The Anatomy of a Property Listing

Have you ever wondered where the information that makes up online property listings comes from? Or maybe how you know that information is current or accurate? Or even if there’s a place to see a new listing before other buyers?

Well, it all ties back to something called an MLS.

The rise of the MLS

The content, format, and filing of listings are governed by multiple listing services, the more than 700 local organizations created to match sellers with buyers. MLSs were around long before the Internet, but the migration of real estate listings online suddenly gave them value as content.

The biggest web sites attract millions of unique visitors a month. The most attractive and most current listings attract not only home buyers but online peeping Toms, or “lookie loos,” who aren’t interested in buying a house but like to check out the interiors of their neighbors’ homes and ogle the digs of the rich and famous.

The Internet has greatly changed real estate, but the dominant role of MLSs remains intact. They are the foundational databases that all other real estate sites rely upon for content, from the big national sites like Realtor.com and Zillow to sites hosted by local brokers and agents.

In order to get your home listed on your local MLS, you must work with a broker who is a member. Today, in most markets, if you want to market your home yourself, you can get your home listed by a broker who charges only flat fee rather than a commission.

Listings as an art form
Writing listings is a fine art. The objective is to tell prospective buyers just enough to get then interested in touring the property but not so much as to disqualify it. Many times, prospective buyers will end up purchasing a property quite different from what they have in mind.

A good listing needs to draw them in enough to take a look at the property even if its size, price or location may not conform to what the buyer has in mind.

Listings are produced by the real estate agent representing the seller using a template designed to create content that complies with local MLS rules. The template includes the basics: beds/baths, square footage, lot size, age, utilities and appliances, school district, and more. A mini industry provides brokers with professional photos, “virtual tours” (still photos with a voiceover and music), and videos, which usually do a better job selling a house than words alone.

Obviously, you will see only the home’s features on the listing—not the next door neighbor’s messy back yard or the highway under construction across the street.

Timing listings

A particularly important piece of data is “time on site,” which is different than “days or time on market.” The former refers only to the days that have elapsed since the listing was posted on a particular site. It may—or may not—have been listed on the local MLS for a much longer.

Knowing how long a property has been listed is particularly valuable information. If it hasn’t sold in more than 90 days, that suggests the property might be overpriced for the market. The longer a property has been on the market, the more careful a buyer should be–but the stronger your bargaining position will be as well.

Most multiple listing services require that members release new listings to the service within a short time frame of obtaining the listing, usually 48 hours after signing up a seller. But before that, the brokerage may list the property on its own site, giving its customers a head start.

Getting the jump on other buyers

If you know where you want to buy, it’s a good idea to bookmark local brokers and check out new offerings on a daily basis. In recent years, a new tactic to let buyers know that a new listing is in the works before the home is ready to be shown called “coming soon” builds advance buyer interest in a property.

“Coming soon” is not a new idea. Real estate agents have been sticking “coming soon” signs in the front yards of their clients for decades, especially during sellers’ markets. Now on leading sites you’ll see complete listings marked “coming soon” to premarket homes up to 30 days before they are available to be toured or to accept an offer.

Targeting listings to reach buyers

Once on the MLS, listings can go many places, with the consent of the listing broker. First, the broker and agent listing the property have first shot at posting the listing, then the local MLS will make it available to other brokers and agents.

A number of MLSs have their own consumer-facing sites. MLSs also have agreements with the big national web sites like Zillow and Realtor.com to provide their listings directly from the database. Syndicators like ListHub work directly with brokers to place their listings on sites as diverse as newspapers, magazines, real estate franchises, and regional brokers beyond their local MLS. Brokers get feedback and can tailor their outreach to fit their marketing plan.

Online MLS listings are remarkably timely. MLSs on the large national sites are updated as frequently as every 15 minutes with new listings, sold listings and price changes. Web sites with properties that are not listed on an MLS, like “for sale by owner” listings or “pocket listings”, may not be as current.

Nowhere else in the world can you see so many properties for sale, displayed accurately and attractively. The Internet has truly put America’s real estate for sale inventory at the fingertips of buyers, making it possible for them to monitor virtually all the possibilities within a neighborhood and price range. Sellers now can reach not only a buyer in the same community, but also a relocating family across the nation or an investor actor the globe.

source: totalmortgage.com

First in Southeast Asia: ZipMatch makes home buying a virtual reality

MANILA, Philippines - Online real estate marketplace ZipMatch has launched its 360 Virtual Reality service aimed at making the home buying process easier for property seekers and sellers.

