Would You Like Some Cheese?
From time to time Realtors whine about getting fined when they don't pend a property within the appropriate time frame or neglect to enter some other data point because they don't think it matters. It's never fun to have to pay out some of your hard earned cash to cover some "problem" the MLS administrators identify? When you don't understand why you are being held accountable for you feel less welcome to the correction.
So here's my explanation to why there are fines. While I don't know this for a fact, I do understand databases and the fact is the results you get when you crunch the information in the database is only as good as the data. I suspect this is one of the reasons there are fines when the data is not entered by agents on a timely basis. Can the MLS administrators make corrections to the database? I'm sure they can but why should they when we could enter the information correctly originally?
Others Rely On You Doing Your Job
The Mutiple Listing Service is a tool built on cooperation. This spirit of cooperation extends beyond helping sell each other's listings, it is about sharing what is going on in the market. Every month I run statistics based on the information in the Central Virginia Regional Multiple Listing Service. It takes about 3-4 days for the data to be updated (to allow for the 3 days Realtors have to enter pending or sold among other data points). I use this data for my own understanding and to assist my clients.
Without this data I can't help my clients understand what is really happening in the market. Without accurate data I can only base my information on what I see myself, and I know that I don't know everything going on in the market. Without this data I can only go on hunches, what others in my office are doing or what the national media says - and often national numbers do not reflect local markets.
I rely on my other Realtors entering information about their listings, changes in status, changes in price, etc. to paint an accurate picture. A RVA HomePROfessional wants to provide the best information to their clients as possible so cooperation is key. I hope I never face a fine from our MLS, but I understand part of the reason why they are in place. Thank you in advance to my fellow Realtors who give me quality data to share with others.
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