Category: internet home search

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Real estate integrity on the internet

Real Estate integrityThe internet is brimming with information.  And although a lot of information is based in fact, there’s plenty that is not.  People often fall prey to internet half-truths because information is often presented convincingly with conviction by websites claiming to be the authority.  The internet can be such a quagmire that even some trusted and reliable media outlets have been fooled. How about real estate integrity?

Home buyers and sellers are increasingly depending on the internet for information to assist them in buying and selling real estate.  Many real estate websites that are visited not only contain current homes listed for sale as syndicated by the local MLS; they may also post homes for sale by other sources that include homes for sale by owner, fake listings posted by desperate real estate agents, and advertisements from other websites.  Unless you know what you’re looking for, you might never know the posting source or how long it has been posted on the site. Real estate integrity may be lacking.

The MLS syndication is usually updated to ensure accuracy, even if it’s not always timely.  However, it’s the list of FSBO’s, sham listings, and advertisements that can be out of date and/or used to lure consumers to visit other sites.  Some home buyers/sellers can be lured to occasionally spend money for bargain homes for sale and home sales information.

Sometimes, real estate integrity is intentionally substituted for salesmanship. Some real estate websites post advertisements as “teasers.”  The teaser may show a home for sale at a great price, but could lead to another website that may charge for the full information about foreclosures or bargain homes.  Once on these sites, some consumers misunderstand that all the homes listed are for sale.  The reality is that although these sites provide a service of collecting and posting public information about homes that have foreclosure notices and other related information (and sometimes even list MLS listings for sale), not all the homes are for sale.  In fact some of the homes listed as distressed properties may never be offered for sale as a foreclosure because the home owners resolve their issues without losing their home.

The internet continues to be a source of real estate related scams.  Internet real estate scams continue to prey on susceptible home buyers and sellers, as new and sophisticated cons are devised.  Scammers often post fake names and photos to present themselves as being local, when they are not.

Yes, many property websites have taken steps to maintain real estate integrity by monitoring postings, and allowing user feedback to flag problem listings; and some of the leading real estate websites strive to continually improve on the consumer experience.  However, if you want up to date and accurate home listing and sales information, talk to a real estate agent.  Your agent has access to the local MLS and can not only provide you with timely home listings and contract status; they can also provide you with an up to date home sales analysis.

Just because you found it on the internet, does not necessarily mean it’s accurate.  Practice due diligence and check out the source.  A lot of real estate related information posted on the internet can be verified through public records.  Public information is often readily available on the ‘net, and can be found on public websites maintained by State and local jurisdictions.  For more information on protecting yourself on the internet, visit the “scams and safety” link on the FBI website (FBI.gov).

Original located at https://dankrell.com/blog/2013/02/28/real-estate-and-the-internet-its-gotta-be-true/

By Dan Krell
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This article is not intended to provide nor should it be relied upon for legal and financial advice. Using this article without permission is a violation of copyright laws. Copyright © 2012 Dan Krell.

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Are internet Realtor® reviews real or fake?

internet Realtor reviews

The internet is a great tool. It conveniently provides access to information about real estate activity and home sales to assist you in your decision making. It’s only natural that people tend to gravitate to the internet because it provides somewhat of a buffer from aggressive real estate agents; it allows a certain amount of anonymity. This may also be a reason for the rise in popularity of internet Realtor® reviews.

But, internet anonymity can be a two way street. Besides reading online what others are saying about your agent, without anyone being the wiser; online reviews are often posted without verification.

An August 19th New York Times article by David Streitfeld (In a Race to Out-Rave, 5-Star Web Reviews Go for $5: Printed August 20, 2011, on page A1 of the New York edition) is an exposé of the fake review business. Yup, fake online reviews. Streitfeld describes how in an effort for online businesses to appear better than the competition, “an industry of fibbers and promoters has sprung up to buy and sell raves for a pittance.” Streitfeld illustrates the “game” as it’s played; posts on websites such as Craigslist and help for hire sites offer a positive review for a fee.

