There are times where the right move for a given investment property is to sell. Often it is an opportunity to up buy into a property, which will net more income or is in a more desirable location. Whatever the reasons you will likely be using multiple listing sites to advertise the investment property. Having these multiple listing sites can cause inconsistencies in the way the property is listing from site to site.
Real Estate agents typically use old faithful, the MLS as their goto site and use ‘share’ tools to broadcast content to other listing sites. While convenient for the agent, I have seen inconsistencies sprout up as a result of using this method to multi-list the property. This can definitely be the case as you add content over the life of the listing. My advise is to make sure you have edit capabilities for all the listing sites, so you can monitor and fix any inconsistencies for the listing.
The most detrimental inconsistencies would include:
- Missing Pictures— The pictures on a listing site are among the most important content in advertising the property. Not having them, having to few or even having the wrong pictures for the listing is not good.
- Price Differentials Across Sites— This can easily occur as you modify a listings sell price. The listing prices must match from site to site, or the listing will come off as a bogus listing.
- Property Descriptions Don’t Match— On one site the property has three baths but on another it lists as a two and a half bath for example. Investment buyers pay very close attention to the bullet items in the description section. They are looking for a best fit property and if your listing comes up short on one site, they may dismiss the listing as being ‘not a good fit’.
These are just some of the trouble spots I have encountered when listing a property across multiple listing sites. Having these omissions or conflicting bits of information is never a good situation, while attempting to get top dollar for your property. The best course of action to prevent their occurrence is to monitor the sites. If an issue crops up move quickly to update the site info, to minimize the damage and get the listing back on track.
Check in with your listing agent and inform them of the errors encountered, so they can attempt to alter their listing practices for your property to better serve you, their client. I would argue that the same scenario can occur for rental listings and believe me, a misquote on the rental price can cost you dearly! Listing sites are great tools to help sell property or rent out units, but they are not infallible. The sites will need vigilant monitoring by the owner, to ensure accuracy and that content helps not hurts your listing efforts.