As property viewing is an integral step in the home buying process and the use of the Internet and mobile devices is on the rise, ZipMatch decided to launch the 360 Virtual Reality service to give real estate sellers the ability to conduct on-demand viewing of residential projects or model units for interested buyers without having to visit the actual location of the property.

The new technology makes it easier for home buyers to check out real estate projects they are interested in, through the use of a computer or mobile device, as well as a pair of 360 Virtual Reality goggles.

The service is being made available by the startup as a subscription feature under ZipMatch Pro, a full-service technology-based toolbox for brokers, sales agents, developers and real estate sellers.

Using the subscription feature, ZipMatch Pro subscribers can browse, select, and showcase the clear, video-quality moving images of properties in 360 degrees, using a desktop or mobile device by accessing the company’s website ZipMatch.com or mobile app ZipMatch Pro.

To enhance the viewing experience and make home buyers feel as if they are inside the property for sale, brokers can set up the virtual reality access by making use of the ZipMatch 360 Virtual Reality goggles.


ZipMatch co-founder Chow Paredes said during the launch of the virtual reality service the technology not only helps home buyers in their selection of the property, but also caters to real estate professionals seeking to improve their service to customers.

“The mission of ZipMatch is to empower home buyers, right? In the same way, we also aim to empower the seller side of the real estate industry, more specifically our real estate professionals. We believe that our real estate professionals play a pivotal role in creating a healthy, open, sustainable marketplace of well-informed, savvy home seekers. If we raise the bar in terms of service, knowledge, and education, I believe we will be indirectly helping the home buyers by connecting them with well-rounded, real estate sellers who will address their needs and wants,” she said.

ZipMatch is the first company in Southeast Asia to offer virtual reality images of real estate projects for sale.

Following the launch of the new service in the Philippines, ZipMatch is looking to bring the technology to Indonesia within the year.

Founded in 2012, ZipMatch provides property listings and develops technology tools to help speed up the home selling or home buying process.

The startup has received support from Monk’s Hill Ventures, 500 Startups, IMJ Fenox, 500 Startups, Ideaspace Foundation and Hatchd Digital.

Among the startup’s clients are Ayala Land, Anchor Land and Crown Asia Properties.

source: philstar.com

5 Reasons Not to Use Your Sales Price to Test the Market

f you’re thinking about listing your property with a higher or lower price to test the market, don’t be too quick to make this move, as it can prove to be a costly mistake. Pricing your property incorrectly can turn potential buyers off for a number of reasons.

Consider these key moves to help you better understand the pitfalls you should avoid to save time and avoid making a big money mistake.

Sillol

When your home first hits the MLS, it’s fresh on the list of available homes and more interesting to a lot of buyers. That’s why you want to strike while the iron is hot. A buyer who wants to be in your neighborhood may pay a higher amount, but you won’t know if you’ve priced your home too low. For great price comparisons in your area so you know the going rates, check out Realtor, Trulia, or Zillow.

2. You can lose buyers doing internet searches

While a lower price might draw a few potential calls, you can actually turn people away if you price too low. They will want to grab a great deal, but a potential buyer who has done their homework might think something is wrong with a property priced too low.

As the owner, you can also lose buyers doing internet searches because they may not see your listing. Keep in mind that a home should have a competitive price. Sales prices that are dramatically lower might not show up in search results in the same neighborhood.

3. Your listing will get old

If you’re waiting for a buyer, you may end up finding that your property is sitting for weeks or months. And, if you’ve already moved, you still have to cover the mortgage payment. That’s another reason why you want to ensure you’ve priced it accordingly and work with an agent who can help you sell–and advertise–your property the right way.

4. The house won’t appraise

Another problem you can run into is with the appraisal. Price it too high, and the appraisal may come back lower and kill the sale.

Price the property lower than its true value, and it can raise red flags when you get it appraised, as it may get valued at a higher amount. Again, consider the perspective of a potential buyer who may not understand why you’re handing money away.

5. Agents who overprice sound good, but usually have a plan for price reductions

After pricing a home too high, an agent may try to compensate by lowering the price over a period of weeks. On MLS listings, this can make you look desperate A home with several price reductions may result in a buyer who lowballs you because they now think you’re desperate.

