Multiple Listing Services (MLS)Facts you should know before listing your home.

Realtors Multiple Listing Service (MLS) Facts you should know before listing your home for sale with any real estate Agent.

Houston Multiple Listing Service (MLS) is now searchable in (29) outlying counties that surround the Houston area by both Buyers and Sellers looking for property through http://www.har.com and other first class internet sites that we have allowed to host our property listings. This gives Home Sellers MARKETING POWER that was unavailable in the past at any price! Buyers benefit, too - every one can save money and time!

Sellers can sell their home or property and "Save Money" on their real estate fees through cloptonrealty by participating in the sale process. FOR SALE BY OWNER (FSBO) programs are available. The Houston Association of Realtors are the second largest Realtors association in the United States with over 10,000 members. Read below to find out more on how MLS system works.

PS. Houston Multiple Listing Service (MLS) now includes the following counties. If you own property in any County below CLOPTON REALTY can list your home or land and save you money. ( See Counties below)

Q: Does any particular firm or agent have an impact on how the Multiple Listing Service accepts listings?

A: No mentionable differences on marketability may be ascribed to a particular firm or agent involved in a listing.

Q: What is the probability that your "listing" agent will actually sell your home?

A: National Real Estate studies show that less than 5% of homes are sold by the listing agent.

Q: What is the percentage of home sales where the listing agent's brokerage firm brings a buyer to the table?

Q: What was the percentage of home sales in the Memorial area (MLS area 23) of Houston from 6/1/98 through 11/17/98 where the listing agent's brokerage firm brought a buyer to the table?

Q: For single family homes in the Memorial area (MLS area 23) of Houston from 6/1/98 through 11/17/98 what was the percentage sold by the listing agent's of his own brokerage firm?

"Montgomery County,Washington County, Ft bend County, Fort bend County, Brazoria County, Waller County, Galveston County, Houston County, Trinity County, Polk County, Angelina County, Jasper County, Newton County, Tyler County, Hardin County, Orange County, Jefferson County, Liberty County, Chambers County, Matagorda County, Wharton County, Colorado County and, Austin County"

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In only the third agreement of its kind, the First Multiple Listing Service (MLS) of Atlanta will soon allow its 500 members to share listings on other agencies' Web sites. The other two MLS groups that have adopted similar "broker reciprocity" policies are in Minneapolis-St. Paul and Seattle. In the past, Realtors have been apprehensive about making their listings accessible and has also tried to prevent other Web-based real estate companies from obtaining listings off databases such as Realtor.com. But organizers of the new agreement say it will benefit both Realtors and home buyers and sellers by giving all of them access a broader range of listings. In other real estate news in Atlanta, average rates on 30-year, fixed-rate mortgages fell to 7.97 percent this week from 8.05 percent last week, according to Bank Rate Monitor. Average 15-year fixed-rate mortgage rates also fell to 7.53 percent, and one-year, adjustable-rate mortgage rates dropped to 6.33 percent. Point fees ranged from 0.88 percent to 0.38 percent.

The Future of the Real Estate Industry Ends With Dot Com
National Mortgage Broker (01/00) Vol. 16, No. 1; P. 46 (Ringer, Joe)

As the real estate industry continues to head in a technological direction, mortgage brokers must position themselves to take advantage of the imminent changes. Multiple Listing Services (MLS)--once tightly controlled information banks--have become accessible to homebuyers, sellers, and industry professionals. As a result, mortgage concerns have an opportunity to reach consumers increasingly earlier in the process; but several large Web sites, like Realtor.com and HomeAdvisor.com, are nabbing many of these potential clients. However, because consumers want choice in the mortgage process, prefer to do business locally, and will likely want to continue an established relationship with previous mortgage providers, there is still room for small mortgage brokers to compete with the larger players. To tap into this demand, brokers should start by creating a Web site and then working to attract customers to it by listing with directory sites like mortgage101.com and AMO-mortgage.com. These sites pool mortgage brokers' resources and give them a presence in a competitive market. As more real estate professionals and companies enter the market, online competition is sure to increase. And unless mortgage brokers leverage their collective power, they will get lost in the morass of dot-com mania.

Realtor Org Backs Privacy Bill, Tax Moratorium
Newsbytes.com (01/19/00) (Krebs, Brian)

The National Association of Realtors (NAR) has formally backed H.R. 354--The Collections of Information Antipiracy Act--which bans the copying, repackaging, and remarketing of data collections stored in the real estate industry's unique multiple listing service (MLS) compilations. "In many cases, people who know technology--but very little about real estate--are getting into the market," said NAR President Dennis R. Cronk. "The piracy of online data poses a threat to everyone who is using the Internet to gain real estate information." The bill sets monetary and incarceration punishments for violators--although it does make exceptions for use of the MLS compilations by academic, nonprofit, and media groups. The measure has been approved in the House twice but has been snagged in the Commerce and Judiciary committees.

1990-1999: The Dot-Com Decade
California Real Estate (12/99) Vol. 79, No. 10; P. 100

The California real estate market has had to endure a rough-and-tumble decade; but with the help of technology, it has managed to land on its feet. In the early 1990s, the state market was plagued by the lingering 1980s recession--which meant a dwindling number of jobs and depressed sales numbers across the board. As a result, home prices fell and first-time buyers were able to jump into the market with financial assistance from government mortgage subsidies from Fannie Mae, the Federal Housing Administration, and other sources. The market began to take off in 1994 due to an economic turnaround. By 1997, homesellers were receiving multiple offers and turning away buyers. The high demand translated into tremendous sales and big business for Realtors. Unfortunately for buyers, though, this meant tremendous prices. Through this chaotic rags-to-riches decade, brokerages merged like never before. By the close of the 90s, more than 45 percent of California real estate professionals were associated with a franchise organization. A handful of independent brokerages weathered the storm by finding niche markets and providing exemplary service. Technology, though, was the preeminent factor that altered the California market. This change started with the listing of the MLS online. The California Association of Realtors hopped on to the popularity of the Internet and created a Web site--the California Living Network--which was later connected to the National Association of Realtor's Realtor.com. The Internet has virtually usurped the traditional real estate market and set high expectations for the future.

