When your home is on the market, keeping track of its performance on the Multiple Listing Service (MLS) is crucial. Understanding your listing activity can help you make informed decisions and potentially speed up your sale. Here’s how you can effectively research and interpret your home’s listing activity on the MLS.
Step 1: Accessing the MLS
The first step is to gain access to the MLS, which is usually done through your REAL ESTATE AGENT. They can provide detailed reports on your listing’s performance.
Step 2: Key Metrics to Monitor
Pay attention to metrics like days on market, number of views, and price changes. These data points can give you insight into how your property is being perceived by potential buyers.
Step 3: Analyzing the Data
Use the data to identify trends. For example, if your home has been on the market for a while, it might be time to consider a price adjustment or staging improvements.
As a homeowner, what is the best way to view quick stats on your listing?
For a review of quick stats on your listing, I would suggest you visit Zillow for user friendly information - www.zillow.com and enter your property address. When your property appears in the search, click on the three dots in the top right hand corner (…). Click on the Owner Dashboard from the drop down menu. The Owner Dashboard is a personalized view of your home and shows you stats like how many people are viewing your listing. It will be necessary to sign into Zillow to view your Owner Dashboard.
Keep in mind, when your property is entered into the MLS, syndication occurs. Listing Syndication is a method of advertising by which listing information from the MLS system is disseminated to other websites. With Listing Syndication, Participants (Realtors) can advertise or ‘syndicate’ their listing information to a wide variety of third-party websites, real-estate portals, mobile apps, or print publications to reach consumers searching for properties to buy.
The information on Zillow.com, Realtor.com, Homes.com, Trulia.com and countless other platforms occur as a result of syndication from the MLS; therefore, the data reporting above from Zillow is just one tiny cog in the overall view of your listing. Even though Zillow.com is only one of the multitude of places your listing will appear, I still feel the Owner Dashboard information is useful for gauging the performance of your listing. Make sense?
Conclusion
By staying informed about your listing activity on the MLS, you can make strategic decisions that increase your chances of a successful sale. Regularly review these metrics and work closely with your agent to adjust your strategy as needed.
As a Realtor®, Seller Representative Specialist (SRS) and Real Estate Negotiation Expert (RENE), I am available to assist you in the sale of your home in Maine and Florida. Feel free to contact me to schedule your Complimentary Strategy Session - www.VacationlandHouseHunter.com/contact (Maine) or www.VeniceHouseHunter.com/contact (Florida)
Karen Udiskey - realtor / recruiter / ABR, SRS, SFR, RENE
affiliated with EXIT King Realty in Venice, Florida and EXIT Oceanside Realty in Wells, Maine