Did Bright MLS cause your DOM to jump 1000%? This may sound like a far-fetched question, but that’s exactly what the new MLS system did to my data on a recent sale. As a result of this experience, I encourage all real estate agents who are part of the new mega MLS to look back at their listings and data since before the October conversion and verify the accuracy of your days on market.
Here are the facts. My gorgeous listing at 6204 Swords Way, Bethesda MD (virtual tour here!) went under contract at over list price after just two days on the market on September 21, 2018. At the sellers instructions I cancelled the open house, we ceased showings and all marketing was halted. We had routine appraisal and other contingencies, and the days on market accordingly halted at 2. We went to settlement October 31, just a few days after the conversion date from the old MRIS system to the new Bright MLS.A few days later, I was surprised to see that the DOM 
for this listing now read 21 instead of 2! That's a 1000% increase. Yikes. I placed a call to customer support and after some 25 minutes on hold explained the situation, fully expecting this to be resolved as a matter of course. Not so easy, it was explained to me. One call lead to another, escalating to higher ups. Emails followed. I have repeatedly been told that Bright MLS “made a business decision” to go back in time and change how DOM are calculated. A further explanation, which is illogical and makes no sense, was that "this will allow more accurate year over year comparisons." Huh? If you change how days on market are calculated, there will obviously be no data with which to compare!
for this listing now read 21 instead of 2! That's a 1000% increase. Yikes. I placed a call to customer support and after some 25 minutes on hold explained the situation, fully expecting this to be resolved as a matter of course. Not so easy, it was explained to me. One call lead to another, escalating to higher ups. Emails followed. I have repeatedly been told that Bright MLS “made a business decision” to go back in time and change how DOM are calculated. A further explanation, which is illogical and makes no sense, was that "this will allow more accurate year over year comparisons." Huh? If you change how days on market are calculated, there will obviously be no data with which to compare!Bright MLS is violating its own definitions, since a property no longer being marketed should not accrue further days on market. Real estate professionals should not accept what is tantamount to falsification of their data. The fall and winter market will show huge spikes in Days on Market for the greater Washington DC metro region, which in turn will lead sellers and buyers to draw wrong conclusions.
Bright MLS has messed with my data, so I urge all realtors to go back and carefully check your listings since at least September because this may have happened to you as well.
Then explain to your buyers that you can no long provide accurate market data because a key metric is no longer calculated the same way it has been for decades. Explain to your sellers that you can’t give them an accurate reading on market shifts because Bright MLS has made a business decision to make up data. Then call Bright MLS and tell them what you think.
Comments(2)