Real Estate's Rosetta Stone
Realtor Magazine (12/99) Vol. 32, No. 12; P. 59 (Shapiro, Allan)

As technology broadens the geographic limitations of the real estate information business, Realtors are reevaluating the ways in which they store and retrieve data. To unify the melange of MLS systems and search engines, the National Association of Realtors (NAR) has embarked on a mission that it hopes will further the progress of the industry. To that end, a cross-industry group called the Skunkworks has been working most of the year to develop the Real Estate Transaction Standard (RETS)--which will allow the exchange of proprietary information. RETS, according to NAR consultant and Skunkworks co-chair Bruce Toback, "is intended to define how all the different ways local real estate associations deal with property information, not settle on one best design for everyone." Basically, RETS facilitates communication between computers--no matter what language they speak. RETS sets technical standards for communications, data exchange, and Internet format (XML). A fourth standard defines a change process that allows RETS to be modified or expanded in order to best respond to the needs of the real estate community. The major obstacle facing RETS is industry acceptance; for if it is to succeed, RETS must have widespread adoption. If Realtors intend to become the leaders of tomorrow's electronic transaction industry, they must have the foresight to embrace RETS and facilitate its acceptance. Then, and only then, will they reap the rewards of its subsequent success.

Selling Pieces of Paradise With the Very Latest Technology
Real Estate Professional (12/99) Vol. 22, No. 6; P. 36 (Yip, Marlene)

When the Naples Area Board of Realtors (NABOR) decided it was time to find a new multiple listing service (MLS) to accommodate agents and consumers for its upscale homes, it turned to the System 4 MLS from GTE Enterprise Solutions (GTE-ES). NABOR officials were drawn to Systems 4 because of its user-friendliness and functionality. The group had been using an outdated DOS-based MLS and was frequently frustrated by its limitations. System 4, on the other hand, is brimming with features--such as full text, photos, mapping, and more. The MLS even includes an integrated version of PREP, a financial software that allows agents to calculate financial information about sales. To further enhance its technology campaign, NABOR inked deals to list its properties with online providers Realtor.com and Homeadvisor.com. NABOR has also joined forces with the Naples Daily News to create Naplesarea.com, a site that promotes the city. The site has received close to 1 million hits a month and has attracted buyers from all over the world. "The Internet has changed the role of the MLS," said James Secord of GTE-ES. "Instead of being a protector of data, the MLS is the aggregator of data and the central point for pushing that data out." GTE-ES has recently released System 4i, which Secord assures is even easier to use and more powerful than its predecessor.

Home builder Shea Homes and Coldwell Banker/Ellison Realty of Ocala, Fla., individually have selected bamboo.com Inc. to provide 360-degree virtual home tours for properties marketed by the two companies. ... HomeSeekers.com Inc. has signed a dual marketing agreement with ProspectsPLUS!, a provider of broker and agent productivity tools. HomeSeekers has also launched a new division, R.E. Innovators.com, that will offer technological solutions to real estate brokerages. ... Homes.com and AvantGo Inc. have formed Homes.com ToGo!, a new venture that offers the Homes.com Web portal to users of AvantGo's handheld computer devices. Homes.com also says it has launched AgentDirect, a new tool that allows agents to set up their own Web pages to work in direct access with homebuyers and sellers. ... RISCO, a provider of MLS systems, has merged with iProperty.com to create one of the nation's largest providers of MLS and transaction management technology. ... The California Association of Realtors recently named iOwn.com as the most visited site among the state's homebuyers who are shopping for a mortgage. ... HomeSmart.com has launched a new SmartAgent program that gives real estate agents access to virtual home tours in a faster and more cost-effective manner. ... Media Matrix has named home-seller Web site HomeGain.com as the third-busiest real estate site in terms of third-quarter traffic, behind Realtor.com and Microsoft HomeAdvisor. ... E-Loan Inc. has been named as the provider of mortgages and mortgage information for GO Network's Real Estate and Money Centers.

Welcome to the Electronic Office
Inman News Features Online (11/11/99) (Lutz, Warren)

Home buyers and sellers in the Houston area can turn to the new E-Realty.com real estate site introduced by Russell Capper. The site is designed to allow consumers to conduct several stages of the process of buying or selling a home over the Internet without having to visit a bricks-and-mortar real estate office. The site is divided into buyer and seller sections, with the former able to search for a home based on individual needs; view a neighborhood map and demographic information; make appointments to visit a home; and receive notification when a home becomes available. Sellers, meanwhile, can use the site to list their properties on the Houston Association of Realtors' MLS and other sites, while paying a 4.5-percent commission compared to the traditional 6 percent that most agents receive. The "e-office" can be accessed at any time, and agents are available 18 hours a day. Although the site is currently based in Houston, it eventually will expand into Austin and Dallas and then nationwide.

SUPRA Introduces New eKey Portable, Digital Organizer to Enhance REALTOR Professionalism and Productivity
PRNewswire (11/01/99)

Supra Products is expanding its real estate security service by releasing a handheld, digital organizer called eKEY that makes it easy for agents to access listings and retrieve data. The organizer, which works with all Supra branded electronic lockboxes, will take advantage of the company's expanded listing access and information network when it is enhanced in the spring. The eKEY organizer also helps with Realtor-specific business functions. It keeps records, makes schedules, retrieves listing data, calculates amortization, and reads email. The technology is also linked to the local MLS database, which delivers information about new properties on the market, pricing changes, and new information on old properties. In addition, eKEY has personal productivity applications; for example, the real estate agent can use the device to access a date book, address book, financial calculator, to-do list, memo pad, and more. Supra partnered with Palm Computing to create eKEY, which was developed on the Palm Vx operating system. To help provide support for use, eKEY users enjoy a four-year warranty and have access to customer service operators 7 days a week.

Geac/Interealty Announces Digital Network
Real Estate Professional (09/99-10/99) Vol. 22, No. 5; P. 14

Interealty Corp., a division of Geac Computer Corp., said it is working with AT&T to convert its aging analog dial-up network to digital lines. The network supports Realtor access to Multiple Listing Service systems, which will now be linked through 120 local T-1 lines. The conversion is slated to begin in October, with a completion date set for the first quarter of next year. According to Interealty, the digital lines will provide Realtors who rely on MLS systems with better quality in modem connections than the older analog lines, which were vulnerable to interference or restricted data access speeds. Instead, the new digital lines will be faster and will allow Interealty to offer its customers more products and services, according to general manager Larry Dressel.

