Here’s the state of short sales in the Phoenix real estate market.
Intentionally search for short sales by filtering for the rules as set down by the Arizona Regional MLS and you’ll only see about 75 percent of the available listings. Comply with client requests to not be shown short sales and you’ll end up having to explain why these listings keep popping up on the personalized web page for homes matching the clients’ search criteria.
The reason’s simple. Many agents don’t understand how to document short sales. They don’t know how to document them initially and, once they have offers in to the bank, they don’t know the status should change to Active with Contingencies.
What that leads to is listings like the one a client of mine found this morning that slipped through the listing search because the agent didn’t mark the proper field, and still showed “Active” even though two offers have been accepted by the seller and submitted to the bank because the agent doesn’t know the status is supposed to change.
I don’t blame ARMLS for this. Training varies widely from brokerage to brokerage. Some brokerages take the time to train their agents on the tools that are our lifeblood, such as the MLS, while others simply collect their monthly desk fees and figure the agents will learn on their own through trial and error.
Not knowing how to enter information in the MLS is a disservice to your clients, to your peers and to the public. The MLS only is as good as the data entered into it (think GIGO – garbage in, garbage out.)
Just don’t mention bedroom sizes – there I’m a conscientious objector.[tags]Phoenix real estate, MLS[/tags]