Real estate brokerages and associations are warning their employees and members to be on the lookout for listing photos being used in phony rental property ads on the Internet.
In recent months, an increased number of real estate professionals have reported their listings being scraped and used for rental scams. Scammers are reposting the listing information on Internet sites, such as Craigslist, and claiming the home is for-rent, not for-sale. The perpetrator will often tell the renter that the home is unavailable for a showing. Unsuspecting renters who are lured to the low rental price will make deposits to rent the property only to find out later that the home was never available for rent. Then the listing will quickly disappear off the Internet. Read More.
A different twist and something to consider:
“You are humbled, like what happens when we stare out to sea & feel small. . . . Wait a minute! Is that a family room off the kitchen? Toss me a Pop-Tart Mom!!!!”
Those aren’t song lyrics or poorly written poems. They’re excerpts from house descriptions by DC real-estate agent Tom Faison. “When I started selling homes 22 years ago, I would read these remarks that start off by saying, ‘This three-bedroom has a stove,’ ” Faison says. “I’ve always hated that. I feel like it’s describing the Mona Lisa as a woman with two eyes, a nose, and a mouth.” Read More.
NAR hosted a webinar recently that outlined many of the changes Realtor.com is undergoing as a result of the BOD decisions in July.
NAR President Gary Thomas, realtor.com President Errol Samuelson, and NAR CEO Dale Stinton talk about the flexibility realtor.com has in the listings that appear on the site under changes approved by the NAR Board of Directors in mid-July.
There are also many articles and resources that also help explain the changes.
A new study suggests real-estate agents do something that might go against their grain: think small.
Agents who concentrate on a small, specialized area sell homes for 1.21% more than agents who list homes in a large area, says Bennie Waller, professor of finance and real estate at Longwood University in Farmville, Va. Homeowners with pricier homes stand to gain even more. Properties above the median sale price sold for 1.71% more when listed by an agent with a small territory, according to a study last year on listing area and real-estate sales.
The take-away for agents? “Sell in expensive areas and localize,” Prof. Waller says. “If you’re going into a neighborhood where you have six or seven properties listed, you’ll be able to do it faster, more efficiently and at a cheaper cost. Your transaction costs go down.” Read More.
Savvy real-estate agents know it’s not just what you say. It’s how long it takes you to say it.
More-expensive homes go hand-in-hand with longer real-estate agents’ remarks—the language written by the agent that supplements the house description and photos in a listing. Agents use a median 250 characters for homes listed under $100,000, according to an analysis for The Wall Street Journal by real-estate listings company Zillow. For homes priced over $1 million, they go nearly twice as long, with a median 487 characters. (That’s about the length of this paragraph.) Read More.
Relisting a home isn’t an enviable position for any seller. Something went wrong the first time, and for many sellers, trying again to sell the home raises more questions than answers.
While it’s common for real estate agents to handle relistings, data on just how common the situation is can be hard to come by because some agents pull listings for a week or two and then relist. It’s a tactic designed to make a home listing look fresh. But increasingly, a true relisting is defined as having a 90-day gap between the time the property goes off the market and when it comes back. In that scenario, many real estate agents say it isn’t always price that kept the property from moving. Read More.
A Maryland federal court has considered allegations, including antitrust allegations, against NAR and a Maryland-based multiple listing service made in a counterclaim.
Metropolitan Regional Information System, Inc. (“MRIS”) operates a multiple listing service in the mid-Atlantic region. In 2012, MRIS brought a copyright infringement lawsuit against the American Home Realty Network, Inc. (“Website Operator”), which operates a website known as “NeighborCity.com” (“Website”) that purports to offer a national real estate search and provides rankings of real estate professionals. The trial court entered a preliminary injunction barring the Website Operator from using MRIS’s copyrighted information – click here to read the earlier summary. Read More.
In order to provide greater transparency, listing agents are now encouraged to register accepted short sale offers with Fannie Mae, allowing the entity to proactively work with the mortgage servicer during the final steps of the sales transaction.
This is yet another step on behalf of Fannie Mae in its efforts to work more directly with real estate agents on short sales.
“Fannie Mae recognizes the very important role real estate professionals play in the short sale process and we want to work closely with them to get short sales done,” said Jay Ryan, vice president for real estate sales at Fannie Mae. Read More.
Realtor.com has partnered with Xceligent Inc. to launch search capabilities for commercial listings on the popular home search site. The agreement will allow realtor.com to provide users with access to thousands of commercial listings.
Xceligent owns CommercialSearch.com, which is one of the largest sources of commercial real estate listings. It provides aggregated commercial listings from sources such as MLSs, Commercial Information Exchanges, and the top 50 companies who provide commercial listings. Read More.
When you sell a house in a buyer’s market, a lot of things work against you. Your real estate listing shouldn’t be one of those things. Find out what buyers and their agents typically see as a red flag in a listing and how to avoid them. Read More.