Bamboo.com Selected as Preferred Provider by CyberHomes
Business Wire (09/28/99)

CyberHomes--a real estate listing site--has agreed to promote bamboo.com's virtual home tours on its Web site. The partnership comes on the heels of a similar arrangement between bamboo.com and Moore Data Management Services that will allow real estate professionals to order bamboo.com tours from Moore's Internet software, MLS/Xplorer. The two pacts will enable real estate agents to order the tours and display them on both agents' listing software and the CyberHomes Web site. The new agreement also follows earlier accords between bamboo.com and Realtor.com and HomeSeekers.com. When agents order a tour, bamboo.com captures and processes the images, displaying them on the Web sites.

Listing Puts Your House on Notice With Buyers
Washington Times--Friday Home Guide (09/10/99) P. F3 (Sicks, Chris)

Homeowners looking to sell have one very powerful tool at their disposal--the Multiple Listing Service (MLS). Access to listings is only available through Realtors, so the sellers should be prepared to work with a professional for the best results. Because the listing is what most potential buyers are going to see, the information needs to be accurate and alluring. All specifics about lot size, square footage, and taxes should be correct. The "remarks" section of the listing area is where sellers can bring the home to life and explain what makes it special. Additions, new appliances, unique architecture, or a fantastic view are great attention-getters. Home sellers should also consider including distances to major shopping areas or bus lines. Finally, if the listing does not seem to generate any interest, a rewrite may be in order.

Selling a Home? Heed This Advice
Washington Times--Friday Home Guide (08/27/99) P. F3 (Sicks, Chris)

In this seller's market, a lot of homeowners are tempted to try to sell a home without the assistance of a real estate professional. They should reconsider, advises writer Chris Sicks, who says that agents are indispensable resources who will help prepare the home for selling; assist with negotiations; and, above all else, get the house listed on the Metropolitan Regional Information System (MRIS), more commonly known as the Multiple Listing Service (MLS). A listing guarantees exposure to the market of thousands of interested buyers. An MLS listing can mean top dollar for a house, received in a reasonable selling period. Many home sellers, however, balk at the 6-percent commission usually awarded to agents. Hiring a real estate professional can actually pay for itself, though, in terms of increased selling price; and the aid of an agent dramatically increases the likelihood of selling in a timely fashion. It may make more sense to think of the 6-percent commission as included in the price of the home. Like the cars at a dealership, the price includes the cost of the car itself plus the cut provided for the dealer, or--in the case of a house--the agent.

HomeSeekers.com Surpasses 800,000 Listings to Become Internet's Single Largest Daily Updated Real Estate Database
Business Wire (08/24/99)

HomeSeekers.com recently signed 11 more regional Multiple Listing Services (MLS) organizations, raising its listing count to more than 805,000 and making it the largest daily updated real estate database. To retain its position as the largest database, HomeSeekers is currently finalizing agreements with 19 other regional MLS groups. HomeSeekers.com CEO Gregory L. Costley said, "At the current accelerated listing rate, we believe that our goal to achieve the 1 million listing count by the end of 1999 will be achieved."

Internet Provider RealtyOnline.net Creates Solutions for Real Estate Professionals
Business Wire (08/16/99)

RealtyOnline.net has launched a new search engine that encompasses residential properties, commercial real estate, undeveloped land, rental and lease properties, relocation and corporate properties, senior and retirement facilities, foreclosures, and vacation and time-share properties. Kurt A. Swauger, president and director of RealtyOnline, explained, "We provide a user-friendly Internet-based solution, i.e. the ability to quickly access property data, view pictures and virtual tours, review neighborhood demographics and calculate mortgage payments. At the same time we provide a marketing tool for the real estate community, which helps them market to the consumer." RealtyOnline is particularly proud of how it has expanded the proprietary MLS service into an open-access service via the Internet.

The Texas MLS housing-sales index, which measures statewide sales of existing homes, gained 6.6 percent in June. The increase represents a cooldown from the 7.5-percent increase recorded in May. The decline in the Texas index is consistent with the national trend.

Discount Brokerage Has Come to Real Estate With Announcement of New Product
Business Wire (08/17/99)

AMC Realty Network has unveiled a new discount realty brokerage program under which the company acts as the home buyer's broker for a flat fee of $2,500, with the balance of the buyer agent's commission rebated to the buyer. "Typically on a $300,000 house sale that's $6,500 cash back to the buyer after our $2,500 fee and on a $500,000 house that's $12,500 cash back," explained AMC President Chuck Alvord. AMC also said that it will provide buyers with a full MLS listing and property information.

MSN HomeAdvisor Signs Extensive New Listing Agreements
PRNewswire (08/09/99)

The MSN HomeAdvisor online real estate service has reached listing agreements with several of the nation's biggest regional brokers and multiple listing services (MLSs), increasing the site's total listings to more than 750,000. Newly signed MLS partners and regional brokers range from Sarasota, Fla., to Denver, Colo., to Long Island, N.Y. HomeAdvisor has also established relationships with Homes.com and The Real Estate Book, two of the biggest trade publications in the nation, which will provide brokers and agents with free advertising to HomeAdvisor and MSN visitors. "HomeAdvisor is already an established leader in providing home buyers with the services and information they need," said nationally recognized real estate analyst John Tuccillo. "Now that they've closed the listings gap, HomeAdvisor is clearly positioned to be the long-term real estate category leader."

FSBOs: They're Out There, And They're Not Going Away
Realtor Magazine (08/99) Vol. 32, No. 8; P. 40 (Sharoff, Robert)

Converting for-sale-by-owner (FSBO) listings is not easy, but it could be worthwhile. The National Association of Realtors figures that 18 percent of the country's residential market is made up of FSBOs, and one out of every five FSBOs eventually lists with a salesperson. That's because real estate agents not only have access to the home-seeking community, they also know the market and accurate pricing for the home and understand the transaction process. In addition, real estate professionals can provide MLS exposure and probably even national exposure through Realtor.com and other Web sites. FSBOs can also save time by using a Realtor for showings and for handling transaction terms. The best way for agents to approach this special market is to be persistent. Keeping in contact with the seller is important so that he or she knows that someone is available to help if the decision to list is made. "The key is to go back and repeatedly and offer some kind of value when you do," according to Mike Ferry, president of the Mike Ferry Organization, a training firm. "You have to be able to explain to them what you can do that they can't do themselves." When representing a buyer interested in an FSBO, some salespeople add on a transaction fee or ask the seller if they will pay a commission. The work involved in this sort of transaction can be more involved, but some salespeople prefer it because it allows them to control the process.

