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You can now input and search rental properties on NorthstarMLS. Our new release includes these components:
- A new property type in Home Base called "Residential Rentals." If you are representing a residential property for rent, you may enter it into NorthstarMLS here.
- Three new Minnesota State forms for leases: Contract for Exclusive Right to Represent Tenant, Exclusive Right to Lease Listing Agreement, and Residential Lease Agreement. These are available through WEBForms. There is also a new NorthstarMLS listing input form for Residential Rentals. It is very similar to the Single Family listing input forms with some fields added and others removed.
- A NorthstarMLS search on Matrix for finding rental properties that have been entered. It is a separate "Rentals" search located under the Single Family searches (between the Address and MLS# searches).
Below are answers to the most common questions about Rentals on NorthstarMLS. If you have more questions, please send them to our Help Desk at help@northstarmls.com.
Why is NorthstarMLS adding Rentals? With the residential sales market still in recovery, brokers and agents have increasingly requested Rentals on NorthstarMLS as a necessity. With the opportunity to offer consumers help finding rental properties, you can better establish relationships with people who will eventually be in the market to buy a home. Or if you have a seller who cannot find a buyer, you can now help them better market their property for rent for a time until they are ready to look again for a buyer. You can also gain business by representing rental property owners who want you to list their rentals on the MLS and help them find renters.
Is an offer of compensation required on Rental listings? Yes. If you enter a rental property into NorthstarMLS, it must include an offer of compensation. For Rentals, the offer of compensation must always be a flat dollar amount (not a percentage).
What types of rentals are allowed? It must be a residential rental unit. This includes single family houses, condos, townhouses, and units in apartments, duplexes, triplexes and fourplexes.
Can I offer multiple units in a single listing? Yes. To offer multiple units in one listing, you must complete the Multi-Unit Development section, including total units available, minimum monthly rent and maximum monthly rent.
Are Residential Rentals a "required" property type? No. If you have a contract to represent a residential rental property, you are not required to enter it into NorthstarMLS, nor are you required to submit a Certification to Withhold form. However, we strongly encourage you to enter them into the system to attract more qualified renters.
What are the rules and regulations for Rentals? The rules are much the same as for the Single Family property type. For example, information entered must be complete and accurate. You may not enter contact information except in Agent Remarks. You must upload at least one photo. You must move the listing to “Rented” status within 24 hours of the unit being rented. We encourage you to enter Rental listings into NorthstarMLS as soon as possible after the Lease Listing Agreement is signed, but the three-day rule does not apply.
Will Rental listings be available for display on agent/broker Websites? Yes, Rental listings that are available for rent (Active status) will be available as a separate Broker Reciprocity data feed. This will allow you to add rentals as a search category on your Website. Once a property has been marked on NorthstarMLS as rented, it will be removed from the BR data feed. BR Website vendors will receive a separate communication alerting them of this new data feed.
Can I list a property as being available both for sale and for rent? Yes. If you represent a seller who is willing to either sell or rent the property, you may enter the listing into NorthstarMLS twice: once as a regular Single or Multi-Family listing, and separately (with a separate MLS number) as a Residential Rental listing. On the Residential Rental listing, you will be able to enter the MLS number of the "for sale" listing so that there will be a link to it on the MLS.
Can I schedule a showing for a Rental property with BookAShowing? Yes, if the List Office has not deactivated BookAShowing for that property, you may use BookAShowing to schedule a showing for the Rental property.
Can I list Rental properties in Wisconsin? Yes, however the new Lease forms we are adding to WEBForms are valid for the State of Minnesota only. You will need to find an alternate source for forms valid in Wisconsin.
What are the new data fields for the Residential Rental property type? Monthly rent, availability date, minimum lease (# months), furnished (y/n), smoking permitted in unit (y/n), application fee, security deposit, pre-paid last month's rent (y/n), other deposits/fees (up to 100 characters description), background check required (y/n), laundry location (in unit or on premises), and an indication for who pays (owner, tenant or n/a) for electric, gas, heat, water, cable, trash and association fee. For the Style field, you will have all the Single Family styles as well as apartment, duplex (up/down or sidexside), triplex and fourplex. "Rented" will be available as a Status after the property is rented and no longer available. And finally, we are adding a new option under Contingency for "Application Received." You will be required to indicate this when an application has been accepted but not yet approved, and you are still accepting showing appointments.
