Search Like An Agent!
Register for a FREE Listingbook Account

Posts tagged as:

MLS

polaroid-pictures-w300-h300It has been 10 years since the St. Louis MLS moved their listings to the current online system.

At first, most of the listings didn’t have pictures. Before long, agents started adding a few pictures and gradually it became the norm for listings to have multiple pictures that show off the entire interior of the property along with the outside.

The quality of pictures has also gotten better as agents got more adept at using digital cameras and things like fisheye wide angle shots disappeared. The price of professional photography came down and more and more listings (like mine!) have pictures that show a home at it’s best through the use of professional equipment and expertise.

Compared to most MLS systems around the county, the St. Louis MLS is pretty advanced. We can input 1000 characters in the agent remarks (so everything doesn’t have to be abbreviated) and we can upload up to 99 pictures.

But there have always been a few agents that fail to provide a minimum level of professional service to their clients. We still find listings that don’t have even a single picture.

Just this weekend I got a call from another agent about a listing with no pictures. She has been working with a client in Arkansas for a few years. Her client is engaged to a man who is trying to sell a house in St. Louis. Even though the house has been on the market for 53 days, the marketing remarks still say “pictures coming soon” and there isn’t a single picture available. Not surprisingly, they are shopping for a new agent.

Change is Coming:

policeman-pointing-w300-h300I got an email today from Mid America Regional Information Systems (MARIS), the local MLS listing service.

Finally, MARIS is going to start requiring agents to post at least a picture of the exterior of the building or lot. The exterior shot doesn’t have to be the primary picture (the one that shows up as a thumbnail in the search results). But, it does have to be included somewhere in the listing.

Here is the email I got yesterday:

New MARIS Rule Regarding Property Photos

Please note that this Rule is Coming Soon. Currently, proper­ties without photos are not in violation. MARIS will give am­ple notice as to when this rule will take effect.

The message below has been updated based on questions MARIS received after sending last week’s NewsFlash.

Many MLS’s across the country have photo requirements.

As a result of member requests MARIS will be adding the following rule to the MLS Rules and Regulations:

A minimum of one photo or rendering of the front exterior of a list­ing or vacant lot representing the current condition of the property must be included within two (2) business days of the listing being entered into MLS.

*The exterior photo does not have to be the first photo. Notice the rule above says a “minimum” of one photo.

*For Condos the exterior of the building/entrance will suffice.

Each office will receive a copy of our updated Rules and Regulations prior to the start of enforcement of this rule. A notice will also be posted to the MLS prior to MARIS begin­ning to enforce this rule. Failure to comply will subject the listing agent to fines.

I’m thrilled.

One picture certainly doesn’t qualify as acceptable customer service from a listing agent, but maybe the fines will be enough to convince a few of these offenders to find another profession.

Cleaning house would be a good thing for all of us.

What is the MLS?

Multiple Listing Services (MLS’s) operate as a way for brokerages that have listing agreements with sellers to offer compensation to other brokerages if they represent a buyer who ends up purchasing the property. MLS systems provide access to area listings to their members and not to the public, though agents have the ability to forward the listings to their clients via email or a client portal account. MLS systems also work with 3rd party software providers to offer limited information to the public (examples are sites like Listingbook, Realtor.com and Wolfnet – my IDX provider).

   

{ 0 comments }

I recently posted information from Gary Keller’s Vision Speech covering the current housing market and economic trends and information on what buyers and sellers are looking for when they search for homes.

Keller Williams Family Reunion 2010Today I’m sharing with you the portion of the Vision Speech comparing full service real estate brokerages to discount brokerages (often called limited service, flat fee or MLS only listings).

It’s not surprising that a portion of home sellers want to save money by hiring a discount real estate company.

In exchange for a few hundred dollars, the discount agent will put the listing in the MLS and will assist with the contract paperwork if an offer comes in. The discount agents don’t offer advice on pricing, staging or help write marketing remarks. They don’t advertise the home, and usually they don’t even provide a sign for the yard or a lockbox so that buyer agents can access the property without the seller being home.

Since the MLS only agent is paid upfront and doesn’t get paid any additional money if the house sells, they actually work harder for the same money if the home sells.

In this compensation model, there is no incentive for the discount agent to provide additional services or work to keep the deal together that hits bumps on the way to closing.

Full Service Real Estate Brokerages vs Discount Brokerages:

Click on the picture below to see the slide show covering the differences between the top 5 full service real estate brokerage companies and discount brokerages:

  • percentage of listings that fail to sell
  • average sale price
  • how long does it take to sell
  • how many listings are discounted listings

2010 Keller Williams Vision Speech

Bottom Line:

Homes listed with one of the top 5 full service brokerages are more likely to sell, sell for more money and sell faster.

I’m not suggesting that smaller or independent full service brokerages don’t do a good job of selling homes. They simply weren’t evaluated in this study.

Home sellers also appear to understand that successfully selling a home in today’s housing market isn’t a sure thing. In order to have the best chances to sell at the highest price, more and more of them understand that you get what you pay for.

Hiring a discount agent, often means selling for a discount too.

   

{ 0 comments }

Bad MLS Photo of the Day Feature Deleted

December 28, 2009

I am disappointed to share that I’ve been told I need to stop my Bad MLS Photo of the Day series. I received an email today from the President of MARIS (Mid America Regional Information Systems), the local St. Louis MLS provider. The email made it very clear that I was violating MARIS rules by [...]

Read the full article →

Avoid the Top 10 Mistakes in MLS Listings

December 20, 2007

When you are ready to sell your house, remember that the MLS listing is your home’s resume. If you wouldn’t send a resume to a prospective employer without your name, then you shouldn’t allow your MLS listing to be posted without a picture! As I have searched through thousands of listings in order to assist my buyers [...]

Read the full article →