Three of CyberHomes' largest regional content providers have signed listing agreements with Yahoo! Real Estate. The new home listing providers joining Yahoo! include MLS of Northern Illinois, the nation's largest multiple listing service; Metro Listing Service of Atlanta; and the Realtors Association of Dade County, Miami. CyberHomes hailed the site as a "free advertising opportunity" that makes buying a home easier and gives real estate professionals access to two different Web sites to promote their listings. Through CyberHomes, consumers can conduct a home search based on location, price, and amenities.

The Texas MLS Housing-Sales Index, which measures statewide sales of existing homes, indicated a 6.6 percent growth rate in May, down from April's increase of 10.1 percent. The decline was consistent with nationwide figures indicating a slowdown in the housing market. Within Texas, the markets of Houston, Austin, and San Antonio remained strong; and cities along the Mexican border rebounded from earlier figures. The Dallas and Fort Worth markets, however, experienced the most severe index declines.

MLS Meets the Internet
Realtor Magazine (06/99) Vol. 32, No. 6; P. FM1 (Geffner, Marcie)

While only a few multiple listing services (MLSs) in the nation have completed the transition from a proprietary state to an Internet-based service, several are considering the move. Judging by the experiences of the four MLS boards that have successfully bridged the transition, some strategies have proven more effective than others in facilitating the process. Maintaining close contact with brokers, offering intensive training for salespeople, and operating the old and new systems in tandem were among the most recommended steps. When the Middle Tennessee Regional MLS (MTRMLS) decided to switch to a system with an Internet browser, several full-time and backup technicians were hired to provide training support to members and implement the system. Costs incurred by the MTRMLS were not minimal during the transition, but fees for member usage of the new system are no higher than under the previous system. As Stuart White, president and COO of MTRMLS, explains, the transition was propelled in an effort to keep up with changing technology. "Our ultimate goal is to be able to use the information in a way that members can input listing information once and publish it repeatedly, whether for advertising, Web sites, or even transaction management systems," he stated. Generally, support for the new MLS systems has been strong. However, some systems have received complaints about the slow speed of MLS processes and the accuracy of search functions. By quickly upgrading existing equipment and encouraging members to receive training, many MLS systems have avoided such problems.

Brokers Work Hard to Maintain Their Independence
Greater Milwaukee Business Journal (04/19/99) (Higgins, Terry)

In the competitive industry of real estate, independent brokers must work hard to distinguish themselves from larger nationwide franchises. While real estate professionals affiliated with national brokerages also labor intensively to stay competitive, independent brokers and their firms do not have the same expansive resources--such as high-profile advertising, an extensive inventory, and centralized services--supporting their efforts. As a result, independent brokers focus on providing flexibility in scheduling and pricing, plenty of personal service, and many specialize in niche markets or specific communities. Open access to Metro Multiple Listing Service (MLS) databases has also helped independents better serve buyers who may be searching outside of the niche market. According to MLS data in eastern Wisconsin, among the 1,000 offices that have signed up for the service, between 40 percent and 45 percent of them consist of five employees or fewer.

The Future of Electronic Real Estate Transactions
Real Estate Professional (04/99) Vol. 22, No. 2; P. 76 (Harper, Jack)

Electronic commerce has the potential to shorten real estate transactions from weeks of waiting for reports and coordinating appointments to a matter of a few days. According to a study by licensed California Realtor Jack Harper, real estate professionals will soon be able to use electronic means to order inspections, confirm appointments, and send reports and repair authorizations back and forth. Already, leading title insurance companies, software companies, MLS vendors, and venture capitalists are working to develop e-commerce transaction systems. There are, however, a number of obstacles standing in the way of such progress; many real estate agents are wary of technology and Internet security problems, and there remains insufficient support from both the industry and the government. Nonetheless, predicts Harper, e-commerce has arrived and will soon be embraced by the real estate industry.

Buyers, Sellers Need Help of Professionals
Washington Times (04/16/99) P. F11/1 (Darsa, Deidra)

Consumers are becoming more savvy about finding real estate agents who offer the best service and who are able to garner the best deals. National Association of Realtors President Sharon Millett points out that the most important step is to find an agent you connect with, and the best way to do this is to talk to several agents. Finding the right agent also varies depending on your role in the transaction, as buyers and sellers have decidedly different needs. Buyers looking for an advocate should hire a broker whose firm specializes in buyer representation. Also in demand are brokers who have access to the Multiple Listing Services (MLS) and who have no hang-ups about searching outside the MLS for foreclosures and for for-sale-by-owner homes. Selling a house is becoming an increasingly complex process. As a result, sellers should look for a broker who both knows the local market and is up-to-date on current regulatory requirements. Consumers who feel they are not getting the best service should contact the agent's office manager to see if it is possible to be turned over to a new agent without breaking the listing agreement contract.

Be Sure Agent Gets Your Home Listed Quickly
Charlotte Observer Online (03/27/99) (Norwood, Allen)

Real estate agents are required to post home listings on the Multiple Listing Service (MLS) within three days of the original listing dates. However, they sometimes keep listings outside of the MLS in order to keep other agents from showing the home and potentially winning the sales commission. This scheme can be a real disadvantage to homeowners who want to sell their property fast, so sellers should ask that their listings be immediately posted on the MLS. The MLS helped home sales in the Charlotte, N.C., area increase 19.8 percent between 1997 and 1998. Local home prices climbed, as well; the average price of a house was $162,275 in 1998, as compared to $149,214 the year before.

You May Miss It, but MLS Change Makes You Safer
Charlotte Observer Online (02/20/99) (Norwood, Allen)

The North Carolina Multiple Listing Services recently unveiled the Advantage Express KeyBox from Supra, an electronic lock box that promises to improve security and buyer/seller communication. Scheduled for introduction in four weeks, the 14,000 new lock boxes open with programmable electronic keys that resemble a tiny calculator and must be reactivated every month. The box records the names of every visitor to a house, making it easy for an agent to inform prospective buyers about any changes in price. A list of the most recent nine visitors can be accessed by telephone, while hard copies of the most recent 40 visitors can be obtained via fax. Sellers should also find comfort in knowing who has entered their home, and when. Moreover, the lockbox can be programmed to limit access to certain times of the day, and to deactivate the key of a Realtor who has resigned.