Simply find the best rate for your home. This can be done through the inspection, an estimate, or by comparing other properties in the area. The time you take to price your home correctly may help you sell it faster.
Bottom Line

Selling your home can be a time-consuming process, but pricing it right can help with offers. Focus on having a great marketing plan to give your home the visibility it needs, have a floor plan to give potential buyers when they see it, and up-sell the upgrades and improvements you’ve made. That way, you have an investment that future homeowners will see as their future home.

source: totalmortgage.com

Filmmaker Michael Moore’s Michigan Mansion on the Market for $5.2M

Michael Moore’s most recent vacation home just hit the market. For those of you who haven’t heard the name in a while, Michael Moore is most commonly known for his outspoken opinions and the filmmaking of Roger & Me, Bowling for Columbine and Fahrenheit 9/11.

Following the divorce of his wife, Kathleen Glynn, the ex-duo finally got through the legal proceedings and listed the property at $5.2 million. The vast size of this home gave it the name “Michigan Mansion.”

The glorious structure sits along the perimeter of the Torch Lake in northwestern Michigan. The body of this mansion encompasses 11,058-square-feet, and features rustic timber ceilings, a massive stone fireplace, a gym, a guest cottage and a dock.

Check out his beautiful house here:

source: totalmortgage.com

What to Do If Your House Isn’t Selling

So you haven’t had a showing in weeks and you’ve forgotten what your realtor looks like and you may or may not have started to wonder if you’ll be moving after all.

You’re not alone. With the housing market recovering so unevenly, many sellers are finding that they’re not able to move on as quickly as they’d like. That being said, if your home has been sitting on the market for months, it’s probably time to reevaluate your strategy.

Before you do something drastic, try giving these 5 tips a chance.

1. De-clutter and read up on home staging. Many sellers assume buyers won’t mind the clutter—it doesn’t come with the house, after all. But though buyers know this, it doesn’t keep them from focusing on the knick-knacks when they should be admiring the hardwood. A messy house can also make buyers wonder what else you haven’t kept on top of, or even signal a lack of storage space

If you’re wondering where to start, home staging could be your answer. Staged houses typically sell faster and for more money than vacant or as-is homes. The basic idea? Aim for the hotel look. That means clear surfaces, neutral colors, no personal photos, and minimal furniture.

2. Be willing to compromise. When you’re selling something as big as a house, flexibility is your best friend. For instance, if you’re only showing your home on certain days or during certain hours, you may not be reaching the right buyers, lowering your chances for a sale. Refusing to entertain a lower offer, or to compromise in other ways can also be an issue. Don’t let a deal fall through because of something as small as closing fees or a broken toilet.

3. Fix the little things. Speaking of broken toilets, fixing yours (or your dingy paint job, or that loose tile in the kitchen, etc.) may make a big difference in the eyes of a buyer. No matter how small the fix, it’s still one more thing for a buyer to worry about in the middle of an already stressful move. Try taking a few weeks to get your house as close to move-in ready as possible, and it could just pay off.

4. Make a bigger (or a better) marketing push. Sometimes, selling a house is just a numbers game. If no one sees your listing, or if it’s not appealing when they do see it, you’re not going to be getting the traffic you need to make a sale.

Often, this just means uploading better pictures to your internet listing. These days, most buyers want to get a good feel for a property before they visit in person, and if you only have a handful of fuzzy cell phone photos taken pre-decluttering, you’re not showing your home at its best. Make sure your photos are well-lit, clutter-free, and plentiful.

5. Take a second look at your asking price. Nothing can kill a sale faster than an unrealistic asking price. Many sellers make the mistake of letting their attachment to the house get in the way of their subjectivity. This is why it’s important to listen to your realtor or appraiser, or else know the prices comparable houses in your neighborhood are selling at. It may just be time to lower your expectations.

source: totalmortgage.com

Four Things You Need to Do Before Listing Your House

If you’re eager to sell your home and buy a new one, you might rush to put your house on the market. However, you should take a step back and really assess the situation. If there’s a lot of competition in your local market, your property can sit for several months with little interest. This can be frustrating and discouraging. For that matter, don’t rush. Here are four things you need to do before listing your house for sale.

1. How much do I owe?

 

Emotions may persuade you to sell your house quickly. Maybe you’re expanding your family and need a bigger home. Regardless of the situation, you need to crunch the numbers and determine whether now’s the right time to sell.

Take into consideration how much you owe the mortgage lender. Visit your lender’s website or call the bank to get a payoff amount. Once you have this information, determine how much you’ll need to sell the property for. A real estate agent typically requires a 6% commission, and if proceeds from the sale will go toward the down payment on the next property, decide how much you’ll need to profit from the sale.

For example, if you owe the bank $140,000, and realtors charge six percent commission, and you need a $7,000 down payment to purchase a new property, given these numbers you’ll need to sell for at least $155,400. The next question is: can you sale for this amount?

