Comments on: The War Between Online Real Estate Information and The MLS http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/ Real Estate Blog, Mortgage, and Development News Sat, 20 Mar 2010 11:25:08 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Steve Holben http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/comment-page-1/#comment-413909 Steve Holben Mon, 05 Oct 2009 16:04:03 +0000 http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/#comment-413909 I have a 40 year perspective in the building and real estate biz. I will stand on a soapbox and yell to the world that I've NEVER, NEVER, NEVER seen such a bunch of totally useless bull*&@! "information" as is on all of the "alternative information" and "valuation" web sites, blogs, and other electronic sources that seem to be floating around out there. Even MLS is starting to confuse the public by including finished basements in area calcs. I rely on MLS because at least some has actually seen the property (Think Case Shiller, Zillow, Trulia, Redfin, etc., etc., etc.) but I have to disclose that finished basement are to be seperated from above grade area and valued separately to give the public an apples to apples comparison. NOW, don't argue with me on this. I have ANSI and the Appraisal Institute on my side. There's 34 specific thing that don't have to be done to finish a basement that are already done when above grade s.f is built. I have a 40 year perspective in the building and real estate biz. I will stand on a soapbox and yell to the world that I’ve NEVER, NEVER, NEVER seen such a bunch of totally useless bull*&@! “information” as is on all of the “alternative information” and “valuation” web sites, blogs, and other electronic sources that seem to be floating around out there. Even MLS is starting to confuse the public by including finished basements in area calcs. I rely on MLS because at least some has actually seen the property (Think Case Shiller, Zillow, Trulia, Redfin, etc., etc., etc.) but I have to disclose that finished basement are to be seperated from above grade area and valued separately to give the public an apples to apples comparison. NOW, don’t argue with me on this. I have ANSI and the Appraisal Institute on my side. There’s 34 specific thing that don’t have to be done to finish a basement that are already done when above grade s.f is built.

]]> By: Jhonsan http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/comment-page-1/#comment-413905 Jhonsan Mon, 05 Oct 2009 14:31:16 +0000 http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/#comment-413905 “In the end, none of this bodes well for an economy whose fortunes are (still) so closely tied to the spendthrit ways of the U.S. consumer. In fact, once the man in the street figures out that, despite the sorry state of his finances, he is the one that is being counted on to rescue the economy, that’s when the real trouble will begin”. “In the end, none of this bodes well for an economy whose fortunes are (still) so closely tied to the spendthrit ways of the U.S. consumer. In fact, once the man in the street figures out that, despite the sorry state of his finances, he is the one that is being counted on to rescue the economy, that’s when the real trouble will begin”.

]]> By: Tony Longo http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/comment-page-1/#comment-412969 Tony Longo Wed, 30 Sep 2009 17:29:17 +0000 http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/#comment-412969 Oooh - this is going to be a juicy one. When I started my web-based brokerage I didn't even want to license the firm (that didn't go over too well) :) Being a licensed broker is starting to feel like I am handcuffing myself and my company from doing 'what is right' and 'what ALL consumers want'. I understand the above situations dealing with selling a property and of course the Zestimate thing has always been a negative topic (unless it stating a greater value for your own personal home), but come on - its reality today. Every seller is most likely a buyer and as a buyer don't you want to know everything possible about a unit (opinions and facts). Bottom line is that todays technology has made the market more transparent therefore safer and more sound, not just pumped with agent and broker FLUFF. I am sure I am setting myself up with a big red target on our backs now - oh well - at least the consumers (who now control the market) will back me. Keep me posted on this one!!! Oooh – this is going to be a juicy one. When I started my web-based brokerage I didn’t even want to license the firm (that didn’t go over too well) :) Being a licensed broker is starting to feel like I am handcuffing myself and my company from doing ‘what is right’ and ‘what ALL consumers want’.

I understand the above situations dealing with selling a property and of course the Zestimate thing has always been a negative topic (unless it stating a greater value for your own personal home), but come on – its reality today. Every seller is most likely a buyer and as a buyer don’t you want to know everything possible about a unit (opinions and facts).

Bottom line is that todays technology has made the market more transparent therefore safer and more sound, not just pumped with agent and broker FLUFF.

I am sure I am setting myself up with a big red target on our backs now – oh well – at least the consumers (who now control the market) will back me. Keep me posted on this one!!!

]]> By: Dominique http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/comment-page-1/#comment-412967 Dominique Wed, 30 Sep 2009 17:15:52 +0000 http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/#comment-412967 I agree, the MLS should be more adaptive to the needs of agents. Especially if they claim to be the authority on real estate listings. I'm an agent and I have an interest to protect the information. I am also directly affeced by the integrity of the information that is available. But I won't let that cloud my belief in a free market system. If the MLS can't keep up with the competition they need to get out of the way. I agree, the MLS should be more adaptive to the needs of agents. Especially if they claim to be the authority on real estate listings. I’m an agent and I have an interest to protect the information. I am also directly affeced by the integrity of the information that is available. But I won’t let that cloud my belief in a free market system. If the MLS can’t keep up with the competition they need to get out of the way.

