MLS Real Estate Listings Are Wildly INACCURATE | Tips When Searching MLS Realtor Listings
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MLS Real Estate Listings Are Wildly INACCURATE | Tips When Searching MLS Realtor Listings


How’s it going everyone Matt Leighton and
welcome back to another awesome real estate video. Today we’re talking about the MLS. Guys this is the year that D.C United is taking
it all the way! Oh, not that MLS We’re talking about the Multiple Listing
Service of course. Now the goal of this video is to share my
mindset on how I interpret the MLS and all the little property details the MLS has. I’m not going to go into the details of
the MLS and how it works or syndication. IF you’re watching this video, hopefully
you have an understanding of that by now. Here’s how I look at the MLS. I try to study everything there’s so much
information, and I try to know all the information as possible about properties. And then when it’s time to write the contract,
I forget about all of it. Because the MLS details do not matter when
you put in an offer. The only thing that matters is what is in
the contract. Does that make sense? You’re not writing an offer based on the
MLS description. You writing a contract based on the tax record
and the physical property itself. You have the property. They physical entity. Then you have the tax record associated with
that property, which is fairly accurate, sometimes there are mistakes in square feet or number
of bedrooms, but usually the tax records are accurate. And then you have the MLS description and
information which is based off of the tax record and the property itself. Even in the MLS, it will say, “Information
believed to be accurate, but should not be relied upon without verification. Actual square footage, lot size, schools,
and other information is not guaranteed.’ So even the MLS says, hey we’re going to
do everything we can do have accurate information, but at the end of the day, we just don’t
know. I think that pretty much all agents and For
Sale By Owners that put a property in the MLS will make an attempt to have accurate
information. I think there’s only a handful of people
that would knowingly put in false information. I do however think that there’s owners and
agents out there that maybe don’t know a property detail or think they know a property
detail and so they include it, even though it turns out to be inaccurate. And to give you an idea, what I’m thinking
about is a property being advertised as having hardwood floors, where in reality it has laminate
floors. Or if it says granite countertops and it really
has quartz, that would maybe be a good thing. But you see what I’m saying. The description may not line up 100% correctly
with what you’re actually getting. That’s why my attitude is to know the MLS
details, but then to write up the contract knowing that that document, that contract
is what matters most. So if you as the buyer ask me, ‘hey does
this convey, or hey are we getting ‘fill in the blank’. My first response will be, ‘what does the
contract say?’ Now of course you can’t just go intentionally
lying about the property in the MLS. Agents can lose their license, owners can
get sued. And the consequences are really beyond the
scope of this video. The goal of the video is to get you thinking
in the mindset that at the end of the day, no matter what the agent says at the open
house, no matter what a neighbor tells you, or the MLS, or another piece of marketing
tries you, the contract is the only thing that matters. I never want you as a purchaser to be in a
situation where you start a sentence that says, “But the MLS said ___”. “But Matt, the MLS said that these are stainless
steel appliances, but the fridge is only stainless steel on the front
and not on any of the sides. I want the sellers to credit us for new appliances” No, doesn’t work that way. Pay attention to the MLS details. Take a look at the tax record. And know at the end of the day, the most important
thing is the legal binding document that you and the sellers both sign. Also known as the contract. Hope you found this video helpful, be sure
to hit that thumbs up button if you learned something and I will catch you in the next
video. Until next time, create a productive day. Take care.

2 Comments

  • Andrew Finney Team

    Great points Matt! From my experience in my own market place (Las Vegas) it seems any errors are more of ignorant omission than anything. Just as you mentioned… Agents saying wood floors opposed to laminate floors. Engineered wood floors are very popular here and sometimes agents think they are solid wood floors or laminate depending on the quality.

    Best way for an agent to know exactly what a home has or doesn't have when taking a listing, is to simply ask the seller. Moreover, we as agents, should always be learning more about the various substrates and materials used in homes so we can provide more value to our clients, whether buyers or sellers.

    Definitely appreciate you highlighting this topic.

    Enjoy a superb day!

    P.S. If you have anyone moving to Las Vegas I'm happy to pay out a referral fee.

  • Matt Leighton

    ▶▶▶ Get my new book: 46 Condo Buying Mistakes NOW –> https://www.amazon.com/Matt-Leighton/e/B00RTVS6PY/

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