RISMedia's Real Estate Magazine

SEP 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/1017650

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Page 51 of 134

RISMedia's REAL ESTATE September 2018 47 The same is true with home search. Unknowingly, millions of Americans searching for homes are often using incomplete and outdated data. When consumers inquire about those properties and learn that they're pending or sold, or the price has increased, they don't blame the site owner; they blame the list- ing broker who has little control over the publishers of defective list- ing information. Maybe it happened to your clients. They search on a popular website, find the perfect home and send you a link. You look in the multiple listing service (MLS) and the listing is out- of-date—or worse, the home sold weeks ago. Are buyers missing out on buying the home of their dreams in a hot market because they're searching on sites whose data may be incomplete, or can take 2-5 days to update? What's going on here? Non-MLS vs.100-Percent MLS-Direct Data The problem is that consumers are using home search websites and apps featuring advertising data, and not the data from an MLS. MLS-direct data is the best data in real estate. It's the most accurate property listing information, and it contains the timeliest information. MLS data is supplied by real es- tate professionals contracted by the seller to curate the offering. That means when something changes— if the price changes or the property sells—that change is updated swiftly in the MLS. The rules of the MLS re- quire these quick changes. That's why the real estate indus- try's Broker Public Portal with Ho- mesnap features 100-percent MLS- direct data—the best data available. Only Homesnap offers the same complete and timely data that real estate pros use to search. It's your branded version of a public-facing MLS. There are two things consumers in your market will love: First, Ho- mesnap has MLS-direct data from over 145 MLS markets all in one place. Second, Homesnap features the complete data from a market, not only the listings that are selec- tively chosen by the broker to go to third-party advertising sites. This is an enormous difference. At Howard Hanna, for example, this has been great for out-of-area referrals. The reason the other websites and apps fall short is simple: They're third-party advertising sites, not 100-percent MLS-direct, and they're missing data in many markets. They can't help but be less accurate and cause frustration—or worse—for homebuyers and sellers. Now More Than Ever Redfin, Long & Foster and Weichert collaborated on one of the first stud- ies that set off a firestorm over data accuracy in 2012. The study found that "bad real estate listing informa- tion is bad for the real estate indus- try." That's even truer today, with con- sumers searching online and relying on their mobile devices. If companies aren't working to pro- vide the highest-quality listing data, with the most accurate and timeliest information, doesn't that impact the trust customers have in the other products being offered? That's precisely why the value of the MLS is so vital. MLSs provide the best property listing data. As found- ing chairman of the Broker Public Portal, I strongly urge you to down- load the Homesnap app today and start sharing it with your clients. RE Merle Whitehead is chairman, New York State of How- ard Hanna Real Estate Services and immediate past chairman of the Broker Public Portal. For more information, please visit brokerpublicportal.com or homesnap.com/bpp. What's the Value of the MLS? Providing the Best Listing Data Commentary by Merle Whitehead D ata accuracy matters. More than one in five Americans have a mistake on their credit report. Those errors could cost them dearly, as they could end up paying higher interest rates for their mortgages.

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