]]> By: easyrent http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/comment-page-1/#comment-412931 easyrent Wed, 30 Sep 2009 12:16:57 +0000 http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/#comment-412931 Looks very reasonable war Looks very reasonable war

]]> By: Kevin Schmidtchen http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/comment-page-1/#comment-412869 Kevin Schmidtchen Wed, 30 Sep 2009 08:03:24 +0000 http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/#comment-412869 Crazy...this seems to not be the way we should be going. With that said, I have never been a true fan of the Zestimate (Zillow's estimate on market value). I think it can work in some cities where homes are more cookie cutter and priced on sqft and values are very similar. But, in towns such as ours in Santa Barbara and Montecito CA., the Zestimate is off most of the time and quite often 10-14% (as even Zillow admits on their site). When homes are selling in the $1-2 million range all the time as they are in Santa Barbara, this translates to being off...you do the math. I could use an extra $150,000 in my pocket. Crazy…this seems to not be the way we should be going. With that said, I have never been a true fan of the Zestimate (Zillow’s estimate on market value). I think it can work in some cities where homes are more cookie cutter and priced on sqft and values are very similar.

But, in towns such as ours in Santa Barbara and Montecito CA., the Zestimate is off most of the time and quite often 10-14% (as even Zillow admits on their site). When homes are selling in the $1-2 million range all the time as they are in Santa Barbara, this translates to being off…you do the math. I could use an extra $150,000 in my pocket.

]]> By: The War Between Online Real Estate Information and The MLS « Business Playground http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/comment-page-1/#comment-412808 The War Between Online Real Estate Information and The MLS « Business Playground Wed, 30 Sep 2009 01:38:14 +0000 http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/#comment-412808 [...] If this sticks, expect it to beSource: The Real Estate Bloggers RSS Feed [...] [...] If this sticks, expect it to beSource: The Real Estate Bloggers RSS Feed [...]

]]> By: Jarrod Skeggs http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/comment-page-1/#comment-412782 Jarrod Skeggs Tue, 29 Sep 2009 20:20:41 +0000 http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/#comment-412782 It never ceases to amaze me and how for MLS has their head up their @$$. Kind of like it used to be with the Record Labels and Digital Rights Management. The business model is broken. Fix it or someone else will. I was super stoked to learn about Zillow about 6 months ago when my wife and I were in the process of purchasing a new home. Real Estate is one industry that I've loathed since I bought my first home because everything just seemed to be so inefficient. I hate inefficiency. Thanks for sharing this information. You have a new subscriber in me. I'm not in the RE business but it has always been interesting to me. Thanks again for sharing. It never ceases to amaze me and how for MLS has their head up their @$$. Kind of like it used to be with the Record Labels and Digital Rights Management. The business model is broken. Fix it or someone else will. I was super stoked to learn about Zillow about 6 months ago when my wife and I were in the process of purchasing a new home. Real Estate is one industry that I’ve loathed since I bought my first home because everything just seemed to be so inefficient. I hate inefficiency. Thanks for sharing this information. You have a new subscriber in me. I’m not in the RE business but it has always been interesting to me.

Thanks again for sharing.

]]> By: Spencer Rascoff http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/comment-page-1/#comment-412759 Spencer Rascoff Tue, 29 Sep 2009 17:55:31 +0000 http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/#comment-412759 Spencer from Zillow here. Zillow gets our listings directly from brokerages like Coldwell Banker Bain and Windermere, not from the NWMLS. For this reason, NWMLS rules don't directly affect Zillow because we don't have any relationship with them. That having been said, listing agents and their brokers, along with the sellers can choose to market their homes however they'd like. The point that is critical to remember about Zillow is that the property is already listed on Zillow regardless of whether it's shown as for sale or not: we have pretty much every home in our database already. So it's significantly to the seller's advantage to make sure that it's listed as For Sale on Zillow because posting it For Sale allows buyers to see the listing price, the photos, the property description and the listing agent contact information. We also re-Zestimate the property based on the new property attributes that the listing information includes. Furthermore, we remove the Zestimate from the Map page and replace it with the For Sale price, and we move the Zestimate down on the listing page to the bottom. If the seller and his agent/broker don't put the listing on Zillow, buyers still see information on that property, but they only see the Zestimate and the public facts. In short, sellers are MUCH better off having their listing on Zillow than not. Spencer from Zillow here.

Zillow gets our listings directly from brokerages like Coldwell Banker Bain and Windermere, not from the NWMLS. For this reason, NWMLS rules don’t directly affect Zillow because we don’t have any relationship with them.

That having been said, listing agents and their brokers, along with the sellers can choose to market their homes however they’d like. The point that is critical to remember about Zillow is that the property is already listed on Zillow regardless of whether it’s shown as for sale or not: we have pretty much every home in our database already. So it’s significantly to the seller’s advantage to make sure that it’s listed as For Sale on Zillow because posting it For Sale allows buyers to see the listing price, the photos, the property description and the listing agent contact information. We also re-Zestimate the property based on the new property attributes that the listing information includes. Furthermore, we remove the Zestimate from the Map page and replace it with the For Sale price, and we move the Zestimate down on the listing page to the bottom.

If the seller and his agent/broker don’t put the listing on Zillow, buyers still see information on that property, but they only see the Zestimate and the public facts. In short, sellers are MUCH better off having their listing on Zillow than not.

]]> By: Portland Real Estate http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/comment-page-1/#comment-412744 Portland Real Estate Tue, 29 Sep 2009 16:39:50 +0000 http://www.therealestatebloggers.com/2009/09/29/the-war-between-online-real-estate-information-and-the-mls/#comment-412744 NWMLS made a good rule change this year too though. It used to be that you could only have 3 IDX vendors providing service to each office, and no more. Now the vendors are charged to have access to the MLS data, so each office can work with as many vendors as they want to work with. -Tyler NWMLS made a good rule change this year too though. It used to be that you could only have 3 IDX vendors providing service to each office, and no more. Now the vendors are charged to have access to the MLS data, so each office can work with as many vendors as they want to work with.

-Tyler

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