Agent Held Liable for Misstatement
Miami Herald (10/04/98) P. 2H (Bruss, Robert)

Real estate professionals would do well to be more accurate with the description of the homes that are listed in an MLS because they could be exposing themselves to liability for a misstatement. Just this year, a judge in California ruled that a homeowner who was about to put his house on the market could recover damages from the previous owner and the listing agent because they overstated the square footage of the home. When the current owner of the home contacted a real estate agent about selling the home, the practitioner told him his residence was not anywhere near 5,500 square feet. Subsequent appraisals of the property put the home at 4,615 square feet and 4,437 square feet. At the trial, the home was found to be just 4,311 square feet. In the 1998 California Court of Appeal decision in Furla v. Jon Douglas Co., 76 Cal.Rptr.2d 911, the judge stressed that "the estimate of 5,500 square feet was not merely inaccurate, it was grossly inaccurate, by more than 20 percent."

Bidding Wars
Los Angeles Times--Washington Edition (09/06/98) P. K1 (Geffner, Marcie)

According to Los Angeles-based freelance writer Marcie Geffner, all it takes for a home that is in good condition to attract multiple offers on today's market is for the seller to put the residence up for sale at the right time and right price. Bob Stallings, a broker-owner of Long Beach, Calif.-based Re/Max Real Estate Specialists, agrees. "Sellers see [home prices] are going higher, so they want to go a little higher," says Stallings. Sometimes it works and sometimes it doesn't. You can end up having to wait for the market to catch up with you." Timing is just as important to expose the home to as many prospective buyers as possible. However, what sellers may not realize is that some real estate agents keep the home off the multiple listing service (MLS) for some time so that a buyer that the agent or the office represents has the opportunity to purchase the home. A listing agreement states that the home must be put on the MLS within 24 hours to ensure that the residence is on the market in time for large numbers of buyers to know that it is up for sale.

In an effort to improve consumer service, timely data delivery, and accuracy, an increasing number of multiple listing service groups are launching their own independent sites. Late last month, the Middle Tennessee Regional Multiple Listing Service Inc. introduced its own public Internet site, which features a database of the region's available real estate. Known as the "Middle Tennessee Property Finder," this service offers up-to-date information on more than 10,000 property listings through a direct connection to the MLS database. The San Francisco-based, East Bay Regional Data has similarly transferred its real estate data to the MLS Express Web site. This efficient service features complete property listings with photos and background information, as well as access to relevant public records. Potential home buyers may also utilize the services of an "automated assistant" that contacts members with select new listings.

Predicting House Prices Using Multiple Listings Data
Journal of Real Estate Finance and Economics (08/98) Vol. 17, No. 1; P. 35 (Dubin, Robert A.)

Because homes normally sell rather infrequently, it is often necessary to determine the price value of a home between the time when it is purchased and when it is sold again. This data is applicable for such purposes as obtaining second mortgages and applying for homeowner's insurance. The price value is often determined by comparing the home's characteristics to the features of surrounding homes in the neighborhood, but this method is far from foolproof. For one thing, it is not possible to view neighborhood variables, such as crime and socioeconomic status, visibly . Secondly, the boundaries of a neighborhood are not always easy to determine, and are essential if an accurate proxy of neighborhood variables is to be found. The best approach is to use each of these approaches at the same time. Housing data from other neighborhoods can be found by examining multiple listings data obtained from Realtors and MLS services. This type of research should be combined with the researched characteristics of surrounding homes in the neighborhood.

Already at work on the commercial MLS Web site, A Big Deal.com (abigdeal.com), the Florida Association of Realtors (FAR) and Homes & Land Publishing are now set to collaborate on another Internet-based MLS called the PowerHouse. The new tool will be designed to offer MLS services at an affordable cost to other boards and associations. The FAR and Homes and Land Publishing will feature Ad Writer, Flyer Writer, Realtor-controlled listing-presentation tools, e-mail, and data-downloading functions on the PowerHouse service. Real estate professional can visit Florida Realtor Place (http://fl.realtorplace.com) and search "PowerHouse" for more information on the upcoming service.

NAR Urges Caution as Microsoft Realty Web Site Nears Debut
Today's Realtor (05/98) Vol. 31, No. 5; P. 12

The National Association of Realtors does not intend to see Realtors lose control of home listings, and is therefore cautioning multiple listing services (MLSs) against reaching any agreements with Microsoft that would allow that company to gain too much leeway in the reuse of data from the MLS and in the type of advertising that the software giant uses to present the listings. When it comes to sharing data with companies that do not do business in real estate, real estate officials have always been concerned about such partnerships. Microsoft plans to go on-line with its new real estate Web site, HomeAdvisor, later in the year. HomeAdvisor is expected to include listings of homes for sale from MLSs and large real estate companies.

Low Cost 'Discount' Real Estate Broker ... Lists Houses Instantly
in Realtors MLS PRNewswire (05/04/98)

New Jersey home sellers can now list their homes on a statewide Multiple Listing Service for a maximum commission fee of 4 percent. The service is available through the A Home for Sale Realty listing agency, a discount brokerage. To a degree, buyer's agents and brokers are happy about the introduction of this service because it will help bolster the state's shrinking inventory of homes on the MLS.

Check It Out: Ways to Avoid Buyer's Remorse in Home Buying
Chicago Tribune (04/18/98) P. 4-15 (Mitchell, Lesley)

Real estate agents, appraisers, and inspectors usually are the first people homebuyers blame when it turns out the condition of their new residence isn't as good as they had thought. Sources of the primary complaints buyers have revolve around inaccurate and undisclosed information. The truth is that sometimes information from multiple listing service (MLS) directories is less than perfect. However, Realtors and other housing professionals actively encourage prospective homebuyers to take on the responsibility of verifying the information from an MLS. The disclaimer "MLS information deemed reliable but not guaranteed" is there for a reason, experts say. And as for not disclosing enough information about the house, housing experts say that consumers should not think of appraisals as inspections. Even inspections can be flawed, however, as evidenced by the fact that inspectors--who might not have to be licensed by the state--make consumers sign limited liability contracts.

Low Cost 'Discount' Real Estate Broker, A Home For Sale Realty,
Lists Houses Instantly in Realtors MLS PRNewswire (03/23/98)

The New Jersey discount brokerage known as A Home For Sale Realty is promising home sellers in that state the ability to have their residences advertised by the Multiple Listing Service for a mere 4 percent commission or less. Not only private homesellers, but financial institutions as well, can use the discount brokerage's services to keep from having to pay the typical 6 percent commission most agencies charge. Officials with A Home For Sale Realty contend that buyer agents/brokers marketwide benefit from having additional properties entered in the MLS by the discount brokerage.

