Are the Numbers Padded?
One of the statistics available to Edina Realty agents (and their clients) is how many people have saved a specific listing on EdinaRealty.com, the Twin Cities’ most popular real estate site.
Especially when a home isn’t selling (or even getting showings), more than 6-8 saved searches is encouraging, and can indicate potential interest in the home — albeit at a lower price.
Which prompts this question: “How many of the saved searches are “for real” (prospective Buyers), vs. neighbors, other agents, or anyone else with an ulterior motive?”
EdinaRealty.com vs. MLS
While it’s not possible to say who exactly the consumers are, it IS possible to rule out other Realtors.
That’s because agents almost exclusively use the more robust (and difficult to navigate) MLS, which is only available to paying subscribers (Realtors are).
It’s also the case that agents typically don’t save searches for specific properties.
Rather, they set up criteria-driven searches (location, price range, square feet range, home style, etc.) that match their Buyers’ criteria, or, mirror those of a current listing (to track their seller’s competition).
Multiple Motives
By contrast, only people who are registered users of EdinaRealty.com can generate a saved search for a specific home address.
Which isn’t to say that everyone who’s watching a specific home on EdinaRealty.com is a serious prospective Buyer.
The most likely (non-Realtor) possibility: neighbors contemplating selling their homes.
See also, “Who’s Watching the Listing?“; “Who (Else) is Watching the Listing?“; and “More ‘Saved’ and ‘Watched’ MLS Listings.”
P.S.: Yes, I suppose an agent targeting about-to-expire listings could set up MLS searches based on days on market — for example, all “Active” homes in a certain area, in a given price range, on the market for 150-180 days (six months being a popular listing term).
Personally, I just find there are better, more efficient ways to market.