You may think you can get a certain price for your home, but the local market ultimately determines the value of the house. A realtor can provide comparable sales and statistics to help you understand what similar homes have sold for in recent months, or you can hire an appraiser to assess your home’s value.

2. Realtor vs. For Sale By Owner

 

Most home sellers prefer using a real estate agent to handle the transaction. The realtor is responsible for listing the house, marketing the property, arranging showings, plus they can help with paperwork and answer questions. However, after completing market research and getting an appraisal, you may decide that you can’t afford a six percent commission, and selling the home yourself might be the only alternative. You don’t need a realtor to sell your house, just make sure you know what you’re getting into before handling the sale yourself. You’re responsible for the marketing and the meetings with potential buyers.

3. Get pre-approved

 

Before listing your house for sale, get pre-approved for a new mortgage. The truth of the matter is, there’s no point in selling your house if you don’t qualify to buy a new one. A pre-approval is a simple process that takes less than a week. Basically, you complete a mortgage application, submit your income information and the lender pulls your credit. Based on this information, the bank determines if you qualify for a mortgage, and how much you’re eligible for receive.

4. Tour other homes for sale

 

Because many homebuyers seek move-in ready properties that require minimum improvements, you’ll need to compare your home with other houses on the market. You don’t have to invest a ton of money in total renovations, just know that the more modern the space, the easier it’ll be to sell. Visit similar homes for sale in your area to assess the competition. If your sale prices are comparable, but these homes are staged, updated and in better condition than your property, your home might not sell as quickly.

To make your property more appealing to buyers, de-personalize the space so that potential buyers can envision their family living in the home. Choose neutral colors for the wall and replace worn items, such as the carpet, appliances, fixtures, tile floors and windows. Most buyers aren’t looking for perfection, but at the same time, many aren’t going to purchase a home that requires thousands of dollars in improvements — unless the price is low enough.

Final Word

 

Home selling is a competitive game, especially when there are many homes on the market. However, if you do preliminary work and research the market, and if you know what buyers want, you can sell faster and move into a new place sooner.

source:  totalmortgage.com

How to Sell Your Home Without an Open House

It doesn’t matter whether you’re selling a home yourself or working with a realtor, selling your property quickly is a priority. This way, you can move into your new home sooner rather than later.

Several marketing techniques can help sell a home faster, and many real estate agents host open houses which give potential buyers an opportunity to visit the home, receive information, and ask questions.

Although open houses are typical when selling a property, these aren’t always effective. As a matter of fact, you may consider open houses to be a complete waste of time. Luckily, there’s no rule that says you have to host an open house Instead, you may choose to focus on other selling methods. For example:

1. The power of an online listing

If you’re working with a realtor, ask about his marketing plan. You need your agent to do more than simply post a sign in the yard. You need your home to appear on websites, such as Zillow.com and Trulia.com.


Since many homebuyers use the Internet for preliminary searches, getting your house online is one of the most effective ways to attract attention. If you’re selling the home yourself, you can list the property on the multiple listing service (MLS) for a fee. This way, real estate agents can learn about the home and schedule times for their clients to tour the property.

Additionally, list your property on other websites, such as Owners.com and ForSaleByOwner.com (if you’re selling without an agent). You can also take advantage of a free Craigslist posting. However, there are rules when posting on this site. Read the terms and guidelines carefully to avoid having the listing removed from the site.


2. Don’t forget to add photos
With an online listing, it isn’t enough to provide text details about the property. That may be important stuff, but a picture speaks a 1000 words. Take images of each room of the house, and stage the property before taking these photos. Remove clutter, repaint and rearrange furniture to maximize space. It’s important to highlight as much available space as possible. Also, take photos of impressive features, such as a new fireplace mantel, granite countertops or any other sought-after real estate feature.

3. Create a video tour and post online

Since many homebuyers start their home search online, the more information you have online, the better. Some home sellers and agents have gotten creative and started making video tours of a property. These don’t have to be elaborate videos, and you can use any handheld video camera or the video camera on your smartphone.

Start recording at the entrance of the property and slowly walk through the home highlighting features and rooms, such as the kitchen and bathrooms, bedrooms, closets, and any other amazing features. You can add narration to your video, or use editing software to add music in the background. Once you finish recording and editing the video, post it to YouTube, attach it to your online listing, or post a link on Facebook or Twitter and share with your friends.

Bottom Line

The odds of finding a buyer with an open house are slim, so you’ll need to consider other ways to market your property and attract attention. Since the Internet is one of the first places homebuyers look, you’ll need to increase your online visibility to move your house quickly.

source: totalmortgage.com