the legal description
- Listings were transferred to Condominium if “condominium*” was in the legal description
- Listings were transferred to Multi-Family if neither “townhome*” nor “condominium*” appeared in the legal description
* Or accepted variations of the term. Additional details can be found in our Property Type and Subtype Data Mapping Reference.
Property Subtype was determined based on the legal description. To preserve data integrity, you will not be able to edit the Property Subtype on transferred listings. If you have questions about how listing data was transferred, please contact REcolorado Customer Care.
Listing Input: Condos, Townhomes, or Multi-Family Homes
To enter listings into the system, think about Property Type and Subtype in terms of the ownership of the properties, not 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 used if “condominium” is in the legal description. Townhome should only be used when “townhome” is in the legal description. Both “condominium” and “townhome” are ownership types. All other attached properties, including those with Lot/Block in the legal description, will use Multi-Family as the Property Subtype.
You can describe how the home looks using the Structure Type field.
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 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 Rowhouse, 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 are these changes being made?
Field names and definitions are changing because REcolorado is adopting the RESO Data Dictionary standard across our native MLS system. This will create a streamlined consistency that carries through listing input to displays on REcolorado.com and partner products.
Further, because these standards are being 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’re changing 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.