Why Listing Accuracy Matters
You rely on timely, accurate listing information to make sound business decisions. So, it’s obviously important to you that listing information in the MLS is disclosed with the highest degree of accuracy. Even small inaccuracies can have an adverse impact on your business. How accurate and up to date are your listings? Read on for some key information you should pay close attention to in an effort to provide the most accurate and reliable data.
While all of the details included in a listing are important to providing accurate listing information, some will have a larger impact on buyers who are searching for your listing. Some will also impact the MLS community who counts on accurate listing data for accurate statistics and comparables. Take an extra moment to double check the listing information you enter and be sure to make timely status updates
List Price: A $1 million listing entered without the final zero skews the average price for the entire market, as well as that specific area. Also, searches for properties within a targeted price range may not be included in search results. So, buyers and buyer brokers searching for a $1 million home will never find your listing.
Addresses: This field should include the street number, street name, street directional and unit number, when applicable. This can make a huge difference in locating a property. If the buyers and their brokers cannot find the property, it will be more difficult to sell the home.
MLS Area: Brokers often search for properties within a specific MLS area. If you enter an incorrect area, brokers may not find your listing.
Property Details: Listing a property as a four bed-room when it is in fact an existing three bed-room home with the potential to add-on a fourth bedroom is an exaggeration of the property description. In searching for a 4 bedroom property, imagine how disappointed a potential buyer may be when they discover that the home that they could easily see themselves owning doesn’t suit their needs for this one reason. While the intent may be to make the property more attractive to potential buyers, doing so may have an adverse effect.
Buyer Broker Compensation: The purpose of the MLS is to provide cooperation and extend offers of cooperative compensation to participating brokers, so listings marketed in the MLS must include an offer of cooperative compensation. The arrangement must be expressed as a flat dollar amount, a percentage of the gross sales price or a combination of a flat dollar amount and a percentage of the gross sales price. The omission of this information may warrant an unnecessary call to the listing office, potentially lead to a commission dispute or your listing may be by-passed by other brokers.
Status Changes: Listing statuses are one of the most important factors used when searching for listings to match potential clients with properties. Listings must be updated in the MLS within 24 hours. Failure to accurately reflect the true status of a listing, results in wasted time, frustration and disappointment for you, your clients and the MLS community at large.
Reporting Sales: This is a crucial aspect of the listing process. Settlement information, which includes the final sales price, settlement date, financing terms, seller concessions, and selling broker information are invaluable pieces of information and should be recorded accurately and in a timely manner. This data may be used to determine market trends, median and average sales prices. It may also be used as comparables for appraisals.
Accuracy Matters Having the most accurate and reliable information makes it easier for you to assist your clients and attain your professional goals. To achieve this will be an ongoing process and somewhat challenging. But if everyone takes the responsibility to ensure their listings are as accurate as possible, everyone benefits. So take your time and enter your listing information accurately and in a timely manner.