Creating an effective MLS (Multiple Listing Service) listing is crucial for attracting potential buyers and expediting the appraisal process. A well-crafted listing not only highlights the property’s best features but also provides essential information that can streamline the entire transaction. Here’s a comprehensive guide on how to post the most effective MLS listing, including what information to include, what pictures to take, necessary disclosures, and more. We will be focusing on three specific aspects of an MLS listing.
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Detailed Property Description
The property description is your chance to tell a compelling story about the home, but also to dispense relevant information about the property, market, neighborhood and town. This allows both a potential buyer and the appraiser to see where this property falls within the real estate market. Here’s what to include:
Unique Selling Points and Recent Upgrades: Highlight what makes the property stand out. Mention features like a newly renovated kitchen, spacious backyard, or energy-efficient windows. List any recent renovations or upgrades, such as a new roof, updated HVAC system, or remodeled bathroom. This is also crucial information that allows the appraiser to determine the condition and quality of the respective property.
Room Counts and Square footage: Provide specifics on the number of bedrooms, bathrooms, and total square footage. Mention any special rooms like a home office or gym. A good realtor will distinguish between above grade square footage and below grade square footage; essentially, they will provide a breakdown of all the finished areas and specify where they are located within the home. They will also specify if any of the square footage is located in an outbuilding or in an area that is not connected to the main house. This not only helps the potential buyer but also the appraiser in determining an accurate estimation of the Gross Living Area. Not all finished areas are part of the Gross Living Area, for example a finished basement is not considered to be part of the GLA.
Location: This is one of the most important variables affecting a property. Include details about the neighborhood, such as proximity to schools, parks, public transportation, and shopping centers. A property’s location isn’t just limited to where it is within a town or a neighborhood. Specific things access to water, such as lakefront or waterfront properties also matter since they come with access and with views. In more urban areas, a condominium unit’s floor location and floor level are significant because the city views in those cases are factors that a buyer might consider. This is where a good realtor will also provide essential disclosures such as any potential influences like power lines, train tracks or easements that might be in place. This helps the buyer and helps the appraiser in understanding what external factors may be affecting a property and a neighborhood’s sale prices.
Leases and Rental Income: If the property in question is a multifamily or an income generating property, the buyers are just as likely to be interested in the leases and the rental income, as they are in the property itself. Information regarding tenants, leases, and rental amounts should be first and foremost when it comes to these types of properties. Not only do they help buyers and potential investors, they are also a major aspect of the appraisal.
Project Information: If the subject property is a condominium unit or part of a Planned Unit Development, the project information is very important for both buyers and appraisers. For a condo unit, things such as the condo fee and what it covers are significant. For subdivisions and PUDs, information regarding the Homeowner’s Association, such as fees or restrictions, also affect the appraisal. In more urban areas, parking spots, whether assigned or deeded, need to be disclosed properly. A realtor should also note the details of common areas, special assessments if there are any, or any legal issues that might be affecting the project.
Mandatory Disclosures: Transparency is key to building trust and avoiding legal issues. Additionally, disclosures can, and do provide, essential context for all the other aspects of a property. Disclosures to do with property conditions, such as known issues like plumbing problems, roof leaks, repair concerns etc., help the buyer in making an informed decision. Informational on environmental, health and safety hazards are of the utmost importance, as there are often legal considerations surrounding them. A realtor should always disclose information to do with legality, permits, asbestos, lead paint, proximity to flood zones, etc.
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High-Quality Photos
High-quality photos are essential in depicting a property faithfully and truthfully. In an MLS listing, the photographs are the medium by which both buyers and appraisers judge a property. Here are some tips:
Exterior Shots: Take pictures of all four sides of the property, capturing the landscaping and any outdoor features like a deck or pool. In addition to the exterior photos of the building, a realtor should also include the street views in both directions to show where the property falls on a street. If there are any external factors such as a corner street or cul-de-sec or a school across from the subject, these exterior pictures help provide context.
Interior Photos and Key Features: Ensure each room is clean and well-lit. Take photos from multiple angles to give a comprehensive view. Try to include essential features like the windows, light fixtures, heating elements, fireplaces, built-in bookshelves, or high-end appliances etc. This not only highlights the rooms but also provides good information to the appraiser.
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Floor Plans, Virtual Tours and Videos
With the rise of digital tools, offering floor plans, virtual tours, along with videos can significantly enhance your listing. As mentioned previously, the visual element in an MLS listing is paramount. The more an appraiser and buyer can see of the property, the better they can make accurate decisions.
Conclusion
Creating an effective MLS listing is a blend of providing comprehensive information, high-quality visuals, and transparent disclosures. By following these guidelines, you’ll not only attract more potential buyers but also facilitate a smoother appraisal process. Remember, a well-prepared listing can make all the difference in a competitive real estate market.
At Boston Appraisal Services, we understand the importance of accurate and appealing MLS listings. Whether you’re a real estate agent, seller, or buyer, our expert appraisers are here to assist you in making informed decisions. Contact us today to learn how we can support your real estate needs.
