Private Side of the MLS (Multiple Listing Service)
Did you know that there is a private side to the MLS where real estate agents get information that the buyer doesn't get but would want?
In 1991 before I got my real estate license my wife and I were looking for properties to buy and fix up. Back then, if you don't remember, there was no internet or email and only businesses had faxes. So agents would print out listing sheets (text only) on lousy dot matrix machines and mail them to you. One day I received listing sheets that didn't look the same as the ones I was getting before. The agent must have screwed up and sent the internal listing sheets. The ones the agents were suppose to keep private for themselves. It had the original list price, how many days on market for the property, and the expiration date.
When I would look at a property I would ask the agents (who back then were all working as seller agents) how long was the property on the market and some would say, "I don't know." I now knew that if they truly didn't know they could easily find out.
I wanted access to this information. I figured if I could get a Bachelor of Science degree from Michigan State University I shouldn't have any problem getting a real estate license. So, that's what I did. I took the big 24 hour course, passed the test, associated with a real estate company and I now had direct access to the private side of the MLS.
Today you don't need to get a license to access this information. With a click of a button the whole market history of the property including days on market, price drops, whether it's gone under agreement and came back on the market can be attached to the listing sheet. Since most agents in my area work as a buyer agent when working with a buyer they should be giving this information to their buyer clients. For those people who hire me as their buyer agent I give them this information on every property they are interested in. If your buyer agent is not giving you this information I suggest you find out why not and ask them to start sharing it with you.
The more informed you are the better you will be at negotiating.
In 1991 before I got my real estate license my wife and I were looking for properties to buy and fix up. Back then, if you don't remember, there was no internet or email and only businesses had faxes. So agents would print out listing sheets (text only) on lousy dot matrix machines and mail them to you. One day I received listing sheets that didn't look the same as the ones I was getting before. The agent must have screwed up and sent the internal listing sheets. The ones the agents were suppose to keep private for themselves. It had the original list price, how many days on market for the property, and the expiration date.
When I would look at a property I would ask the agents (who back then were all working as seller agents) how long was the property on the market and some would say, "I don't know." I now knew that if they truly didn't know they could easily find out.
I wanted access to this information. I figured if I could get a Bachelor of Science degree from Michigan State University I shouldn't have any problem getting a real estate license. So, that's what I did. I took the big 24 hour course, passed the test, associated with a real estate company and I now had direct access to the private side of the MLS.
Today you don't need to get a license to access this information. With a click of a button the whole market history of the property including days on market, price drops, whether it's gone under agreement and came back on the market can be attached to the listing sheet. Since most agents in my area work as a buyer agent when working with a buyer they should be giving this information to their buyer clients. For those people who hire me as their buyer agent I give them this information on every property they are interested in. If your buyer agent is not giving you this information I suggest you find out why not and ask them to start sharing it with you.
The more informed you are the better you will be at negotiating.
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