Anyone Else Fed Up With Realtor Based Multi-list?

[Timeismoney72]

Just curious to how many appraisers have bailed on paying the ridiculous fees required by local realtor based multi-list for data that is available 24 hours later for free? I just recently did a field review and the original appraisal had no multi-list numbers noted. Verification was done via a free real estate site and public records. In this case, everything checked out and I found no real issues with the appraisal. I had not seen anyone using other sources in my area until now. I have been complaining for years about the fact that I pay more for multi-list access than I do for software and E&O insurance combined and honestly the multi-list data is a joke in many cases in my area. Realtors enter whatever data they need to make the property more appealing for a sale, not that actual data from public records or physical inspections. Conversations with agents rarely coincides with what they enter in the multi-list. I've found that public records are by far the most reliable source for gross living area. That being said, who else is relying on free sites to find comparables? I'm up for my multi-list renewal soon (over $1,500..) and have considered bailing as well. So far, every property I've researched could be found on free sites with the exception of an MLS number in some cases. I still inspect all of my comparables from the street and verify through public records. If public records have not been updated, I contact the agent to verify. At this point, I don't see the MLS as a necessary tool to complete a thorough and accurate appraisal anymore. I would have no problem paying for access to my local MLS if the fee was reasonable. I am not a sales agent, I only use the MLS for comparable searches. In my opinion, $1,500+ per year is absolutely ridiculous. Sorry so long.. Love to hear some input. Thanks

 

[J Grant]

I would not want to rely on free sites as they show certain listings but not all, and can't do the kind of searches we need to do find the best listing data.

Imo, if an appraiser can;t afford local RE MLS board membership dues they are not charging enough . MLS offers tremendous value with the searches it can offer as well as access to agents and old listing info and interior photos and charts etc. Relying on MLS for accurate property facts is not what it is about, we do have to verify facts on our own with public records/others

 

[Timeismoney72]

I would not want to rely on free sites as they show certain listings but not all, and can't do the kind of searches we need to do find the best listing data.

Imo, if an appraiser can;t afford local RE MLS board membership dues they are not charging enough . MLS offers tremendous value with the searches it can offer as well as access to agents and old listing info and interior photos and charts etc. Relying on MLS for accurate property facts is not what it is about, we do have to verify facts on our own with public records/others

I thought that as well but since I started checking on every comparable I've found the data from the free sites is exactly the same. In fact, in most cases it is data taken directly from the MLS, including the interior photos.

 

[J Grant]

Maybe it is different in different areas...or it just so happens that on this report you are reviewing, all the data is on the free sites this appraiser used ( and maybe he/she picked data that free site had), but that does not mean the free site has all listings or ability to search as regular MLS offers

 

[Timeismoney72]

I would not want to rely on free sites as they show certain listings but not all, and can't do the kind of searches we need to do find the best listing data.

Imo, if an appraiser can;t afford local RE MLS board membership dues they are not charging enough . MLS offers tremendous value with the searches it can offer as well as access to agents and old listing info and interior photos and charts etc. Relying on MLS for accurate property facts is not what it is about, we do have to verify facts on our own with public records/others

Also, it's not that I can't afford it, that's not really the point.. The point is why pay so much if I can get the exact same info for free? I honestly see no benefit anymore.. At least not here locally. I have been testing the waters for a week or so now. Doing my search for comparables and market data on the free sites first and then through the MLS to see if I missed anything. So far, it's been exactly the same..

 

[Timeismoney72]

Maybe it is different in different areas...or it just so happens that on this report you are reviewing, all the data is on the free sites this appraiser used ( and maybe he/she picked data that free site had), but that does not mean the free site has all listings or ability to search as regular MLS offers

Thanks for the input.. I've been very hesitant to change. I've been utilizing the MLS for almost 19 years now. Since I did that review I've been checking both free sites and MLS. I am not seeing any difference.

 

[J Grant]

12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located.

Above is the cert on the URAR form...if the free sites in your area offer exact same as MLS, and you feel okay with it...Just commenting I would not want to do it, given the cert, peer practice to have MLS as well as issues around subject listing history.

The appraisal asks if the subject listed for sale. What if subject is listed on MLS for sale and the free site does not show that and it's a refinance assignment? That can make us lose a client or worse, just not worth the risk imo

 

[gregb]

Here MLS access gives one access to realist, important for checking prior sales, loan amounts, documentary transfer numbers etc.

 

[Timeismoney72]

12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located.

Above is the cert on the URAR form...if the free sites in your area offer exact same as MLS, and you feel okay with it...Just commenting I would not want to do it, given the cert, peer practice to have MLS as well as issues around subject listing history.

The appraisal asks if the subject listed for sale. What if subject is listed on MLS for sale and the free site does not show that and it's a refinance assignment? That can make us lose a client or worse, just not worth the risk imo

Yep.. Those are my concerns as well. That's why I posted this to see how many people have abandoned the MLS. I'm going to continue to do both searches for awhile before I decide. Unless I am 100% confident that the internet can provide the same exact data as the MLS, I won't be changing this year.

 

[Meandering]

Just curious to how many appraisers have bailed on paying the ridiculous fees required by local realtor based multi-list for data that is available 24 hours later for free? I just recently did a field review and the original appraisal had no multi-list numbers noted. Verification was done via a free real estate site and public records. In this case, everything checked out and I found no real issues with the appraisal. I had not seen anyone using other sources in my area until now. I have been complaining for years about the fact that I pay more for multi-list access than I do for software and E&O insurance combined and honestly the multi-list data is a joke in many cases in my area. Realtors enter whatever data they need to make the property more appealing for a sale, not that actual data from public records or physical inspections. Conversations with agents rarely coincides with what they enter in the multi-list. I've found that public records are by far the most reliable source for gross living area. That being said, who else is relying on free sites to find comparables? I'm up for my multi-list renewal soon (over $1,500..) and have considered bailing as well. So far, every property I've researched could be found on free sites with the exception of an MLS number in some cases. I still inspect all of my comparables from the street and verify through public records. If public records have not been updated, I contact the agent to verify. At this point, I don't see the MLS as a necessary tool to complete a thorough and accurate appraisal anymore. I would have no problem paying for access to my local MLS if the fee was reasonable. I am not a sales agent, I only use the MLS for comparable searches. In my opinion, $1,500+ per year is absolutely ridiculous. Sorry so long.. Love to hear some input. Thanks

What MLS system?

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