Multiple Listing Service and Reverse Prospecting
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(Massachusetts) There is a seldom discussed feature of our local multiple listing service (MLS). Multiple Listing Service Local Property Network (MLS-PIN) has a feature for agents & brokers called "Reverse Prospecting". What reverse prospecting is, it's a feature where listing agents and brokers can see how many other agents and brokers have registered clients or searches for properties matching their listings features. The listing agent or broker can then look up each agent or broker that may have a client that will match the listing. It also lists the buyer's agent or brokerages contact information. One feature I've noticed that too few buyers agents and brokers enable is the ability to reverse prospect or contact them by email. On the surface one would ask, "Why wouldn't the agent or broker want to be available to learn about potential new listings?". As real estate services have embraced the Internet some agents or brokers either don't feel comfortable with their info out there, are bothered by the potential for large amounts of emails from potentially interesting properties and I'm genuinely hoping not, they just don't really care for electronic medium.
Reverse prospecting is a free and valuable service for listing agents to communicate quickly and efficiently with their peers about new properties, price changes, status changes or other noteworthy events or features of a property. It's also a free and valuable service for buyers agents to be on the ball and aware of the local market and potentially interesting properties for their clients.
Fortunately MLS-PIN allows for alot of data to be shared this way between the subscriber real estate professionals and even allow for rich HTML coding to make these notices more attractive & carry more & better detail. Prospective sellers should be aware of this feature and ask and make sure their agent or broker utilizes this feature to market their property. Prospective buyers should be aware of this so their agent or broker can alert them as soon as possible of that hot new property that might interest them or of a price change etc. that might make a property previously seen more attractive.
Just an interesting thought that can lead to some interesting discussion with your real estate professional