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Garbage in, garbage out: Why your listing data matters

You don’t need us to tell you that we live in the information age or that our accumulated MLS® data is incredibly valuable.

And we’re also quite sure that you don’t need us to tell you that the information we share and rely on is only as good as the information that is entered.

Good information in – good information out. Garbage in – garbage out. You know this. You work with our MLS® database every day.

So, why are we bringing data integrity up yet again?

The market is busy. (CREA just announced that Canada had the highest home sales in 40 years in July.)  And of our three main property types – detached, townhome and apartment – strata now accounts for 53 per cent of sales in our region.  Ten years ago, it was 43.

Think about how many of our members are working with clients currently who have children or are young first-time homebuyers. What are they looking for?

You set up a strata property search on Paragon designed to ensure properties that will be sent to them meet their criteria, one of which is buildings with no age restrictions. But your client receives matches that upon further investigation do not meet their criteria, the building is age restricted.

How did this happen?

This happens because the listing agent did not check off field #526 ‘Restricted Age’ on the Data Input Form (DIF) under field #524 Bylaw Restrictions.

When you are listing a strata property you are required to complete field #524. If the building is 55+, buyers need to know. 

Are some members just forgetting? Or worse, could some be hoping just to get a few more eyeballs on the listing, whether they’re the right eyeballs or not?

Not properly completing your DIF is misleading and frankly, reflects badly on all of us.  (If you’re interested in knowing other common fields often missed? Click here.)

The power of listing data is absolutely tied to accuracy and reliability. That’s why we protect it so vigilantly. If it isn’t complete or accurate it’s meaningless.

We want you to harness that power and make it work for you. This saves everyone time; everyone looks like a professional, and the buyer gets the correct matches.

Sounds like a win, win, win to us!

Source: FVREB Professional Standards