Listings at Yahoo!: Search Uncovers More Than 300K Homes
Inman News Features Online (03/10/98) (Lutz, Warren)

A recent study of Internet real estate sites reveals that Yahoo!'s Real Estate Center still has a way to go before catching up to sites like Realtor.com, Cyberhomes, HomeScout, and HomeSeekers in terms of available home listings. The survey discovered a total of around 310,000 properties listed by Yahoo!, versus the 500,000 to one million listings offered by each of the competing sites. The shortfall is partly a result of the fact that not all MLS groups have allowed their listings to go to Yahoo!. According to Jim McCarthy at the Yahoo! Classifieds division, "We deliver the eyeballs, we deliver the people, we deliver the homebuyers, and we leave it up to our partners (who have agreements with various MLS groups) to deliver the content."

Interealty to Launch Property Channel
Florida Realtor (01/98) Vol. 73, No. 1; P. 4

Realtor.com, the official Web sit of the National Association of Realtors, will receive its biggest on-line challenge when Interealty launches its national real estate Internet service, Property Channel, sometime during the first quarter of 1998. As the largest MLS vendor in Florida, Interealty plans to introduce a Web-based service that will include property listings and localized content according to metropolitan area, with permission from brokers. In addition, Advance Publications, Cox Newspapers, Knight-Ridder, and the Tribune Company will provide Property Channel with more local information. Realtor.com is currently being visited by more than 1.7 million consumers each month, and is receiving more than 85 million "hits" each month. Interealty envisions the Property Channel as a tool for those who are seeking to purchase, sell, or rent a home.

IRIS LLC, a company that predicts real estate agents in the future will earn less commission per home sale while listing and selling more properties, has launched Lightning 97, a new product aimed at giving agents quick access to listings. As the most current of IRIS's Lightning line of products, the 1997 version is the only MLS software program with both Internet and mail capabilities. IRIS notes that the product can integrate with any vendor or browser, and that it offers both frame relay or T1 access. It also contains the "Property Gallery," an offline photo and data viewer which lets agents convert MLS photos and listings to HTML format for Web pages. The product retails for $159.95.

Back to Basics: The Pieces of the MLS Puzzle
Real Estate In-Depth (10/97) Vol. 2, No. 10; P. 18 (Sands, Linda)

The Westchester County Board of Realtors (WCBR) will replace its current multiple listing service (MLS) system software program, the Master System, with the Maestro System. The new system will make use of PC Access for Windows, which will enable Realtors to communicate their retrieval needs over their personal computers to the Maestro System central computer. According to WBCR communications director Linda Sands, the communications software will enable Realtors "to use Windows features like point and click as well as highlighting and copying text and/or photos to a notepad or another program. It also takes advantage of Windows printer drivers for higher-quality photos and offers many bells and whistles." The WBCR MLS system will also make use of the Hillside Virtual MLS software program, which will enable Realtors to copy listing information requests onto the hard drives of their office or home PCs.

Broward Real Estate MLS Data Now Available on Local Internet Site
PRNewswire (10/07/97)

Fort Lauderdale, Fla.--The Home Spot, a South Florida online housing information source, has been cleared by the Realtor Association of Greater Fort Lauderdale to carry Multiple Listing Service data on nearly all of Broward County. Produced by Digital City South Florida, The Home Spot will provide Broward home listings under the search formats of geographic location, home type, and price. "In terms of convenience for buying a home in Broward County, The Home Spot is now unsurpassed," claims Digby Solomon, general manager of Digital City South Florida. "Home buyers searching for a home in the area can go to one place on the Internet and find the information they need to make a home buying decision." The Home Spot currently attracts 10,000 visitors a day. The online site can be accessed on the Internet at www.Homespot.com and on America Online with the keyword Homespot.

Avoid Realty Agent Who Won't Use MLS
Los Angeles Times (10/05/97) P. K2 (Bruss, Robert J.)

Home sellers should seriously reconsider their options if they are working with an agent from a realty brokerage that does not use a local multiple listing service (MLS), writes Robert J. Bruss in his syndicated advice column. Working with such agents, says Bruss, will put home sellers at a disadvantage because their exposure to the local market of prospective homebuyers will be severely limited. Essentially, an agent who uses MLS works with other agents, and is more likely to have a number of leads for potential buyers through the local listing service. "MLS is the most powerful marketing tool available to real estate agents," writes Bruss.

How to Save on Realtor's Fees
The Financial Post (Canada) (08/02/97) P. 37 (Chevreau, Jonathan)

Canadian homesellers are turning to discounters in an effort to reduce the level of commissions they must pay to agents or brokers. Although brokers were more willing to trim their commissions during the real-estate downturn of the early 1990s, they are back to full price now that the market is healthy again. The unofficial standard commission price is 5 percent or 6 percent, and although it is not set in stone, that price is unlikely to be beat by anyone but a discount firm. Savvy Real Estate, Mincom Realty Systems, and Smart Seller Home Sales Network are three Toronto-based discounters, and all offer commission rates that are less than the average. While Smart Seller, which charges no commission and a flat fee of $1,695, does not use any outside agents, Mincom and Savvy are on MLS, and when they bring in an offer they pay 2.5 percent to whomever provides it. Mincom and Savvy offer 3.5 percent commission rates.

As FSBO Listings Grow, So Does Debate
Minneapolis Star Tribune (07/26/97) P. H4 (Gendler, Neal)

The increase in For Sale By Owner (FSBO) home listings has sparked a new, somewhat controversial trend: Many FSBO homes are also being listed on the Regional Multiple Listing Service (RMLS). The primary benefit of this trend is that owners who decide to sell their own homes get a far wider market exposure. But other issues taint this positive point: FSBO listers may not realize that their MLS listings include a "non-agent" agreement, meaning they will not be represented at all by the broker. In addition, people selling their own homes may not understand the MLS process as much as they should, and may end up trying to get extra assistance from the buyer's agent. One skeptic of the trend is Ralph Burnet, chairman of Burnet Realty parent Burnet Financial Group. He believes brokers who place FSBO listings are doing a disservice to consumers. "They're not brokers, in my estimation," Burnet says. "I'm totally opposed to [MLS listings of FSBO homes], and I think it's unfortunate that people have found a way around a very, very effective system that has been employed for years and turned our industry into a very effective profession." Proponents of the practice defend it, however, as an option for people who don't want the full services of a broker but do not feel capable of selling their home completely on their own.

