Do You Find SOLD Information In Your MLS Helpful?? I Surely Do.

By
Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372
https://activerain.com/droplet/47HP

Do You Find SOLD Information In Your MLS Helpful??  I Surely Do. 

STATISTICAL INFORMATION HELPS BUYERS AGENTS and LISTING AGENTS.  It's always interesting to see actual statistics that are verifiable by the information in our Multiple List Service reports.  Is the information in the MLS always accurate.  No.  However, it shows an accurate reflection of individual agent reports for List Price, Sold Price, Seller Incentive paid (if reported by the listing agent), Days on the Market, and more.

Thanks to the "institutional memory" of our MLS, subscribers can research, compile data, transform it into reports, statistics and stay on top of the activity of individual real estate markets.

MLSs ARE LOCAL.  One of the wonderful features of the data available in our individual MLSs is the objectivity of the data.  Also helpful is the fact that we can "drill down" to the specific area, county, city and subdivision.  In fact, we can even drill down to information to compile more local information such as lot sizes, square feet of homes, home types and styles, tax records, and more.  Tax records are particularly helpful because it provides actual taxable square feet recorded by the appraisers and we don't have to rely on agent's estimates.  No, it's not always complete, but for experienced agents, this information provides a useful source of information to help listing agents and buyer's agents to compare the subject property with recent past closed sales and active competing listings. 

This is why the statistics published by the national reporting sources is rarely helpful.  It's far to general and covers disparate raw information. 

EXAMPLE:  In routine research this a.m., I pulled the SOLD information for a local county and easily determined the average list price, average SOLD price, seller incentives paid, days on the market and much, much more.  From the reports designed, I got a reasonable handle on information to compare:

The number of properties SOLD November 2012 compared with November 2013.
The average list price November 2012 compared with November 2013.
The average SOLD price November 2012 compared with November 2013.
The average days on the market November 2012 compared with November 2013.

HOW IS THIS INFORMATION HELPFUL? 

When speaking with prospective home buyers, I have the information to help them understand our market for year over year and not just a snap shot for today.  Over the years, I've been complimented on my market knowledge, which for relocating home buyers also includes helpful commuting comparisons. 

WHEN A CONSUMER BELIEVES THAT YOU KNOW WHAT YOU'RE DOING, their confidence in your ability to help them with their search needs will create a buyer loyalty that is indispensable.

STUDY YOUR MLS DATABASES AND YOU'LL BE PLEASED HOW THE INFORMATION WILL HELP!

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, serving home buyers in Loudoun County VA.

            

 

       "Martha,  have you found an agent in the D.C area to help with your relocation yet??"

       "Not yet, but I spoke with one today that really knows her area.  I'm sure we'll go with her.  She's
       sending some information by e-mail later today.  I'm very confident."

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Re-Blogged 1 time:

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Real Estate Technology & Tools
Groups:
Loudoun County New Homes
Foreclosures For Sale in Loudoun County VA
Loudoun County VA Real Estate and Homes for Sale
Tags:
mls statistics
market prices for virginia

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Rainmaker
565,566
Jordon Wheeler
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service

Hi Lenn,

I too really enjoy researching and analyzing our MLS data.  It's pretty good stuff.  Excellent post.  Best of GREAT success to you always!

Nov 29, 2013 02:19 PM #23
Rainer
111,348
Allison Bernard
Keller Williams Central Rhode Island - East Greenwich, RI
Real Estate & Relocation Services 401-533-6916

It is our best tool to create a baseline for comps.

Nov 29, 2013 06:02 PM #24
Ambassador
2,742,838
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

A.J.  This is a good skill to have.

Catherine.  Sometimes more valuable for us than consumers.  We understand the data.

Sharon.  Also helps in our advertising to know stats.

Joan.  Where in license law do attorneys find that.  HA! 

Carla.  I believe that national stats are worthless.

Marte.  Of course, the real estate industry funds and supports the MLSs.

Sharon.  Market trends often mean more than snapshots.  I regularly compare current data with historical data.

Janis.  Indeed.  First we often have to convince consumers that Zillow isn't the accurate place to go.

Jennifer.  Agreed and it's easy to find.

Tammie.  Indeed.  I'm showing a home today that I know is overpriced.

Laura.  I suppose anything can become routine if repeated often.

Christine.  Right you are.  They don't tell the details.

Jordan.  Thanks.  I look at area data daily.

Allison.  THAT is what the MLS lets us do.

