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Importance of updating your listings in MLS

Due to the change in the Market lately, I have been spending a lot of time using the Tools in my MLS to see for myself what the actual changes are.

The problem with doing this is that not all the MLS listings are updated. I find that almost 15% of the pendings are old. It looks like someone put the pending in and then completely forgot to update them to Sold.

Or when someone relists the same home on a new MLS. This effectively conceals the Days on Market.

Not only does this make the report misinterpret the actual figures, but it is also very annoying. For me personally, since I do Broker Price Opinions daily and cannot get exact sold comps without calling around and for everyone else who is doing a CMA. I honestly do not know how much this affects the "reports" that we all get from the NAR, but it has to be doing something.

We all need to be compliant with the updating of MLS. It affects all the Reports, Predictions and our day to day Real Estate Marketing. If we are hearing "bad news" all over the media, they are only using the data that "we" enter. Keep that in mind when you forget to say "sold" Real Estate Fortune Cookie

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Posted by Karen Hurst ~ Principal Broker ~ Warwick ~ Rhode Island on 10/16/2006 09:03 PM

Comments (7)

mls, adding listings

7 Comments on Importance of updating your listings in MLS

OCT

2006

In our market the number is much less than 1%. Most all the entries are done by the office before you get paid. we have almost no issues in New Orleans.

We have a lot of Independent Agents here that update their own listings. I think they actually do forget to do it, but there is no one to "police" it.

We do not get paid unless its done.

OCT

2006

"The Lovely Karen"

This is the the tough stuff tha makes up the MLS.

As you know, I sat on our Local MLS Board. The problem is enforcing of the guidelines. They are almost impossible to enforce. A small fine and a slap on the wrist does not fix the problem with MLS.

I don't know about CT...But here our local BOR chooses it's own representative to sit on the MLS Board. That person that they have chosen is responsible for bringing these problems to the MLS Board. If things are the same as they are in Florida, I would contact my local Boards MLS Directors and bring this to their attention.

If you do not who will? Needs to be done...I think.

TLW "The Lovely Wife"...Kum La Ka Lakka...ROAR!

OCT

2006

I *like* the idea of not getting paid until it's updated!

Yes, this is a very annoying thing that people DON'T do. I work with a lot of buyers and I've learned to ALWAYS call before showing no matter what is listed in the MLS because they're screwed up a lot on that end too...

I like that idea also.

It can be pretty embarrassing when you show a buyer a listing and its already pending or worse sold.

DEC

2006

Karen, good post on a subject that's near & dear to my heart. Does your board have an MLS committee you can participate in to try to get some changes made? Are fines imposed for those who don't follow the MLS rules & regulations? Please consider joining AR's MLS Issues Group and adding this post to our collection.

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