Also known as “deceptive opinion spam” or “review spam, Cornell researchers claim “these fake reviews are fictitious opinions deliberately written to sound authentic, in order to deceive the reader.” They conclude that the detection of fake reviews is “well beyond the capability of human judges;” and recommend an analysis of reviews to include, among other things, psycho-linguistically motivated features. (Proceedings of the 49th Annual Meeting of the Association for Computational Linguistics, pages 309–319, Portland, Oregon, June 19-24, 2011.)

“There have always been fake reviews from employees and competitors,” states Greg Sterling, of Sterling Market Intelligence, in a March 7th blog post “Fighting the Rise of Paid Reviews.” Describing the increase of “guaranteed positive reviews” for a fee, “… the increasing importance of online reputation to consumers and the potential influence on rankings that reviews bring the stakes are higher than ever. Hence the emergence of services that will guarantee positive reviews.” He further states, “I don’t know this but my guess is that somewhere in some room … there are minions writing positive reviews without ever having actually used the business or visited its location.”

The National Association of Realtors® (NAR) code of ethics prohibits deceptive practices, which includes posting or encouraging fake reviews. However, Lani Rosales of AGBeat argues that there has always been an element posting fake Realtor® reviews and testimonials (“Sketchy new trend – hiring fake online review writers”).

Internet Realtor reviews

What to do?

Suresh Srinivasan of agent reputation platform ReachFactor (ReachFactor.com) stated in email correspondence that review spam is a “big and growing problem. It’s extremely cheap to pay others …to write a review of any service professional.” He states that many websites get “gamed” because they only require the reviewer to register but don’t actually verify that a transaction took place with the agent. He points out that even though some popular real estate websites try to read every review, it is not entirely effective in weeding out the fake reviews. Mr. Srinivasan’s company verifies factual information collected about Realtors® so as to ensure consumer transparency as well holding Realtors® to a higher ethical standard.

by Dan Krell. Copyright © 2011

This article is not intended to provide nor should it be relied upon for legal and financial advice. Using this article without permission is a violation of copyright laws.

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Surfing for Homes

Before you were surfing for homes on computers, brokers kept track of their listings by card catalogues. As a matter of fact, these old cards were displayed at the old Rockville office of Metropolitan Regional Information Systems, Inc. (MRIS), (the old multiple list service).

During that time before the MLS, brokers were not required to share information and listings with other brokers. This proprietary system allowed the broker to maintain the buyers that came to seek information on homes for sale.

Looking back, home buying was not complicated. Home buyers would go to the local real estate office and see what homes were available. Homes for sale and other information were limited to what your Realtor knew. Most likely, the only homes your Realtor showed you were homes that were listed by that real estate firm. Needless to say, the real estate industry has come a long way since then.

Since the advent of the multiple list service, technology has made a huge impact on the real estate industry. Presently, surfing for homes has never been easier. Home buyers can look for homes on the internet and get listings via email and cell phones. As a matter of fact, if you go onto the internet, you will have hundreds of Realtors (including myself) as well as Real Estate Companies offer to send you home listings.

With all of this information flying around, what’s the most reliable and accurate information available?

The most reliable and accurate information available for Realtor listed homes is through MRIS. Unfortunately, if you are not a real estate professional, you can not have a membership to peruse the database. The good news is, however, that all the other databases and online searches of Realtor listed homes are fed by the MRIS. The quality of the information depends on the website’s ability to update their information from MRIS and how it disseminated.

There are a few popular internet searches that offer free searching without offering information. If you choose additional information or services from these sites, you must fill out an information page giving at least a name and email address. Although you get to search on your own, the sites do promote realtors and other real estate professionals.

Older style internet home search services forward your information to a local Realtor who will send you the information you seek. All these sites are useful and you can get the information you desire as long as your search criteria is specific enough. Unfortunately, if your search criteria are too specific, you will miss seeing homes that you may actually consider buying.

There are many alternative sites tthat allow surfing for homes too (such as craigslist.org). These sites allow specifc posts by brokers and FSBO’s.

Having all the technology and information available online is useful, however there are drawbacks. The main drawback is that most of the information is limited and you must contact someone for additional information. No matter what manner of internet home searching you choose, you will be more informed than not having done the search at all.

By Dan Krell
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