Check your listing-Critical but often overlooked

When I started in the real estate business, I was fortunate enough to be trained by one of our top local agents. One of the steps we took as a team was to make sure the client OK'd the listing as it appeared in the Regional Multiple Listing Service.

As mentioned in previous posts, the MLS Listing is derived from information input into appropriate fields by the listing agent or another company representative. Some of these fields are required, others are optional. But, the MLS database does not have any way of verifying the information or cross-checking it.

For example, the MLS does not know if zip code 33469 is in Jupiter or Tequesta. Neither does a buyer doing a search from their computer hundreds of miles away. Remember, around 85% of buyers start their search on the Internet before contacting an agent. Or another example the MLS does not know that a home centrally located on Philadelphia Drive in Jupiter, 33458 is not in the Town of Jupiter but is in the county. So, the data entered into these fields is ALL people looking for a home, either by themselves or using an agent, have to use and it's ABSOLUTELY CRITICAL THAT IT IS CORRECT.

How do you make sure it is right? Simple, ask the owner to check it!

When listing a home, as soon as it is input into the MLS, I email a copy to the owner and ask them to check EVERYTHING. Remember, this is the only information buyers can go by. And we try to take advantage of every data field provided as well as the Addenda at the bottom.

OK, I hear it now, is this attention to detail really necessary? As I have said before on my PAST SALES web page, it usually takes only a 1% improvement in your value proposition to buyers to make a sale. I'm not saying a 1% reduction in price, but in the value proposition. People buy for value, not price.

Or course, price and value are the opposite ends of the see-saw. Lower the price, drive the value up.

I often ask sellers who are having trouble getting offers, if they think their house would sell at $ 100,000 to which they answer, "Of course". How about $ 200,000? "Sure". So, the correct price is somewhere between $ 200,000 and the current listing price. We just have to balance the see-saw. And this is done by asking the owner to check and verify the information in the MLS.

So here's today's lessons for sellers: If you haven't seen your listing or don't have a copy of it, call your agent today and ask for it. Check every detail. Then, go online and search for your home. You may be very surprised at what you find.

I posted about about a seller whose home had been on the market for 500 days without selling. After talking with me, he decided to re-list with the first agent and the house is still sitting 150 days later. Maybe the fact that the house is listed in the wrong city is hindering the sale? Maybe he should have checked the MLS.

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