Keeping the “Pipeline” Full
I’m sure I’m not the only Realtor scratching their head (at least a little) about why their recent MLS statistics belie their crazy work weeks (I’ve been going 70-80 hours a week virtually since February).
The explanation?
MLS statistics are a lagging indicator.
They’re also incomplete.
Examples
What does MLS track by agent?
Really, just two things: 1) the listing agent for “Active,” “Pending,” and “Sold” homes; and 2) the Selling Agent (representing the Buyer) for “Pending” and “Closed” sales.
Which means that several types of transactions — and early stage transactions — are nowhere to be found on MLS (or at least harder to find).
Such as:
–“Late-stage Buyers,” i.e., Buyers’ agents working with serious, well-qualified Buyers who have seen the market and are poised to buy, but haven’t found “the one” yet (true, some of these Buyers don’t buy, but in my experience most motivated ones do).
–Deals where the Realtor is handling one or both sides of the transaction as a Facilitator.
–Personal transactions, where a colleague is the Listing/Selling agent of record.
–Pre-List sales, where the home sold privately prior to coming on MLS.
Such deals were formerly run through MLS as “COMP’s” (“Came on Market Pending Sale”) with minimal statistics. Now, however, all the required MLS fields must be completed — and many fewer COMP sales show up on MLS.
–Referrals, where the referring agent is playing on ongoing, oversight role.
–Transactions in MLS categories other than “Single-Family” (includes “Multi-Family,” “Lots & Land,” and “Commercial”).
In my case, the latter list of activities easily accounts for half (or more) of my schedule the last few months.
P.S.: How much time does writing blog posts consume? Less than you might guess.
I’d estimate an hour or so daily — usually after 11 p.m.
