May 29 2020

Add Virtual Open Houses & Broker Tours to Your MLS Listing

Need to schedule a virtual open house or broker tour in this new era ushered in by Covid-19?

MLS Property Information Network (MLS PIN), the MLS system with which we exclusively partner, recently released the capability to create, schedule, and edit virtual open houses and virtual broker tours in the MLS system on MLS listings.

When a new event (open house or broker tour) is created in the MLS system, “Event Type” can be selected, “In-Person” or “Virtual” (the default is “In-Person”).

An Event URL for the online event must be provided. MLS PIN has not indicated any limitations on Event URLs – whereas MLS PIN is quite strict when entering URLs into the MLS, for example, MLS PIN does not allow the use of YouTube URLs for virtual tours, those same limitations don’t seem to be in force with the Event URL field for virtual open houses or broker tours.

The “virtual event” information will be available to all data access customers and via searches in the MLS itself (the MLS itself is accessible to licensed real estate agents and brokers only) as well as third-party sites like Zillow and Realtor.com (though there is no guarantee that any particular site will display an event link).

If your event will be both “Virtual” and “In-Person,” you must create two separate events.

Going forward, both in-person and virtual open houses and broker tours may be the norm.

The ability to add virtual open houses and broker tours to your MLS listing is now available during both the signup process as well as making updates to your listing via our Listing Update Request Form.

Jun 18 2019

MLS Updates Cumulative Days on Market (DOM) Reset Policy for New Listings

The Multiple Listing Service (MLS) is a database used by licensed real estate professionals to list property for sale or rent. It is used ubiquitously by licensed real estate brokers and agents, and is the standard source for advertising property for sale or rent.

A question, and sometimes a concern, from FSBOs is whether it’s possible to reset the cumulative days on market (DOM) counter for a MLS listing. The MLS introduced a change to its policy in how cumulative DOM can be reset.

There are currently four (4) MLS systems that serve the state of Massachusetts in with varying levels of coverage. Entry Only New England uses MLS Property Information Network (MLS PIN), New England’s largest multiple listing service and only Massachusetts MLS system which provides complete coverage of the entire state of Massachusetts. MLS systems are directly accessible only by licensed real estate agents and brokers, yet the data within MLS systems are in part shared and/or syndicated with thousands of third party real estate websites.

Recently, MLS PIN updated its Days on Market Reset policy for new listings. When a listing has been off the market in any of the off-market statuses (including Under Agreement, Withdrawn, Expired, and Canceled) for at least 60 full, uninterrupted days, then Days on Market from the old listing will not be added to the new listing. The previous policy applied to only Expired or Canceled listings. See descriptions of all MLS PIN status types here.

Sold or Rented listings do not need to be off-market for 60 days for DOM to reset. The new cumulative DOM reset policy is immediately in effect.

This policy has and will impact FSBOs who would like to shift their listing from a full service / full commission listing to an entry only MLS listing or vice versa. If you’re contemplating such a move, please note your DOM counter will not reset if you shift your listing. The cumulative DOM reset policy is not something that can be circumnavigated, said differently, if you’re attempting to relist a property that has been listed on MLS PIN in an Active status, and 60 days have not transpired since it moved into an off-market status, when attempting to list that property as new by either a flat fee MLS provider or full service / full commission listing brokerage, days on market will not reset to zero – don’t believe anything different.

Jul 11 2016

MLS PIN to Change Handling of Contingent Status

MLS Property Information Network (MLS PIN), New England’s largest multiple listing service (MLS) and the MLS that we at Entry Only New England utilize, is rolling out a significant change to how they handle the use of Contingent property status.

As a refresher, a property listing in the MLS with a Contingent status means the Owner has a mutually accepted and executed offer, but the Owner has requested it still be listed in the MLS as active for the purpose of receiving backup offers. Such listings carry a status of “Contingent” or “CTG”, and must continue to be shown to interested buyers and their agents. A Contingent property must meet one of the following conditions: Inspection, Attorney Review, Appraisal, Financing, Third-Party Approval, Pending P&S.

Contingent status can sometimes be misleading, because the MLS system, the ultimate system of record, calls it “Contingent”, yet popular sites like Zillow and Redfin call it “Pending”, Trulia uses “Active Contingent”, while Realtor.com uses “Contingent”.

So, what’s changing with Contingent status?

A change to the Contingent (CTG) status has been approved by the MLS PIN Board of Directors. This change is being made to address the overwhelming number of listings being left in CTG status when they are not available for showings or should not actually be in an active status. According to the MLS PIN front office staff, CTG listings account for approximately 25% of the current active listing inventory in the MLS, and as a result, the CTG listings that are legitimately available for showings are being lost amidst the overwhelming number of those that are not truly available.

