internet Archives - Page 5 of 5 - Real Estate News and Commentary

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
Copyright © 2016

Most home buyers do the internet home search. These home buyers are either looking at websites to find homes that are still on the market, or are receiving listings from their Realtors by e-mail. This is no different with my clients. Clients that I work with always find a discrepancy or two on the homes that still say “active” (meaning they are available to see and place an offer). Sometimes the home that is marked “active” will actually be under contract, or “off the market” for one reason or another. The question that is asked is, “if the home is no longer available to show, why is the status still active?”

That is a very fair question. The answer lies in several factors. The first factor is the technology itself. The second factor lies in procedure and etiquette for entering information in the Multiple List Service (MLS). The third factor is human error.

Many Realtors and Brokers have web sites where home buyers can search for homes that are for sale. You can get an idea of the abundance of these sites by going to an internet search engine and type in “home search Silver Spring.” The thousands of sites that exist all are run by different forms of technology. Although these websites pull information from the local MLS, the nature of the software running the websites will update the listings at different times. Some websites are actually a day or two behind the actual MLS. So, a home showing “active,” may actually be under contract.

Some internet home search websites are updated sooner than other websites, however, some are easier to navigate. If your desire is to find the home and jump on it before anyone else, relying on internet listings is not the way to go.

So much for technology. How about the human element? Realtors inputting information into the MLS also must follow a precise procedure and etiquette. The reason for the procedures is to ensure the accuracy of the information. A Realtor must input their listings within twenty-four hours of obtaining the listing, and must input all subsequent information accordingly. When the status for a home changes, such as having a contract or settling, the Realtor must input this information as well. It gets a bit sticky when the Realtor is working on final negotiations for a contract, but the contract has not been ratified. There is no contract yet so the status can not be changed. The Realtor won’t change the status until the final signatures are on the contract, and this limbo time will create some confusion and frustration for some home buyers and Realtors.

The final reason for discrepancies to exist is human error. There are times when the listing agent (Realtor who represents the seller) will forget to change the status of the home. This is mostly unintentional, however, it does add to the home buyer’s frustration.

The internet home search is helpful, fun and convenient. It is not perfect. Before running out to look at the home of your dreams, make sure it is still available by asking your Realtor to check the status. This will reduce your frustration and make home buying a more pleasant experience.

This column is not intended to provide nor should it be relied upon for legal and financial advice.

Tag: internet

Surfing for Homes

Searching for your home on the internet