There are two primary tools used for conveying property information for buying and selling Real Estate. While there are literally hundreds of possible ways to communicate this information, except for specific market segments which may use or need a different approach, all but the top two pale in comparison as far as efficiency and effectiveness. Real Estate agents are the “match makers” bringing sellers and buyers together: we participate in over 91% of Real Estate transactions.

By efficiency I mean having the ability to mass market information as quickly as possible. Marketing means exposure and exposure should ensure that a seller achieve the highest possible selling price in a reasonable amount of time. Whether the value the market attaches to a property meets the seller’s expectations or not is another story. The fact is that Real Estate needs to be exposed to the mass market, properties have to be available to be shown to prospective buyers and sellers need to believe that the value they are offered has not been negatively impacted by poor or limited exposure. Sellers are either motivated by time or money so some may be willing to settle for less if they sell quickly.

By effective I mean that prospective buyers and their agents must be able to readily identify all of the options which meet the buyer’s wants and needs. Buyers need to be able to believe that they are getting the best value for their dollar by being able to compare what is available for purchase and to compare what is available with what has been sold as far as location, features, condition and price. The concept of “data integrity” means that information is uploaded accurately so that it can be identified by people searching for it. Of course, listing agents and mortgage appraisers need to rely on the information as well. No one benefits from inefficient or ineffective means of conveying Real Estate information....

For the entire Blog: https://andrewwetzel.wordpress.com/2019/11/02/bright-mls-listing-statuses-and-what-they-mean/