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FAQ: Why Are On-line Search Sites Unreliable?

Reblogger
Real Estate Agent with Coldwell Banker Realty NRDS # 146013739

Dick Greenberg really hits home with this blog.  I have always wondered how a client found a home that was off the market or not available. He outlines the process very well for clients.  

Now each MLS may use different terminology for the categories of homes on our local MLS (Multiple Listing Service). Check with your local REALTOR® to find the best and most accurate real estate search tool for the area you are searching. 

Original content by Dick Greenberg EB #1326335

If you're searching for a new home, odds are you've been using one of the big on-line search sites. And it's likely that you have seen a home you really liked, but when you asked your agent to show them to you, he told you that it was either already under contract or sold. And this has probably happened to you more than once.

 

So what's going on? Why can't we trust these sites to provide accurate and timely information?

 

Here's what I was told by some experts when I asked about this:

 

Data OverloadThe big search sites aggregate listing data from perhaps as many as 800 - 1,000 different Multiple Listing Service (MLS) systems. Each of these MLS systems is independently operated, and many of them are using their own software and systems to provide data to their members. The data that is included, the way it's handled internally, and the way it's made available for outside use can vary greatly. So it's essentially a data nightmare when the big aggregators try and take all of these different data streams and combine them smoothly.

 

As an example, take how my local MLS handles the basic issue of a home's availability for sale. Our "active" category has three subcategories - active, active/backup and active/first right. And we also have a pending category.

 

Active homes are on the market and haven't yet entered into a contract for sale.

Active/backup homes have a contract, but are still available for showings and will consider backup offers in the event that the accepted contract falls.

Active/first right contracts have a contract with a contingency - perhaps the sale of an existing home. If another buyer wishes, they can attempt to bump that first contract by making an acceptable offer - if the first contract isn't able to remove their contingency, they are bumped and the second contract becomes effective.

Pending means there are no more showings, and that usually contingencies for inspection, loan and title have expired or been removed.

 

So what does the big aggregator site do with this? Often, all of the active categories are just lumped into being shown as active. It's not ideal, but take that example, multiply it by the ways that all of the many other data categories are named and handled, and then multiply that by all of the different MLS systems - it's amazing we get anything useful at all.

 

So, what can you do about this?

 

If you're in northern Colorado, the answer is easy. Our MLS operates a public mirror site - Coloproperty.com - that is directly tied to our MLS and provides completely up to date information. If Coloproperty says a home is available, you can pretty much count on that. The site is free and easy to use.

 

Or even better, we can set up an on-going search based on your criteria and feed the MLS results directly to a website set up particularly for your use. Properties that are posted to your website are maintained in real time, so you'll not only know what homes are for sale, but you'll also be informed when their status changes to backup, pending or sold. And you can see all of the listing data, keep notes and save to different categories like favorites, maybes or trash.

 

MySite

You're not considering buying a home anywhere in the US - you're looking here, so why not use a local and accurate search site specific to the area you'll be living in? You will be searching without doubt or confusion, and when you find something good, you'll have confidence that your excitement isn't misplaced.

Mary & Dick

Mary & Dick Greenberg
New Paradigm Partners LLC
2601 S. Lemay Ave. #41
Fort Collins, CO 80525
970-689-4663
www.maryanddick.com

 

Data Source: IRES MLS

Comments (11)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Sheri... I read this post by Dick when he first wrote it... and it's a great reblog. We, as agents, really need to be able to explain to prospective clients why it's not a good idea to just rely on on-line searches from the large portals. They get a false sense of security when they do that.

Jun 21, 2017 04:03 AM
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

Good choice for a reblog. I syndicate my rentals to about 50 web sites and it's amazing how much information is lost in translation. or my listings stay on their site even after I stop syndication, sometimes for months!

Jun 21, 2017 05:04 AM
Roy Kelley
Retired - Gaithersburg, MD

This is a good selection for a reblog. Thanks for sharing.

Jun 21, 2017 05:16 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Sheri. So many sources, so little reliability. Dick nails it! Enjoy your day!

Jun 21, 2017 05:25 AM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Sheri. A great choice for a re-blog. In NJ where I practiced often homes sold years ago still appeared on advertisers websites.

Jun 21, 2017 05:41 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

This is a great post.  We house the information through our professional data site of the MLS.  We are the only place where the information has to be correct or we are in trouble.  If other sites had to be accurate they would be gone in a heart beat!

Jun 21, 2017 06:11 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sheri, many 3rd party sites are not correct, both with the status and sometimes even the wrong photos.  I had a listing on Z with photos from 5 years ago with my current photos.  Got them removed after several emails.

Jun 21, 2017 06:58 AM
Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

Great choice for a re-blog.  Dick is spot on in this post.

Jun 21, 2017 09:49 AM
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By Real - Alexandria, VA
Alexandria Virginia Homes For Sale

Sheri, excellent re-blog. I always feel bad for buyers when they get their hopes up about a house and then find out it sold years ago. So many of the 3rd party sites do not have current info.

Jun 22, 2017 04:33 AM
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi Sheri Sperry - MCNE®, I read the post when Dick wrote it, a must read post by all buyers who are relying/trusting what they see online. Excellent choice of re-blog. 

Jun 22, 2017 11:31 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

We explain this constantly to both buyers and sellers.... a MUST Read for the greater education of both sides of the transaction.

Jun 23, 2017 01:43 AM