Are most listing agents *really* that bad?
Posted on Thursday, August 9th, 2007 at 11:33 pm.After seeing some absolutely abysmal listings (no photos, etc) we decided to do an in-depth analysis of how good/bad listing agents are when selling homes.
After all, they're supposed to be representing their client's best interests, right? And a listing agent stands to make $21,000 to $42,000 on a $700k house (surprised? visit our page on how agents get paid), so with that kind of money in play, one would think that agents would be sharp as a razor, looking out for their client's best interests.
Unfortunately, that isn't so. Here's proof:
72.8% of agents don't know how to market properties close to the Metro.Here's how we know: We ran an analysis to see how many agents checkmarked the itsy-bitsy little checkbox in a program called "Keystone", which is the program all agents must use when they list a property for sale in the MLS database system. Here's an image showing what the agent sees when uploading the listing (click on the image to enlarge):
We'll establish below that most agents don't know that the itsy-bitsy "Transportation" checkbox exists. But here's what the agents do knowhow to do: They write notes like, "Walk to Metro!" or "Close to Metro" in the listing notes. The only problem is, the listing notes aren't searchable! So when you as a buyer want to find a property close to Metro, you have to rely on the agents who knew to checkmark the itsy-bitsy checkbox in the "Transportation" section when they were publishing the listing. Here are some examples of listing agents who wrote the word Metro in their listing notes (click on the images to enlarge):
Well, we take it back (kind of): The listing notes aren't searchable on any property search site except ours. We created a tool called www.TheBestHomeSearchEver.com that lets you search for any piece of text in the listing notes, including the word "Metro". Here are two searches we did, illustrating our point (click on the image to enlarge):
As you can see, only 2,166 of a total of 7,967 properties (27.2%) near the metro were labeled as such in the listing, meaning the vast majority, 72.8%, did not enter the listing correctly, making their properties un-searchable by the Metro search criteria! What the vast majority (7,080 of 7,967, or 88.8%) did do was write something in the listing notes indicating that the property was close to the Metro. Nice to read, but impossible for buyers to search.
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December 7th, 2007 at 3:51 pm
I understand completely what you are saying, I’m just looking at this from another angle. As an ex-software engineer with some user interface experience, if the precentage is that high, my first thought (especially after the term “itsy bitsy”) has some user friendly issues. Even with proper training, a user friendly, intuitive system will help a busy agent input the listing correctly. My next guess, is that this field might have been an add on in the lifecycle of the MLS - thus breaking “tradition”. If an agent is used to saying “Walk to Metro” then that is what he/she will do. Sometimes it also depends on what migrates to other sites (like realtor.com) - the description and/or fields. I know with at least one of the MLSs I’m on the fields that show up are harder to read & get info out than the description. Searching is a different matter. It took a while and some MLS changes to get agents in our area to use the waterfront field.
December 7th, 2007 at 4:00 pm
I hate it when people don’t check that box! However, there’s another option now in Matrix- you can search for text in the Remarks field (though you may need to add that as a field in your general search tab.) Nonetheless, there’s no excuse for an agent that doesn’t properly compete the field that’s provided to them–they’re doing their clients a disservice.
December 7th, 2007 at 4:03 pm
Daniel, You have only scratched the surface. No room sizes, no schools, no map coordinates, calling some condos fee simple, directions that say “See MapQuest”, calling bi-levels colonials, minimal info for interior and exterior, etc. I can go on indefinitely, Karen Kruschka www.e-virginiarealestate.com
December 7th, 2007 at 4:04 pm
I also find it annoying when the Realtor can’t take the time to find out the schools for the property and post them accordingly. I have many clients who want to stay in a particular school district, it would make the search easier.
December 12th, 2007 at 3:32 pm
It’s really sad how lazy some agents are. Considering what we make or have the potential to make, you would think a little more time and effort would be put in.
December 12th, 2007 at 3:36 pm
{shakes head} I guess now it’s up to a mortgage person to let out all the dirty little secrets we have that we don’t want you to know about!
December 12th, 2007 at 3:39 pm
It is amazing how many agents simply cant enter the home into the MLS properly. I just don’t understand what is so hard!