In my last post, I discussed why it is only a matter of time before the concept of local MLS organizations will be a remnant of the past.
New East Bay MLS Policy Reflects a Disconnect with Clients and the Market
This past week or so, the MLS decided that the date that the original listing was signed will show as the originating date on market for the MLS. So, if a listing was signed on August 15, and the home’s first day on the MLS was Oct 15, it would show 60 Days on Market from the first day on the MLS.
Given the fact that consumers monitor DOM (Days on Market) as a gauge of whether a home is desirable or perhaps over-priced, NO seller would ever want or tolerate having their home start from Day 1 showing an inordinate and inaccurate number of Days On Market. This policy is nonsensical and reflects our MLS organization’s total loss of focus and relevancy for its members and, most importantly, sadly for our clients.
Mitigation of Poor Policy Requires Cumbersome Adjustments to Meet Client and Market Expectations
The only way around this is… yes, more documents to sign. If we want a client’s home to show zero Days On Market when it first goes on the MLS, we need to have them sign a cancellation of the original listing and a new one that is dated the same day they are going on-market. This is nonsensical, and a huge waste of time for real estate agents and our clients.
Just to be clear, I am far from alone in my opinion of this situation. There isn’t a single Realtor that I’ve spoken to who supports this policy, and that includes brokerage company executives who are now coping with the administrative burden of managing the increased document processing and inevitable client complaints when their home shows up with an inaccurate number of Days On Market.
The End of the Local MLS Will be Accelerated by Lack of Connection with Technology and Client Needs
With rumors circulating in the media about various initiatives that would result in a national MLS system, or perhaps private tech initiatives that would form more efficient regional MLS systems, the question is not “whether” it will happen, it is when. The mandate for change becomes even more critical when the MLS organizations implement policies that reflect neither the best interests of our clients, nor consumers.