2010 Nov 11th

Could the Internet Ever Be Wrong?

Real Estate Search Websites Make Mistakes!

I have often had my listings on Trulia.com show completely incorrect data.  A brand new listing, for example, was listed on Trulia as 56 days on the market.  It aslo said the listing was another agent’s listings.  Properties are shown as active when they are long under contract.  When I ask Trulia why this happens they have told me that their software can’t distinguish among different units in a single building with a given address even though the unit numbers are different.  Designed for the suburbs, I guess.

Today I had an buyer interested in a property email me a question about a listing she found on Streeteasy.com.  This property was also just listed.  This is what Streetwise.com showed:

streetwiseOf course, my buyer asked me why the property had been previously listed by about 10 other brokerages.  That might mean something was seriously wrong with the property.  No, something is seriously wrong with Streeteasy.  The Streeteasy history was not for that particular unit.   A little misleading, no?

  1. homeboken

    This example prooves the point that there is so much mis-information or incorrect information in the real estate markets. No other market is such a quagmire of facts.

    I think the NAR would be wise to start looking at the long-term prospects of their business and figuring out how to use the internet to help them bring transparency to the marketplace. Instead, they are the gate-keepers of all the facts and they are not willing to share with anyone that is no in the club.

  2. Craig

    I would never rely solely on the data on these sites. That’s why you hire an agent who (hopefully) exercises professional due dilligence and has access to MLS. That said, MLS has its share of misleading info too. Whenever a listing expires or is otherwise removed from the market and is subsequently re-listed, the Days on Market counter resets on MLS. Trulia gave me the truth about the true total DOM on my unit. MLS did not.

    I used those sites because no one can possibly see every property on the market in their area in person with their agent. I wanted to see interior photos and do a little window shopping from the comfort of my home, and that’s what these sites are good for. I first saw the unit I ended up buying on Trulia and asked my agent to take me to see it. She may not have shown it to me otherwise. I was under contract a week later. My agent should’ve thanked Trulia for her commission. In my particular case, all of Trulia’s info was completely accurate. So I’d say it’s hit or miss with these sites. Still, going forward I can’t see myself ever buying property without them.

  3. Lori Turoff

    NAR totally gets the importance of the internet and the information it provides. You should see some of the sophisticated tools and technology that exists, partly thanks to NAR and it’s partners, in other parts of the country. They are not the “gate-keepers”.

    Our local MLS board has way more control over what information you, the Hoboken consumer, has access to and in what form and what we as realtors can provide to you. If you’ve followed this site for any time you will know of the problems they have cause for me. The local board designs the data fields in the forms we use to list on the MLS and they provide the data feed to the various other site so, for example, many realtor search sites do not show the taxes or maintenance fees for Hoboken properties. Even worse, our MLS has our properties set up so that on Realtor.com the property address does not appear. Who wants to shop for property without knowing where it is located? Just crazy! If they wanted the real “days on market” and property history to show it is certainly possible from a technical standpoint but for reasons unknown to me, they just don’t have it set up that way. We local Hoboken agents have to work with what we’ve got and do our best to try to affect change. Some of us do a better job of it than others.

  4. Iznha

    It will depend on the coartnct that you have with the realtor. If the house was sold from the craigslist ad, eBay, or the local newspaper on a ad that you placed while you were under coartnct with the realtor, they would likely still be entitled to their co mission from the sale or they could sue you.Generally, when a realtor lists a house, it is marketed in more than just their company. For instance if your realtor was with Remax, someone searching for a home on competitor realtor sites would still be able to find your listing. If it was sold through another realtor, both realtors would share the comission.

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