Nov 29, 2013 07:15 PM #25
Rainmaker
1,953,611
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

The bought and sold information for appraisers is key to know the pulse and strength of all the vitals in it. But beyond the MLS yes, now, 5-3-1 room count the flavor of each unique listing has to shine through. With narrative, video, the maximum all the slots filled with helpful images of all kinds. Otherwise when 37 fields the 57 required or whatever your mls expects, some of the details especially when it is not just a cape, ranch house but has acreage of different types, or you are listing a mom and pop with an apartment gets left out of the spotlight. Add, beef up your other mediastreams to support the MLS backbone of just the facts, figures too because real estate is emotional, a big part of people's lives right?

Nov 29, 2013 08:11 PM #26
Ambassador
2,000,992
Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

..and consumers can't get that from Zillow. .adding your valuable consultation after that...they are getting a bargain!

Nov 29, 2013 08:59 PM #27
Rainmaker
686,759
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Lenn: I love the Matrix system that the Honolulu Board of Realtors has, you can get statistics by neighborhood or even condominium. You just need to ask the right questions of it. And clients always ask "what is the market doing" and they are impressed when you get more specific.

Nov 29, 2013 09:00 PM #28
Rainmaker
1,800,589
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Lenn, I am the statistician in my office ...noone follows the data like I do...it does make you more knowledgeable and skilled in your business and for your clients too!!

Nov 29, 2013 09:18 PM #29
Rainmaker
1,382,217
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Lenn, the MLS data is probably the most reliable source of information we have that isn't available to the general public. A resource that is invaluable.

Nov 29, 2013 09:27 PM #30
Rainmaker
1,522,098
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County
Nothing is more "boots on the ground" than local MLS knowledge. It is like you say accurate and verifiable.
Nov 29, 2013 09:36 PM #31
Rainmaker
3,179,492
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lenn... being a bit of a numbers geek myself, I am always looking at statistics in our MLS. If you know how to look and look systematically they tell a story. Agents who can translate that story to their clients and prospects will always be and appear to be much more on top of their game.

Nov 29, 2013 10:31 PM #33
Rainmaker
2,476,518
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Math (any data reduced to numbers) is very relevant and in the hands of the right people...speaks!

Nov 29, 2013 11:42 PM #34
Rainmaker
1,461,699
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

I absolutely find our MLS sales information very useful, and I use it quite often.   I'm a statistics fan!

Nov 30, 2013 12:13 AM #35
Ambassador
2,742,838
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Andrew.  Good insight.  Thanks.

Fernando.  I'm just not in a mood to comment on Zillow today.

Hella.  BINGO!!!

Ginny.  Same here.  Good for you.

Michael.  Agree completely. 

Gary.  I'm taking facts from my MLS on a showing this afternoon.  So easy.

Nina.  You bet and "on top of our game" is appreciated by some consumers.

Richie.  HA!  I have said for many, many years that "no information is relevant without a statistic.

Kat.  HA!  I'm a statistics junkie.

Nov 30, 2013 12:36 AM #36
Rainmaker
1,367,908
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566
Very good points. I took an extra webinar on RBIntel the other day and learned some of the new charts and graphs to explain to clients.
Nov 30, 2013 01:05 AM #37
Rainmaker
3,284,600
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

The sold numbers are the only important ones....and we use the often to show people what a listing DOES sell for and the asking price...not the same thing.

Nov 30, 2013 07:02 PM #38
Ambassador
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Charyl.  Good for you.  You're way ahead of me.  I'm not fond of graphs.  I do, however, love tables.

Sally.  Of course.  SOLD is the reality.

Nov 30, 2013 08:33 PM #39
Rainer
96,912
Jeff Fritzson: Frisco Real Estate Pro
Jeff Fritzson Real Estate, Ebby Halliday Realtors - Frisco, TX
Your Success is My Focus!

Hi Lenn - getting and providing this information is a great start to enhancing your competence. Competence and sincerity build trust. Trust is what I think attracts clients. Thanks for sharing.

Dec 01, 2013 01:16 AM #40
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Jeff.  You're spot on.  Good client service builds sales.

Dec 01, 2013 02:20 AM #41
Rainer
215,416
Collette Sarmento
Cameron Real Estate Group - Wakefield, MA
781*258*9718--Your Agent For Life

It is exremely helpful when doing a Market Analysis or just giving advice.

Dec 02, 2013 03:59 AM #42
Rainmaker
339,654
Chris and Berna Sloan
Group 1 Real Estate - Tooele, UT
Tooele UT

Sold data on the MLS is VITAL if you need sold price in a non-disclosure State like Utah. The "neighbor" doesn't always have accurate info...

Dec 04, 2013 07:40 AM #43
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