Top 5 Complaints Most Commonly Found with NJ MLS Listings

Concerns and suggestions regarding NJ MLS listings

 

The New Jersey Multiple Listing Service, or NJ MLS, is a way real estate agents and agencies advertise available properties in hopes of selling them quickly and for the most money. Data is gathered, reviewed, and carefully entered into this electronic system that is broadcast to all real estate agents in a given area as well as a number of different websites such as Realtor.com and TeamChrisWalsh.com. Just as with any other popular vehicle, in the event of a data-related issue on an NJ MLS listing, word can spread quickly throughout the network and potentially affect the sale of a property.

 

Below you will find the 6 most common errors with some NJ MLS listings:

Incorrect housing details are entered

NJ MLS listings have multiple-data fields related to the condition, age, size, and specifications of a property. NJ Real Estate agents must make sure that property details match data in the system to avoid discrepancy. For example, if a number is transposed and the square footage of a home goes from 4,200 to 2,400, the sellers could lose out on potential buyers.

Inaccurate neighborhood data is entered

Another common error involves incorrect school districts and zoning. If an agent does not verify the school district and schools in a residential listing, potential buyers seeking specific schools can pass over the property if data is missing or faulty.

A property’s financing is not disclosed

Not all listings are eligible for all types of financing. For example, Federal Housing Administration (FHA) and Veterans Administration (VA) loans have stringent safety and habitability guidelines that a property must meet in order to qualify for approval. Unfortunately, this is another common but serious problem with the NJ MLS listings. Many Realtors will not specify whether the property meets FHA or VA loan requirements, when the property could, in fact only be eligible for a cash purchase.

A listing containing false advertising

False, misleading or discriminatory advertising is a serious offense that can result in the loss of an NJ Realtor’s license; however, it still occurs. There are specific phrases that real estate professionals cannot use in the listing or advertising of a home such as “great family neighborhood” which would be considered discriminatory towards couples with no children or empty nesters. This kind of wording can also result in a loss of interest in a property a fine for the Realtor as well as the seller. The remarks field in the NJ MLS listing system plays a crucial part in the advertising of a home, and should be considered as important as other data found in the listing.

Realtors do not proofread listings after they are put into the system

Most incorrect data found in NJ MLS listings is due to human error. In order to avoid incorrect information being submitted, agents should proofread new listings as well as send a copy of the completed printout to the seller to ensure accuracy.

 

The Real Estate market is changing rapidly and expanding into new avenues almost daily. Sometimes it can be very difficult to find the answers you need on a specific topic or issue. In times like these, you need a Real Estate professional who will provide valuable information and trustworthy advice. For more information on NJ Real Estate, call us today or click here to be connected with one of our top Real Estate specialists.