How Your “No Lease Fee” Lockbox Allocation is Calculated
Your 2017 “no lease fee” iBox allotment was determined by your listing activity in Heartland MLS each month in 2016. Here’s how the calculation was made:
Once each month, usually around the middle of the month, a “snapshot” of your listings in Heartland MLS was recorded for use in creating the lockbox allocation calculation. All residential listings with the following statuses: active, show-for-backup, contingent, pending, temporarily off market and auction status, were recorded and retained for use in the calculation. Non-residential listings (multi-familiy, land, and commercial) with the same status as listed above in MLS and with “iBox” indicated in the “Showing Instructions” field were also included in the calculation to determine your 2017 allocation. The total count of these listings were used to create the average.
An example of an allocation calculation:
Month and Day
Number of Listings
26/12 = Average of 2.16 listings
2.16 is rounded up to 3
Annual no lease fee allocation: 3 iBoxes.
*May not be the actual date of the listing activity snapshot; for illustration only. Members do not have to pay any lease fees for allotment lockboxes. Additional iBoxes over/above the no cost allotment are available anytime needed for an annual fee lease at the equivalent to $2.50 per month. Annual lockbox leases run from March 1 to February 27 and are $30 if leased in March. Each month after March, the annual lease amount is reduced by $2.50.