It’s clear the MLS front office staff is signaling that Contingent status has been abused, or misused at best, and they’re taking corrective action, namely to maintain the underlying integrity of the MLS’ data on property listings.

Practically speaking, what does this mean for an MLS listing, be that an entry only MLS listing or otherwise?

MLS PIN will implement a change so that a Contingent listing will remain Contingent for a period of 14 days, after which it will automatically convert to an Under Agreement (UAG) status. If a listing auto-converts to Under Agreement status, it can be made Continent again by changing its status to Back On Market (BOM) and then changing its status to Contingent (starting that 14 day clock over again).

MLS PIN has created a property status quick reference guide that provides a full rundown of what all the real estate property status terms mean in the MLS system.

Sep 13 2014

Walpole Massachusetts Flat Fee MLS

Walpole Massachusetts, located just 13 miles southwest of downtown Boston, is experiencing growth in home sales. Walpole property values have increased 7% in just the past year alone.

Today, owners who are seriously considering selling their own home are investigating ways to increase their profit and reduce time on market.

In Walpole, recent sales trends of single family homes indicate that it’s a great time for sellers to list their home for sale. It’s taking less time to sell than previous years. In August and September 2014, Walpole single family homes on average spent approximately 58 days on the market before selling, whereas during the same time period last year, it took on average approximately 63 days. Walpole homes are selling faster in 2014 than they were in 2013.

Walpole MA on Map

Walpole Entry Only MLS Listings

Four of the current 86 Walpole single family homes listed for sale are entry only MLS listings, otherwise known as flat fee MLS listings. Entry only MLS listings give a seller control of their real estate transaction, from price to commission, while at the very same time giving their property much needed exposure via the multiple listing service (MLS).

Quite simply, if your home is not listed on the MLS, then you’re missing nearly the entire market. Real estate agents and homebuyers alike begin their search on both the MLS and real estate websites across the Internet. Those popular real estate websites are largely powered by data from MLS.

The MLS is an exclusive online database, inherently controlled by licensed Realtors, and it wasn’t long ago when the MLS and the entire real estate market did not do a great job of accommodating sellers who wanted to sell their own home as a for sale by owner or FSBO. Historically, without access to the MLS, FSBOs couldn’t garner the necessary exposure in the market homes need to solicit offers.

For a Walpole, MA home seller, selling a home FSBO without having it listed on the MLS is much like throwing a party, yet not sending invitations. The MLS is the ultimate source for the most popular real estate websites such as Realtor.com, Homes.com, Zillow, and Trulia.

Since nearly 100% of buyers search the Internet when looking for a home, you can see why exposure on the MLS is important.

List FSBO on the MLS in Walpole Massachusetts

Currently, there are 86 single family homes listed on the MLS for sale in Walpole.

Let’s take an example of one home currently for sale at $520,000. What if this home sells for $520,000, how much will that seller pay in real estate agent commission if they list their home with a traditional Realtor charging a full commission, and separately, what will that seller pay in commission should they use a Massachusetts flat fee MLS realty service?

Our example $520,000 custom built saltbox, in a popular neighborhood, will see its owner pay $26,000 in real estate agent commission if a Realtor charges 5%, an amount that would be divided between the listing agent and the buyer’s agent. That commission money comes directly out of the seller’s equity, or basically, his or her own pocket.

Now imagine this same Walpole single family home is listed on the MLS FSBO with Entry Only New England, a Massachusetts flat fee MLS realty provider. A seller would save $12,705 in real estate agent commission, only having to pay a buyer’s agent commission if a buyer’s agent brought a buyer to the table (if the seller finds their own buyer, unrepresented by a buyer’s agent, the seller pays no real estate commission whatsoever!).

Walpole MA Saltbox Home

For homeowners, the savings in commission is too big to ignore, and coupled with the growing strength of the real estate market in Massachusetts, that’s why flat fee MLS listings have been growing in popularity.

Savings in real estate agent commission can be used towards the down payment of another home, 529 college tuition plans, or even retirement.

The FSBO enabled MLS allows for sale by owners to keep the majority of a home’s profit from sale while garnering the same MLS and web exposure as if hiring a Realtor to list at full commission. It’s easy to see why flat fee MLS services are gaining in popularity with more than 550 entry only MLS listings across Massachusetts having already sold in 2014 alone.

Walpole Flat Fee MLS Realty Service

Flat fee MLS services were developed because the real estate industry is changing.

Imagine the era of air travel when only transacted through a travel agent who invariably takes a cut of the deal, and for many, unnecessarily bloats the cost of flying.

Today, with online “travel agencies”, millions of passengers each year book their tickets saving themselves hundreds of dollars.

Much like these services, consumers want the control to sell their most valuable asset, their home, on their own without a Realtor and having to hand over a traditional five or six percent commission to a real estate agent whose role has no doubt changed and shifted given technology.