Realtors Say Consumers Still Need a Go-Between
Minneapolis Star-Tribune (07/26/97) P. H5

Most real estate professionals feel that the growing number of owner-listed homes is ultimately bad for consumers and buyers' agents alike. Consumers who do opt to sell their homes by themselves using Regional Multiple Listing Services (RMLS) may not understand all the facets of the home-selling process. Edina Realty Home Services President Ron Peltier explains, "There are a host of disclosure and regulatory hoops that the seller is required to go through. There isn't a mechanism in place to make sure they're doing them." This, in turn, can jeopardize transactions and burden buyers' agents. George Karvel, who chairs the real estate department at the University of St. Thomas, points out, "You can eliminate the middleman, but you cannot eliminate the function." Karvel estimates that the current proportion of owner-sold homes averages around 15 percent. Industry leaders also insist that the practice of paying a monthly fee to enter owner-listed homes into an MLS raises several concerns. Others point out that agents give sellers a certain amount of peace of mind in the stormy process of transition. Burnet Financial Group Ralph Burnet says, "Today, [selling a home] is massively confusing. ... It necessitates getting good advice and somebody working in your best interests."

Real Estate Finds Home on Net
Crain's Chicago Business (06/97) Vol. 20, No. 22; P. T3 (Murphy, H. Lee)

Realtors are getting used to listing homes online, with even individual agents designing their own World Wide Web sites. Many big-city markets started posting their listings in cyberspace early last year. Yet Chicago waited until the fall when a deal with the Minn.-based Cyberhomes service could be finalized. The Multiple Listing Service of Northern Illinois (MLS-NI), which keeps records for 26,000 real-estate agents and 3,400 offices in the seven-county Chicago area, recently debuted on the National Association of Realtors' (NAR's) massive listing service. NAR President Russell K. Booth reports, "We've got listings from 147 multiple-listing services right now, and we're adding more as fast as we can. By [this month], we expect to have 85 percent of the nation's listings on our Web site." Cyberhomes, meanwhile, has 250,000 home listings and expects to add another 300,000 by this month. Consequently, MLS-NI has signed on with the nation's two largest Web sites. Cyberhomes officials hope to dominate markets like the Windy City via its MLS-NI deal. John Mosey, a Cyberhomes vice president, says, "Competitors like Home & Land Magazine just take listings out of their [publication] and put it up on the Web. ... We think home buyers want to be able to dial up a city and see everything."

Moore's CyberHomes Delivers Dream Homes to the Desktop
PRNewswire (05/14/97)

Moore Data Management Services (MDMS) has announced plans to enhance CyberHomes, its online property listing service. The company is using a form of push technology to give homebuyers the added convenience of electronic mail notification when MLS-listed homes that meet their individual specifications go on the market. With such an enhancement, CyberHomes will be the only online service available that combines nightly MLS home-listing updates and interactive mapping with individual content delivery. MDMS President Tom Gregorich says, "With this new technology, CyberHomes creates a more immediate and direct link with Realtors and interested customers--a win-win situation." CyberHomes is a free service of MDMS and features listings from some 300 communities throughout the United States. Company officials report that the site continues to grow at a monthly rate of 20 percent.

Why Spring Is the Best Time to List Your Home for Sale
Chicago Tribune (04/05/97) P. 4-2 (Bruss, Robert)

It's common knowledge that the spring months (April through June) are the best time for sellers to list their homes. Columnist Robert Bruss offers several tips on how to be successful in the intensely competitive market. First, he advises, interview at least three realty agents before deciding who will best represent your home. Each agent will give a potential client a comparative market analysis to help estimate a home's market value. Checking client references is also important before choosing an agent. Also important, Bruss says, is gaining an understanding of listing choices. More than 75 percent of home sales involve real estate agents. Options include open listing, in which any agent is eligible to bring an acceptable purchase offer for a sales commission; exclusive agency listing, in which the home seller lists with one agent (if the seller finds a buyer, though, no commission is owed); exclusive right to sell listing, in which the listing/selling agent is owed a full commission no matter who sells the home; multiple listing, in which the home listing is submitted to the local multiple listing service (or MLS) for distribution to all member realty agents; and net listing, in which the agent earns any amount received above the seller's net price.

Realtor Tries To Sell Own House
New York Times (02/27/00) P. 11-1 (Singer, Penny)

For the past few weeks, Harding T. Mason, a Realtor who specializes in antique and historic properties, has been acting as his own agent in the sale of his Normandy-style house on 12 acres in Cross River, N.J. But despite his expertise, Mason says that he has been having trouble fielding all of the visitors and inquiries. More than 150 people came to the first open house and the interest has been unrelenting. However, many of the people who come to the house are merely sightseers, not serious buyers, Mason says. For this reason, Mason recommends the services of a Realtor, who will sift the potential buyers from the casual visitors--usually by interviewing them and determining if they can actually afford the home. "The experience has given me a renewed respect for the role of the Realtor as the wheeler and dealer and a buffer," Mason said. "It's harder to negotiate when there's no distance between the client and the owner."

For Home Owners, a Lesson in Liability
Washington Post (02/22/00) P. E1 (Fleishman, Sandra)

A group of Fairfax, Va., condominium owners has filed suit against Carrdinal Place LLC, alleging that they were the victims of a bait-and-switch scam. The suit challenges the practice of brand-name builders advertising properties that are sold by limited liability companies (LLCs), which are essentially shields that protect owners from lawsuits. The plaintiffs argue that their attempts to have problems with their complex fixed under warranty were unsuccessful because the LLC designation provides protection for veteran builder Edward R. Carr against legal action. Plaintiff's lawyer Beau Brincefield Jr. said, "What most home buyers don't realize until too late is that...they usually sign a sales contract with a limited liability entity that is owned by, or affiliated with, the brand name but is a separate legal entity." Attorney Roger D. Winston, on the other hand, says that this is not an issue about the legitimacy of LLCs but rather a question of how Carrdinal Place LLC conducts business. LLCs, Winston contends, are necessary protections employed by builders to fend off frivolous lawsuits. Carr denies the allegations of fraud and misrepresentation and is seeking to have the charges dismissed.

