“MLS Show & Sell Tell”: When a Calendar Isn’t Just a Calendar
[Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.]
“Tell” /tel/ Noun: (especially in poker) an unconscious action that is thought to betray an attempted deception.
–Dictionary definition
If you show your client a “For Sale” home and they don’t like it . . . it’s a moot point.
But, what if they do?
What if they love it so much they’re immediately contemplating making an offer, before someone else beats them to it?
Client: “It’s Perfect!” Now What??
When that’s the case, a good Buyer’s agent swings into action.
Their three priorities:
One. Contact the listing agent (representing the Seller) to determine what, if anything, is going on with other interested Buyers.
Two. Prepare a Comparative Market Analysis (“CMA”) in anticipation of their client making an offer.
Three. Contact the Buyer’s lender to get a customized pre-approval letter, and find out when their client is available to write an offer.
How Much Buyer Interest? The “Buzz” Factor
Of the three tasks, #1 has always been the most problematic.
While good Buyers’ agents could always infer interest in a listing based on price, days on market, and condition (not to mention unquantifiable but very real “buzz”), they’ve never been able to independently corroborate other Buyer activity — at least not without hacking the listing broker’s computer system.
Surprise, surprise, some listing agents will exaggerate Buyer interest.
In other cases, the listing agent may do the opposite, i.e., with their client’s written permission (required by Edina Realty and other brokers), decline to tell other Buyers about the existence of other offers (rationale: avoid scaring anyone off by the prospect of a bidding war).
New Showing Software: TMI
Since a software change last Summer, however, Buyers’ agents can now see directly on MLS how active any given listing is (at least, the next week).
That’s because MLS’s new software shows a calendar with hourly intervals when the home is available for appointments.
Recent and future appointments are represented by blocks of green and blue, respectively; open times are indicated by white space.
Ahhh, but at least for savvy Buyers’ agents, that calendar plays another stealth function: it shows how much interest — or lack thereof — there is in each listing.
In fact, the latter scenario is just as revealing (and valuable!) as the former: if your client wants to make an offer on a home that has no other showings scheduled . . . one would ordinarily presume that their offer can be more aggressive (read, lower). **
Look for MLS to correct and close this loophole as more agents realize (and exploit) what’s going on.
Or not, as the case may be . . . 🙂
**At higher price points, showings are naturally scarcer.
See also, “Getting the Edge in Multiple Offers“; “Why Smart Listing Agents Defer Discussing Multiple Offer With Home Sellers”; and “What Buyers’ Agents in Multiple Offers Should Always Ask the Listing Agent.“
And: “Seller Disclosure in Multiple Offers: “Tell Some, Tell None, Tell All”; “Are There REALLY Multiple Showings?”; and “Is it Really in Multiples? How to Tell“; and “Listing Agent: A Few Interested Parties Are Circling, But No Offers Are in Hand at This Time.“
