MLS transparency. In real estate, MLS stands for Multiple Listing Service. When a Realtor lists your Boston condo for sale it goes on the MLS and from there its fed to real estate portal sites on the internet. Zillow and Realtor.com, Homes com and all the largest real estate portals. The listings also get fed to real estate company websites like Ford Realty.
The MLSPIN in our region is the source of homes for sale. Without the service, we wouldn’t know about Boston condominium that are for sale.
Boston condos for sale
Using the MLS is a great way to promote fair housing.
Ford Realty is located in 137 Charles Street in Beacon Hill
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Two years ago, the National Association of Realtors began the Clear Cooperation Policy, a directive that compels agents to submit their listings to the MLS within one business day after any public marketing.
It was an attempt to quell off-market sales, but Glenn says that it’s done the opposite.
Specifically, because the CCP allows brokerages to have ‘Office Exclusives’, he asserts that more companies are withholding their listings from the MLS and selling them in-house without any attempt to include outside agents or buyers.
Rob and Sam, two industry titans, conducted a livestream discussion to see what else can be done.
Rob has the likely solution – that any agent who wants to exclude their listing from the MLS will need to get a signed waiver from the MLS committee to do so.
Yes, it has come to that – agents can’t be trusted to play by the rules, and will need a permission slip from the principal to officially withhold a listing from the MLS.
A couple weeks ago, a commenter said something to the effect that we can’t trust the Multiple Listing Service’s data, because they play with the numbers in a way that makes under agreement and sales information look better than they really are.
First, remember, we are talking about data. Hard data. Statistics. While I don’t disagree that numbers can be twisted in certain ways to benefit others (something I keep an eye on, closely), people need to focus on the data itself, not how it is being used.
Second, remember, we are talking about the “past”, not the present, nor the future. It is what has happened, previously. No one is suggesting the future will be better or worse, when reporting these numbers. People may be quoted on their opinions, but simply look at the numbers, and ignore all the verbiage.
The commenter complained that the MLS data on sales and under agreements did not account for the (unethical) way some real estate agents canceled their listings, in MLS, and then reposted them, with new MLS property listing numbers. The goal, on the agent’s part, was to make the old listing look new, again. This would make the listing show up again at the top of other agents’ lists, as well as show up new on any search in MLS and on Realtor.com.
Well, that’s not accurate. Our local MLS modified its listing methods, months’ ago, and all “days on market” data accurately reports the total number of days since a property first came on the market, even if the MLS number has been changed.
Therefore, the data I report on “days on market” for under agreements and for sales is accurate, at least as far as MLS goes.
Not all properties for sale are in MLS, don’t forget. Some are only in LINK. Plus, some listings from developers and most FSBOs are not in MLS, at all. It is not a complete picture. It is a good way to judge the market, however.
Contact me to find or set up an appointment to start your Boston condo buying process.
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Updated: Boston Real Estate Blog 2020 – 2024