Technology has fundamentally changed the value of a traditional real estate broker. While the MLS itself has not become any less powerful, if anything, it’s continued to grow in importance, it’s the access to the MLS by FSBOs as well as technology advancements that have democratized real estate transactions in general.

In Walpole today, sellers are optimistic about 2014 home sales, and continued growth into 2015. With excellent schools, low crime and an unemployment rate lower than the national average, home values are up 7% year to year.

If you’re considering selling your home, it will be well worth your time to learn more about flat fee MLS real estate and what it can do for your bottom line. Sellers are asking themselves why they should give away thousands of dollars in real estate agent commission now that the future of real estate has arrived.

Jul 01 2014

FSBOs Save $13,777 in Agent Commission with Flat Fee MLS

More than 400 for sale by owners (FSBO) in Massachusetts have listed and sold their single family home or condominium in the first half of 2014 using a flat fee MLS entry only listing.

Savvy homeowners are leveraging the power of the Internet enabled MLS to drive broad exposure for their homes in the marketplace by listing on the MLS without a real estate agent, and are reaping the benefits in the form of significant savings in real estate agent commission paid to sell a home.

While many homeowners still choose to list their home with a full commission traditional real estate agent, there is a growing number of homeowners who have raised their hand to say that technology can make the home selling process more efficient and effective. Those are the FSBOs who leverage flat fee MLS realty services, and in 2014, that group of FSBOs in Massachusetts has saved a considerable amount in real estate broker commission on each and every home sale.

For sale by owner clients at Entry Only New England who have sold their home in 2014 have saved an average of $13,777 in real estate agent commission using flat fee MLS entry only listings. You too can list on the MLS without a Realtor and save big on agent commissions and fees.

Most Popular Massachusetts Flat Fee MLS Cities

It’s not terribly surprising that Boston, as a progressive technologically advanced hub, has embraced entry only MLS listings as a means to list on the MLS without a Realtor and ultimately realize more profit when selling a home by eliminating at least half of real estate agent commission.

However, you may be surprised by some of the other cities across Massachusetts where flat fee MLS has become increasingly popular, Massachusetts cities like Westfield, Springfield, Danvers, and East Longmeadow.

Westfield Massachusetts Flat Fee MLS Listings – there are currently 196 single family home and condominium listings for sale in Westfield, and 6 of those are flat fee MLS listings. According to the past 6 months of Massachusetts MLS data, single family homes in Westfield listed and sold as entry only MLS listings closed for 10% more in price and 4 times faster than single family homes listed by traditional real estate agents charging a full commission.
Springfield Massachusetts Entry Only MLS Listings – of the 207 single family and condominiums currently listed for sale in Springfield, 7 of them are entry only MLS listings. Over the past 6 months, Springfield flat fee MLS listings sold for 14% more than traditional full commission listings from Realtors, but, took 1.4 times longer to sell.
Danvers Massachusetts Flat Fee MLS Listings – with only 76 single family homes and condominiums currently for sale in Danvers, and 6 of those being entry only MLS listings, Danvers has a high predominance of flat fee MLS listings at approximately 8% of the market. It’s not surprising why flat fee MLS in Danvers is so popular, over the past 6 months, single family homes that sold with an entry only MLS listing sold for 42% more and almost twice as fast as full commission listings from traditional brokerages that charge hefty commissions.
East Longmeadow Massachusetts Flat Fee MLS Listings – one of the highest concentrations of flat fee MLS listings in Massachusetts is in the city of East Longmeadow. There are currently 11 flat fee MLS listings in East Longmeadow out of a total of 134 single family homes and condominiums for sale – more than 8% of listings are entry only MLS listings in East Longmeadow, nearly four times the state average. Sellers who have listed for sale by owner in Longmeadow MA over the past six months have sold for 16% more than their traditional full commission broker listing peers, yet have taken approximately twice as long to sell.

List on Boston MLS For Sale by Owner (FSBO)

If you’ve made it this far in the article, it means that you’re serious about selling without a Realtor, that you’re interested in taking advantage of technology to drive exposure for your property, and ultimately, that you don’t want to pay a significant amount of real estate agent commission to a broker.

The bottom line is that to give your for sale by owner the best chance possible, you need the exposure of the MLS. A flat fee MLS entry only listing service will get your home listed on the MLS without a Realtor, the same MLS that agents and brokers use. Once listed on the MLS, your home will be syndicated to hundreds of websites, including all of the most popular ones that you already visit, like Zillow, Trulia, and Realtor.com.

Nearly 100% of buyers start their home search online, and with the exposure that a flat fee MLS listing provides, your home will be front and center in the eyes of buyers.

Entry Only New England is the first and only all digital Massachusetts flat fee MLS realty service, we make listing on the MLS easy, and have the most professional MLS communication process in the business. We’d love to be a part of your next home sale!