I wrote in June about agents who still had snow pictures on the MLS. Today I mention another thorn in my side: agents who represent bank-owned foreclosed homes that do not take photos of the inside.
In the Twin Cities, as in many other large metro areas nationwide, we have seen a sharp increase in foreclosures over the last year. This has been a boon to the business of agents that work with the banks carrying this inventory. Unfortunately, some of these agents are either too busy or feel they are getting paid too little to take the effort to snap interior photos of the house and also often do not measure room dimensions. Sometimes the house’s interior is in bad condition, sometimes it is in remarkably good condition. Either way, consumers want to see layout and general condition before they make the trek out to see the home.
When we have record levels of inventory on the market and many investors waiting on the sidelines, the consumer looking for a home for owner-occupied use is still the best buyer for most homes. Since these consumers have so many choices, they narrow down their options using the photos and other MLS information provided online. Fewer buyers seeing the home means less potential to sell the home quickly and at a good price.
Until banks wake up and demand the agents selling their inventory to do more to market the home, they will find that they are not receiving the full benefits of the MLS and are missing many potential buyers.