Robbie’s Real Estate Trends: MLS Myth-Busting

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As seen in the Wall Street Journal Mansion section:

There are several misconceptions about multiple listing services in our business. With that in mind, let’s do a little MLS “myth-busting” and point out a number of serious advantages. By using MLS, you get exposure to 14,000 members and their clients. Such significant reach means more offers, a faster sale and a higher price. Listing and sales prices are best calculated on comparable sold properties. Plus, at some point you’ll probably be on the buying side and will want accurate data to consider when making an offer.
People have told me they’re concerned about confidentiality issues involving MLS and tax rolls. Security is vital. But this isn’t about privacy; it’s about marketability. Home sales are public record. Keeping your listing off MLS doesn’t hide the sale from the tax assessor. The deed and loan amount are public record; however, sales prices are not.

Another common misunderstanding involves fears surrounding move-out dates, and losing control over timelines due to MLS. Actually, you can write provisions into listing agreements to help control timing of such things.

Using an MLS can help limit potential appraisal problems.The fact is, underwriters won’t write a loan if a home doesn’t appraise for the sales price.  Appraisals rely heavily on MLS market data, so when there’s no comparable pricing information available for a given neighborhood, that makes it even tougher to get an accurate appraisal.

Finally, will working with MLS require a yard sign? Not at all…the most important point is that using the MLS assures that your agent is networking with other professionals to bring serious buyers to you.

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CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty with six offices in Dallas, Uptown, Lakewood, Ranch and Land, The Ballpark and Southlake.

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