Two Words Realtors Hate
The Two Words Listing Agents Hate
In the world of retail property sales (also known locally as the Multiple Listing Service or MLS), Realtors can write in a field called “Agent Remarks” on their listing sheets. You won’t find this on public access sites like Zillow. It remains a private field, and only active agents can access it. It is a powerful field and a few short years ago, the words listing agents hate: “motivated seller” was found on nearly every listing on the MLS.
Back then, the housing market was swamped in underwater properties, market times lagged, and the key words bottomed out. You didn’t have to drive for dollars when folks were throwing the keys at your. “Motivated Seller” didn’t work and it didn’t need to. Homeowners stuck in underwater mortgages were in bad shape. Investors thick in cash were heavy hitters, driving prices down and reaping the rewards. Indeed, distressed homeowners, desperate to escape a failing mortgage and a trip to bankruptcy court, threw negotiating out the window.
Go Away, Unless You’re Serious!
But today, the housing market has shifted. Placing a property on For Sale By Owner causes a huge wave of low ball offers and dozens of Realtors knocking on your door, because you’ve opened the floodgates to the non-retail housing market. You’ve just put yourself on the wrong radar. Property investors and licensed Realtors understand the off retail market place and they can sense desperation when an owner gambles on the non-retail end of selling property. If a homeowner doesn’t trust the fair market value of their home enough to put it on the MLS with an agent, why should anyone else?
Listing a property on the MLS is sort of like an indirect endorsement: the listing agent first has to believe in the property in order to justify listing it at “X” price point. Then again, if you’re not found through the MLS, most retail buyers (who are usually pre-approved) won’t ever find you. Realtors prefer to show homes to pre-approved buyers. They don’t like to waste time on clients “just looking” or window shopping. So, unless you are in serious distress as a home seller, why advertise you’re motivated? It is enough to have an active property listing to show you’re ready to sell. No homeowner enjoys low ball offers unless they are truly stuck in a financial distress situation.
Working the Remarks Field
Over the past few years, the housing market has shifted back to the seller’s domain. Deals for investors are tricky and with slimmer margins. Old, reliable techniques such as door knocking, yellow legal pad letters and driving around neighborhoods are returning. Keywords are hot again on the MLS such as “fixer upper” and “needs work”.
Many investors find the remarks field of the MLS a sweet spot to cull for hidden gems. When you can tie in the Days On Market, with your favorite ZIP code and sprinkle in a few key words, the listings are fewer but more likely to be ideal properties. Consider recoding your search terms to include distressed property sales as “REO”, “bank owned”, “preforeclosure”, “SS,” “short sales” or “pre-foreclosure” to the same effect. Keep in mind too, that Realtors are not always the best spellers, so having the alternate spellings included will help improve your search terms.
About me:
Some might describe me as stubborn, but I call it determined. I am a published writer, a hyper-organized short sale specialist, licensed e-PRO, and a real estate investor in the Fox Valley area. I love a challenge, so I started a new investing group, Fox Valley Investors, on MeetUp.com (link below) and on Facebook groups. Join us for a Meet and Greet Property Evaluation at our next meet up, Tuesday, July 14th at 6pm. Location announced soon!
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