Hey, it’s Dustin with the Davidson Group here. We’ve got a new segment that we’re starting to shoot called Real Talk.
This isn’t replacing what we would do previously in our market update videos, but we’re changing things around. I’m going to get more consistent content out there on a weekly basis versus a biweekly or once a month basis, and the goal of this is to sit at this table to talk about things that have popped up in real estate for me personally, with my clients to talk about situations going on in housing and really just talk about real estate. Unscripted, in that sense, no set hard agenda, but I’m open to feedback and comments for sure.
Anyways, this will be episode one of Real Talk with Dustin, and let’s jump in. So today I wanted to talk about a situation that popped up over the past week, something that we talk about and you may hear. Agents talk about this, but it’s not really highlighted and to be completely honest with you, I’ve not witnessed it on a large or in scale like I did this last week. But it’s about information, so as a real estate agent being a realtor and a part of an MLS. We share our information with other boards with other brokerage or not other boards, but other brokerages. And in sharing that information, we utilized a tool called the M LS or the multi-list service. That M LS through syndicates out to a lot of different websites. I don’t know the exact number as we sit here today, but I do know that it was over 80 so it’s 80 plus websites that we syndicate our information out to share property information.
Well, that’s pretty powerful as far as getting information out, making sure that we get as much exposure to properties as possible, and then working within our almost 600 agents to ensure that everyone has the same information. But what happens – and you hear conversations or talk – is that this information is syndicated. But because of a previous sale or previous information, or a third party data source also syndicating with specific websites, the information isn’t always deemed accurate and in fact, sometimes it goes against or conflicts with what’s in the M LS.
And so here’s the situation.
Over the past week had a listing on… or for sale and it showed that it was at a higher risk for flood. It didn’t say that it was in the floodplain, but it has the scale and on that scale. It showed it was a higher risk when in reality you go to FEMA, the official site from where flood information is pulled. You talked to the owners and there’s no indication of flooding. There’s no indication of any issues with any water intrusion to the property. Right? And so here it is. This is a reputable site people go to by and large on a weekly, daily, monthly basis. I mean it’s very well-traveled and it had this information out there and there were questions that kept popping up. Unfortunately, I did not know about it initially and so then you know you put information out there once you find out, but it happened pretty rapidly where I was getting this question: “Hey is it in the floodplain? Hey is it in the floodplain?” It’s kind of an odd question to be asked.
Especially whenever you’re not anywhere close, right? And being asked by multiple individuals, agents, and buyers themselves really made me wonder. So then I tracked down the source, figured out where it was coming from, and working through some of those pieces. Fortunately for my seller, we were able to navigate and get the homeowner contracts so it’s no longer a concern as far as a prospective buyer. If not, I would be working with that website to ensure that information was updated correctly. You don’t think about it. You know. You think that the information goes out there and it’s accurate. And I wish I could tell you that we have an opportunity to check all of these different syndication websites. But the long and the short of it is if you want the most accurate information, you need to go to where the sources and as we sit here today unless it’s a For Sale by Owner unless it’s a For Rent by Owner unless it’s not actively listed with a real estate agent that most accurate information is going to come from your real estate agent through the M LS.
Now sometimes the information that’s imported there isn’t correct based on a user error or just the lack of information, but that’s the best source that we have. So if you have questions about the property I’m not telling you not to trust a website, but I am telling you is that things may not always be accurate and that if you want clarification, speak to a professional who understands the back end who can look at where those pieces of information come from and ensure that you are getting the most accurate and up-to-date information possible.
Hey, first segment of Real Talk here, hope hopefully you find some enjoyment out of it. Maybe some information if there’s something that you want to talk about, something that you want to ask, feel free to reach out. We can talk about it, or I can talk about it on the show. Anyways, Dustin signing off thanks again. Have a great day.