Out of Sight: Sellers Should Vamoose When Buyers Visit
Copley News Service (02/13/00) (Orr, Chandra)

Home sellers should be willing to leave their house when it is time for a prospective buyer to view the property, according to real estate author Bonnie Sparks. In her book, "If You're Clueless About Selling Your House," Sparks suggests three main reasons for vacating the premises. First, she says that sellers may not respond well emotionally to objective criticism from the buyer. Second, Sparks warns that sellers who remain in the home may inadvertently reveal too much information to the buyer. This information may give the negotiating edge to the buyer, making it easier for them to lower their offer for the house. Finally, Sparks notes that buyers should be able to tour the home freely and speak openly with their real estate agent about any of their concerns. A buyer will likely feel uneasy discussing the home or venturing through it in the presence of the current owner, according to real estate Web site Realtor.com. To avoid this kind of tension, Sparks suggest that sellers greet the buyer and their agent, make introductions, and then excuse themselves. If the buyer stops by without an agent, the seller may want to give them a business card without actually allowing them into the home. If the seller are not using a real estate agent to sell the home, however, they must be present when the buyer arrives. Although it is not wise to present a full sales pitch to the buyer, Sparks says the seller should point out certain features of the home and ask a minimal number of questions.

When Does Offer on Home Become Deal?
Orlando Sentinel (02/06/00) P. J10 (Hymer, Dian)

In some respects, the sale of a home can become a cutthroat business--meaning that just because an interested buyer makes the first offer does not mean he or she has a claim on the property over subsequent bidders. In fact, sellers can talk to any and every potential buyer at any time during the negotiation process. They take care, however, not to inadvertently sell their home to more than one party. For a sale to be made, a buyer must sign an owner's counteroffer and send it back. If a seller makes a counteroffer but then withdraws it before the prospective buyers sign and return the document--even if it is the bidders' intention to accept and sign the offer--then the counteroffer is void. Just because a seller signs an offer does not mean the house is sold, however. The seller must return the offer back to the buyer, signed. Contract delivery and acceptance is a crucial step in home transactions, and a real estate agent will often step in to handle this responsibility for the client. After an offer or counteroffer is signed and returned, the contract is ratified pending the sale going through. Buyers can even entertain offers even during this phase of the transaction as backup offers if the original sale falls through.

The act of selling one home and looking for another to buy can take months, and there are certain tasks that should be performed throughout the course of this process. About five months before listing their property for sale, homeowners should make an inventory of all of their possessions to determine what items they can do without when they move. They should also assess the general condition of their home--including both the interior and the exterior--and decide what kind of repairs to make. Four months before, the owner should start packing seasonal clothes and items they will not need for a while. At this point, it is also wise for house-hunters to start visiting neighborhoods and open houses to get an idea of what kind of home they want to buy--and where. About three months before putting their home on the market, owners should make a decision on their new neighborhood and continue the packing process. Some items can be placed in storage for a limited time. The process of making repairs to the home should also start at this time and continue into the next month. With only two months to go, the packing, cleaning, and repairs should be near completion; and any landscaping should also be finished. Additionally, the seller should begin interviewing several real estate agents who are able to offer a comparative marketing analysis to determine a listing price for their home. Finally, in the last month before putting up a home for sale, all preparatory work started in the past four months must be completed. That means hiring the agent, scouring the home, and devising a plan to keep it looking neat and inviting while it is on the market. The seller should also start visiting homes for sale in the targeted new neighborhood.

Check Adjacent Lots To Set Sales Price
Washington Times (01/14/00) P. F3 (Lank Edith)

Owners of unwanted vacant lots don't have to sit on the property and pay taxes just because they can't find a buyer. The best way to find out the going rate for land in a given area is to check out the local paper. Find a comparative property and price, and then take out an ad. If the local paper proves an unfruitful source, property owners may want to talk to a tax assessor. If the property won't sell, owners can simply cease payment of property taxes and the land will be seized for back taxes. In most jurisdictions, overdue taxes are held in "rem," meaning that nonpayment of property taxes will only affect the property, not the credit of the property owners.

Get Info Before Real Estate Auction
Houston Chronicle (12/27/99) P. D1 (Buggs, Shannon)

Homebuyers looking for a deal or an investment property can find it at real estate auctions if they are well-informed. In Texas, foreclosed properties that are being auctioned have been through an 18- to 30-month administrative process during which the original owner has been sued for back taxes and a judge has determined that the property will be sold to pay that bill. The bidding usually starts at the total cost of back taxes, fees, court costs, and penalties. Potential buyers may be wary that the original owner will try to reclaim their property after the sale, but this is unlikely since Texas law stipulates that the original owner must pay full judgement. Buyers interested in real estate auctions should visit the property, investigate its history, retain a real estate attorney, and arrive early to the event with a cashier's check or money order in hand to pay for the purchase. Properties that are not sold at the constable's auction are then auctioned by the taxing agencies for as little as $1. Real estate auctions can be gold mines of lucrative investments--as long as a buyer knows how to work the system.

Web Site Discreet Way to Make Exclusive Offer
Baltimore Sun (12/04/99) P. 1L (Harney, Kenneth R.)

Thanks to the Internet, house-hunters hungry for information have a number of options when it comes to the real estate industry. Buyers who lust after a particular home now have a vehicle through which to express their deepest desires. HomeRoute.com has added a feature that allows buyers to name any property they would like to buy--regardless of whether or not it is for sale--and a real estate agent will discreetly contact the owners to tell them a qualified buyer is willing to make an offer. The owners may be receptive to a sale, according to HomeRoute President and CEO Steve Nickerson, because the arrangement eliminates the need to list and show a home; plus, the commission ranges between 2.5 percent and 4 percent, compared to the standard 6 percent to 7 percent.

For Home Owners, a Lesson in Liability
Washington Post (02/22/00) P. E1 (Fleishman, Sandra)

Out of Sight: Sellers Should Vamoose When Buyers Visit
Copley News Service (02/13/00) (Orr, Chandra)

When Does Offer on Home Become Deal?
Orlando Sentinel (02/06/00) P. J10 (Hymer, Dian)

Check Adjacent Lots To Set Sales Price
Washington Times (01/14/00) P. F3 (Lank Edith)

Get Info Before Real Estate Auction
Houston Chronicle (12/27/99) P. D1 (Buggs, Shannon)