Is if fair listing agents know about properties before they hit the market? Episode #218
Todd: Hello! Welcome to Todd Miller TV. Joined here today with Oana and we’re gonna talk about a topic that causes a lot of anxiety to consumers and this is how fast they get the information. So, the big debate is, that information does not like instantly flow to them as soon as a house comes on the market, and by the time they get the information then it’s too late. That’s their perception out there. Meaning/So what everyone wants is a website where instantaneously all the listings show up magically so it can be fair. And that’s what I want to talk about today, is your perception of how fast people find out about a house for sale and how fair it is, ’cause they feel they’re missing out on houses ’cause you know, they went to Zillow and it took 3 days for Zillow to show the house or whatever.
Oana: Right. Well, the most accurate way to get information about what’s on the market is obviously the MLS. That’s in Real Time, and so that’s where Real Estate professional is very useful because they could provide information in real time. As far as what differences that make, it makes little difference to be honest with you in the first few days, because offers take a little while to percolate. Really, I mean between the time it takes people to go see the house, write the offer, get the pre-qualification letter, or get their proof of funds, and submit an offer, there’s a time factor there. If you’ve been looking for a while then you’ve probably already have your pre-qualification letter, you probably already have your proof of funds, you may even have an offer written and all you need is a property address and a price. So your kind of ahead of the game a little bit. But agents can be very useful as far as getting you in front of a property as quickly as it comes online.
Todd: Okay. So here’s their ultimate problem: They don’t want a deal with an agent. They just want the same like super fast access to MLS that we all have, but they don’t want to talk to us. They don’t want, they don’t know that we can set them up so that as soon as a property comes on they immediately get notified. They don’t want to talk to us. They just want the information and then they’ll deal with us later and what’s happen is when they do identify the house on their own, ’cause that’s what they want. They look around on their own, which is I get it, then by the time they come to us we usually say “Well that house is gone.”
Todd: So, is I mean, what do you feel? ‘Cause you have a lot of listings, do you think that makes a big difference having an agent in getting a house versus the people who were waiting for some marketing person? ‘Cause what I think they don’t realize is that Zillow, we put that on there.
Todd: That no MLS’s feed the Zillow. No MLS’s feed to Trulia. We brokers put that information on there ourselves. And sometimes by the time that listing which get put in the MLS gets handed to the marketing person, the marketing person 3 days later puts in on the site. It’s 3 day old information and it lives there forever ’cause they never take it off, it’s marketing. So.
Oana: Right. So, look the bottomline is, in the MLS, that’s real time, that’s instant, that’s now. Marketing, marketing takes a lot ’cause sometimes we’re still in a process of maybe making repairs to the property.
Oana: Or something going on and we haven’t had the chance to either shoot the marketing pictures or upload the marketing pictures so it doesn’t get pushed out to some of the sites that people are very familiar with and rely on for their information. Those sites are wonderful on a broad perspective. But if you want the most up-the-minute information as afar as what’s out there and what’s available, then the MLS is the most reliable Source.
Todd: What about the advantage that the listing agent or a listing has, I mean even before it goes to the MLS, they know about the listing. I mean, you may have assigned listing paperwork and them maybe Friday @ 4, and you just don’t have time to put it in the MLS, that whole weekend you know that it’s listed. You have a listing agreement, it’s just not in the MLS. Your agents knows that maybe they can do open houses, maybe you have other buyers already working with you taking over there. I mean, it’s not a perfect system right?
Oana: No. It’s not a perfect system but, see here’s a thing about listing office that I think people sometimes overlook, it’s that we have a property that we know is coming on the market. We don’t have a listing agreement sp we don’t have a price. We don’t know when that property will be priced. But we do know it’s coming on the market. We know what the status of repair is. And we are able to at the very least, say “Hey we got this property coming on the market, we don’t know what the price is gonna be, but this property fits your criteria, so this is something for you to consider is that when it comes on the, all we have to do is fill in the price.” We already know the property address. We know everything about it. We just have to fill in the price once it comes on the market.
Todd: What do you say to agents and consumers who say “That’s not fair!”? That you have that inside information, that heads up about the listing. It’s just not fair ’cause they want their shot at getting the property?
Oana: You know honestly depends on the listing office. Some listing offices like ours, we provide that information out to the public. So that information’s available on our website and you could look at all of our pre-marketing properties. So you know what we have coming on the market and you have as much information as we do. We don’t know the price either. So we do know the property’s coming on the market, we know that it has 3 bedrooms, 2 baths and it’s 2000 sqft. We know it was built in 2005 and we know certain things about it but we don’t know the price. So the consumer has as much opportunity to know about that property as we do. And as soon as we get a listing agreement with the price, then we’ll go ahead and fill in the rest of the information. So it’s a matter of how diligent you wanna be and how savvy both you and your agent are as far as what’s coming on the market.
Todd: Okay. I’m hearing more of this now the inventory is going away. We heard the same thing back in 2004, it was the same problem. 3 years ago no one cared. I mean, it wasn’t a big deal because there were so many houses on the market. Another house coming on the market wasn’t a big deal. Do you think that this is cyclical that in 6 months or a year when we have more inventory people are just gonna be like “Uh, whatever!” It’s not gonna be a big deal anymore?
Oana: It is. I mean, it has to be with supply and demand. Right now there’s more demand than supply so people are a lot more excitable about these things and there’s a lot more of a scarce few mentality. When there’s an abundance of inventory it becomes lees of an issue because well if you didn’t get this house there’s are two houses/the house 2 doors down is for sale so it’s not a big deal.
Todd: Okay. Good. Alright. So anyway, Thank you very much.
Oana: You’re welcome.
Todd: Just wanted to share some thoughts with you on the fairness of how fast the listings come on the market and especially here in Las Vegas where inventory’s a bit tight. So that is my update for today and hoe to see you on another video. Thanks.