Issue IV: Broker Tools and the RealTime Method
By Howard Taub, Certified Buyer Representative (CBR), Realtor (R)

Sources of Information

MultiList and LINK are the two databases shared by brokers in most of Massachusetts to market properties. The majority of active real estate brokers are members of one or both systems (RealTime is a member of both). Member brokers are obligated to post all listings on the database within 24 hours of taking the listing (unless the owner specifically requests that the property not be listed.)

Multi List is a real time computer based system similar to a small proprietary Intranet. "Realtor.com" derives listings from MLS. MLS is updated immediately; "realtor.com" is updated periodically. Realtor.com also does not list the property address. MLS is used for eastern Massachusetts including the portions of the City of Boston outside of the inner areas (Brighton and West Roxbury use MLS; the South End uses LINK). Cambridge and Jamaica Plain use both systems.. In Cambridge and Jamaica Plain, many properties are listed in both databases to maximize marketing.

LINK serves a purpose similar to MLS, but in the close-in neighborhoods of Boston. Most brokers (as does RealTime) use the paper version of LINK which is distributed on Saturday mornings. The Boston Homes newspaper presents a subset of that LINK listing information regarding public open houses in a tabloid format. Since Boston Homes is a publicly distributed newspaper, the deadline for open house information is Thursday; since LINK is a narrowly distributed set of listing sheets, the deadline for open house information is Friday. Therefore, the LINK sheets list properties which are not in Boston Homes. 		In effect, 90+ percent of residential property available for sale in eastern Massachusetts is on one or more of the two databases. What is not in the database are estate sales, auctions, foreclosures, for sale by owners, some properties marketed directly by builders, etc.

Why do real estate brokers participate in these networks? Because most properties are sold through co-broking on the network. Open houses and newspaper advertisements act to draw in buyers generally and do not typically result in the sale of the specific property. Nationally, only 5% of houses are sold via the open houses (my guess is the percentage may be higher in Greater Boston due to the strong market.) Why do brokers hold open houses then? For two reasons: (1) the owners want open houses, and (2) the brokers meet new buyers who they can then show other listings.

Focused Search

Once you set the price and location, at any one time there may be a half-dozen to one dozen properties which are on the market and meet those two criteria. The organized way in which RealTime searches for properties is to work with you to look systematically at the properties which meet the criteria and to see your response. Within a reasonable amount of time, you will hopefully find a property which meets your expectations. During an active market time such as spring or fall, within two weeks to a month of orderly looking we should find properties which meet your goals. If we are not finding properties that meet your goals, we should review and reassess your objectives based on the properties we have seen and your reactions to those properties.

RealTime has had its greatest successes, with the least stress on the buyers, using this method. 

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© 2003RealTime Real Estate, Inc.

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