MLS Cited as Best Source of Accurate Listing Data

The most accurate listing data comes directly from the MLS

Earlier this year, real estate search giant Trulia released the results of a study of incoming data from third-party syndication sites through its Trulia Direct Reference program, which compared that data against MLS information between Feb. 15 and April 15, 2011. Among the more than 430,000 listings submitted, Trulia found an error rate of 21.3 percent for either a listing’s price or status from third-party syndicators of listings data that did not come from an MLS.

Why the discrepancy?

When it comes to searching for real estate online, consumers might think one system is just as good as another – but this is far from the case. Many search sites collect data from a variety of sources that may not be obligated to monitor or maintain the data with the same regulations that an MLS imposes upon its subscribers. With each degree of separation from the original data, more errors occur.

MLSs have raised this concern for the last several years, and industry leaders have provided guidance to leading consumer search sites to help improve the quality of listing data available to the general public. Their efforts have given rise to studies like Trulia’s that underscore the value of MLS-originated data, which is monitored by compliance staff, updated as often as several times per hour and self-policed by the MLS subscriber community.

In the greater Bay Area, the primary local MLS is MLSListings, Inc., representing the counties of Santa Clara, San Mateo, San Benito, Monterey and Santa Cruz. Its president, Jim Harrison, serves on the MLS advisory board for Trulia, and has been a leading proponent for providing quality, trustworthy data to consumers.

“Trulia has consistently advocated for the best quality data for its users,” said Harrison. “Their ongoing efforts are to be commended for helping raise the bar among other consumer sites, to the ultimate benefit of the consumer.”

MLSListings’ own consumer-facing website, MLSListings.com, is a direct line to the original MLS data – offering the general public the same level of accuracy and timeliness that its subscribers access – with an error rate of less than two percent. Last year, MLSListings’ agent and broker subscribers awarded it the highest rating for data accuracy in the nation, according to the WAV Group, an independent advisory firm which specializes in MLS operations consulting.

To view the report, click here.

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