The Connections Bridgewater Somerville Edition Sept/Oct/Nov

theconnectionsnj.com HOME & DESIGN PAGE 30 Multiple Listing Service is a mem- bers-only database used by real estate agents to share information about homes for sale. Photos, oorplans, room mea- surements, and property details are re- corded and shared with public websites for consumer viewing. Additional info is reserved for internal circulation: showing instructions, contacts, disclosure forms, and technical property details beyond what the public sites post. Agents see notes regarding procedures for submitting an offer and the offer due date, if appli- cable. When questions arise, your agent always can get the most current informa- tion by checking their MLS database or by directly contacting a cooperating broker. An advantage of having your own agent is that they can inquire on your behalf. Do not hesitate to ask! I see properties listed for sale on Zil- low and other websites, but when I ask my agent, they say there’s already an offer. Why doesn’t the website show this? Name-brand consumer real estate sites aggregate data from Multiple Listing Ser- vices. They access data from real estate brokerages, process and publicize it with- in a client-attracting platform, then sell that platform back to real estate agents for advertising and promotion. Currently, we are in a fast-moving mar- ket and within a few days of listing, desir- able properties typically receive dozens of showing requests and several offers. The visible status of the property is controlled by the listing broker, via their use of the MLS (see above.) When an offer is accept- ed and an attorney review begins, the listing agent should change the property status so that agents can see and advise their own clients. At this point, the pub- lic-facing sites will still show as available, but the member-agents can see that the contract is in review. When an attorney review is conclud- ed, the listing agent is required to mark the property UNDER CONTRACT, and it will no longer show as actively for sale on the MLS or public sites. Here is the point of confusion. Sometimes, agents avoid or postpone making this status change, because they want their listings to appear available, extending their presence online. They can continue receiving inquiries, known as “leads,” from interested buyers, and connect in hopes of redirecting the buyer to anoth- er property. There are differences among the con- sumer real estate websites in the way they publicize and interpret information about properties. Some share more, some less. Sites that interpret data and give nancial advice, may not necessarily be accurate in the current local market. Some sites strive for transparency, while others deliberately conceal information to prompt consumers to log in for more. Ethics are in regular debate within the real estate industry, but the takeaway for the public is that it’s best to connect directly with a local, trustworthy real estate agent to communicate expectations and procedures. If you are a seller, you want to know how your property will be promoted online. If you are a buyer, you and your agent should establish a clear channel of communication about avail- able properties and their current status. There are differences among the consumer real estate websites in the way they publicize and interpret information about properties. Some share more, some less Currently, we are in a fast- moving market and within a few days of listing, desirable properties typically receive dozens of showing requests and several offers. The visible status of the property is controlled by the listing broker, via their use of the MLS WHAT IS MLS? By Johanna Wiseman, RE/MAX Preferred Professionals see ad on page 4 Hours: Monday-Saturday: 10:00 am-6:00 pm, Sunday 11:00 am-4:00 pm