Short Sales in the Phoenix MLS

avatarthumbnail.jpgHere’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]

Jonathan Dalton

Jonathan Dalton is a 40-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.

0 Comments

  • Jay Thompson 9 years ago

    Nice wiki….

  • Jonathan Dalton 9 years ago

    Working on it …

  • Jim Little 9 years ago

    Jonathon, to a certain extent, I do blame ARMLS. The powers that be allow members to do anything until caught. They also do not require training of new members on the basics of the system. Maybe 3 hours of CE general credit would be a help.
    Like you, I believe that too many brokerages just want desk fees, and provide little or no training to the new agents.
    Don’t get me started on bedroom sizes!

  • Eric Murrietta 9 years ago

    Great point. It is true that what gets put in is what gets spit out and how disappointing for the REALTORS and their buyers.

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