Lease Codes

One question I get all the time is:

What does AC mean on the rental listing page?

The great majority of my clients choose to receive automatic emails that send them properties that match their criteria.  Maybe they are looking for a 2 bed 1 bath in Hyde Park.  Perhaps they want to lease a 4 bedroom on the lake, or even just a downtown condo.  For each of these different types of clients I set them up with an automatic email that sends them current listings automatically.

This is very different than using the Real Estate websites like Trulia or Zillow to find homes.  The emails I send are the very same ones that I get as a Licensed Realtor in Austin, TX from the actual MLS database.  100% up to date, and always accurate.  This is different from those other real estate websites where the information can be outdated by as much as 1 week or more.

The Austin Real Estate market is HOT.  It is so important to have up to date information, and these listing codes can help you decide weather to keep looking at a specific property, or move on to another and not waste your time.  There are 4 basic codes that are commonly used, and if you see anything besides one, you might as well skip that property and move on to the next.

So what are the secret codes you ask?  They aren’t that secret, and I’m gonna spill the beans.

When you are looking at a property on the MLS search for the status.  The status means exactly what it says it does.  What is the status of the property.  It can be L (leased) in which case you probably won’t see it, or one of these other codes.

A = Active – this is an active listing and ready to show with no applications in on it.
AC – Active Contingent – There is an application on the house, but it hasn’t been reviewed yet
P – Pending – An application is in, and is being reviewed
PB – Pending taking backups – This never works out.  By the time a property is at this stage it is as good as being rented.
I only show A properties – because 99% of the time once an application has been received it will be approved.
Also, it is up to the listing agent to update the status in the database.  Most agents are really good at this.  There are two reasons, the first is the agents want an accurate status so they don’t keep getting calls from people asking about the property.  They want to list it, get it rented and be done.  The other reason is the Board of Realtors can finethe agent if the listing is not up to date.

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One Reply to “Lease Codes”

  1. Perfect, this article was just what I was looking for. All the other explain codes for properties for sale. Thanks!

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