The Trouble With Accuracy Online

ListHub's marketing reports show a 50% increase in consumer leads generated by popular publisher websites like realtor.com® and Zillow year over year. In the past four years real estate-related searches on Google have grown 253%, according to a joint study from the National Association of Realtors® and Google.

We all know that consumers are online, but there are still a lot of questions surrounding how best to market listings online and deliver the most accurate and up-to-date information to consumers. Concerns about accuracy still emerge in blogs, articles, and conference panel discussions. One question is whether syndication helps to cure the accuracy problem - or causes it.

Not all syndication options are equal.

There are numerous ways for brokers or agents to advertise their listings online - including services provided by print magazine publishers, virtual tour companies, and single property website vendors. Most are unmanaged, meaning that they lack oversight and controls, and rely on hand-entered listing information. While brokers and agents may feel they benefit from the additional exposure from these programs, they are often rife with problems that lead to inaccuracies and ultimately damage the reputation of the brokerage. These unmanaged syndication programs do not have the tools that empower brokers to be effective, or the necessary protections in place to ensure that the listing content is not misused by publisher websites.

Because ListHub is MLS-connected, the listings distributed by ListHub are as accurate as the latest information picked up in the MLS. In markets where the local MLS doesn't provide an MLS-connected platform to support brokers' advertising, members have no alternative but to utilize other services that open the brokers up to greater risk, misuse of their information, inconsistent data updates and problems with removal of off-market listing information.

We set out to measure this effect. Do MLS-connected syndication platforms actually improve the accuracy of real estate listings online?

Comparing MLS Markets For Accuracy

We conducted a study to compare the accuracy of online listings in markets where the MLSs provide MLS-connected syndication versus those without.

Our first test group included two MLS markets that are currently not supported by any MLS-connected syndication platform. Our second group included two MLS markets that currently use the ListHub service to support their members' online marketing. Our team took a sample of 100 accurate listings from each market (sourced from MLS public websites or IDX websites) and compared those same listings on three major consumer search sites – Trulia, Zillow, and Homes.com. We checked the following fields for accuracy:

1. Listing status (for sale, pending, etc.)
2. Price
3. Address
4. Primary photo

Of the 200 listings searched in our first group in MLS markets without an MLS-connected platform, only 47% had the correct price on the publisher websites. We found that, across all categories, MLS markets with an MLS-connected platform proved to be more accurate overall.

Our findings demonstrate that an MLS-connected platform for listing distribution improves the overall accuracy of listing information online.

MLS-connected syndication benefits the entire real estate community, including the MLS, the brokers and agents, and consumers. Accurate listing information online underscores the professionalism of brokers and agents, increases customer satisfaction, and positively impacts commerce.

In MLS markets where a trusted syndication platform is not available, brokers and agents are forced to market their listings using less reliable sources in order to compete. This leads to overall inaccuracy in online listings, which in turn results in a lack of consumer confidence, legal liability for the brokerage, and time wasted toward fixing and removing the inaccuracies one-by-one.

What If There Are Other Sources Of Data In The Same Market?

ListHub's MLS-connected feed trumps most other feeds, so even if an agent is using a virtual tour company or another unmanaged program, only the broker-authorized ListHub feed will display. We encourage brokers and agents to review the vendors that they work with and find out if any of their services include syndication. While ListHub's feeds will trump their vendor feed while the listing is active, the listing may appear after it is off the market once the ListHub feed is no longer available to trump the unmanaged vendor feed. It is important to know where your syndication is coming from and "turn off" any non-MLS connected feeds to ensure accuracy and proper use of the listing data.

Our Accuracy Record

We are committed to improving data accuracy online. We continually audit and monitor the ListHub feeds to ensure that the information being delivered is MLS-accurate. In a recent analysis, ListHub syndicated more than 74 million listings in a 30 day period. Among those 74 million listings there were just 56 "accuracy" related support cases, .00000076% of the total ListHub syndicated listings. In each case ListHub works with our broker customers and publishers to investigate the issue to 1) identify the source of the listing, and 2) resolve the issue on behalf of our customers.

What Can You Do?

So, how can we, as an industry, work together to ensure that consumers are receiving the most accurate data online and seller clients are being well represented?

The good news is it's not as hard as it may seem! MLSs around the country are leading the charge by providing the tools to allow for safe syndication and facilitating education for brokers and agents about the problems with non-MLS connected syndication. These markets are making significant progress compared to those which are restricting brokers' options, forcing them to choose other methods for syndication that contribute to inaccuracy, instead of advancing industry progress in this area. The answer to progress lies in providing the tools and education necessary to make smart choices in marketing their listings online.

Improving Accuracy Through Education

We can all help improve online data accuracy by continuing to educate the industry and real estate professionals about best practices in syndication.

If you would like to discuss improving data accuracy in your market, please contact John Whitney at [email protected]. For educational materials for your members, contact Lois Scheiber at [email protected] for details. We have a variety of materials including blog or newsletter articles, email campaigns, webinars, or on-site presentations that can be customized to suite your members.