Get Home Listings Delivered Like the Agents Do
In the modern days of online home searches, homebuyers and sellers can look up listings on the internet utilizing sites like Realtor.com or Zillow. That is all well and good, but that information is about current listings. If you want to know the currently available homes for sale, the price, and main characteristics, that will work for you, but there is more you could know. To understand how all of this works, it may help if you understand how the Multiple Listing Service (MLS) works.
The MLS is a membership group of local real estate brokerages and local Realtor’s. Under strict rules, these competing brokerages agree to share their listings in the Multiple Listings Service.
They do this as an added service to share information with other Realtors that may have other prospective home buyers that would be a good fit for the real estate for sale. Essentially the Listing Agent agrees to give up half of their commission to any other Realtor that brings a home buyer.
The MLS often allows real estate listings to be pushed to other real estate search portals that would include Zillow, Realtor.com, Trulia as well as the real estate broker websites. There is an agreement as to which information fields can be displayed on the search results on the websites. In other words, you do not see all the information the real estate agents see when they look up a listing as logged-in members. What you see depends upon what the brokerages have agreed to let you see, and that varies a lot by MLS. Everything covered in this article will vary by MLS and their agreement terms.
Email Listing Reports
Either through their website or some other way, you can become acquainted with a local real estate agent who can, in most MLS systems, set up a real estate email alert search for you. In doing so, you can specify home price ranges, neighborhoods, and other criteria for your property search. When a new real estate listing is published, you get an email with the property listing’s MLS report. Sometimes this can contain more fields of information, possibly everything the real estate agents see.
Depending on the state, MLS, and Realtor, you may be able to get them to also send reports for expiring RE listings, property listings as they go under contract, and sold listings when they close. Real estate agents usually don’t mind doing this because it’s a good way to keep in front of a client and educate the client on real estate market conditions.
One field often not displayed in online site searches is the DOM, Days on Market. This tells you how many days the home has been listed for sale. The premise is that the longer the time on the market, the more the seller may be willing to negotiate. Another field that can indicate a possible bargain is if you can get alerts on price changes. When a seller drops the price, it may indicate a possible bargain opportunity.
The Value of These Reports to Home Buyers, Sellers, and Real Estate Investors
These reports have value for everyone engaged in real estate or homes for sale research. It is not just for current use either, as the investors can make use of it later.
- Home Buyers – Home buyers often want to do as much research on their own before they go out with real estate agents to view homes. Sometimes this can be for months. As they get closer to a buying opportunity, these email alert reports can give them immediate notice of homes that may be perfect for them. Also, if they can get the DOM in their reports and the price change alerts, they can spot possible good deals.
- Home Sellers – Those thinking of listing their home for sale can use these reports to view homes listed in their neighborhood. They can see homes like theirs in characteristics and size and use their list prices to get an idea of the value of their home.
- Real Estate Investors – Investors should be filing away these reports for all real estate investment opportunities in areas where they invest. If they can also get the sold reports and sold prices, they then have the information they need to place a tentative value on real estate of interest for their investment objectives. For example, a multifamily real estate investor can look to these reports and quickly determine metrics like, “How much multifamily properties are selling per unit?”, market trends, etc.
Remember that all this value can come from just a phone call and few minutes of a Realtor’s time to set up these reports. Even if you’re not quite ready to buy or sell a home, it makes sense to call your Realtor to set this up early so that you have a better understanding of the real estate market when you are ready.
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Before searching “Houses For Sale Near Me“, search for Chautauqua real estate for sale here or check out some of the markets I serve for include: Bemus Point, Lakewood, Ashville, Stow, Mayville, Chautauqua Institution, Westfield, Jamestown, Fredonia and Dunkirk, and Ellicottville as well as anywhere in Chautauqua County or Cattaraugus County.