Syndication matters because it handles the distribution of real estate data, your biggest asset. What happens to your data directly affects your relationships with your clients — and that’s an even bigger deal.
There’s so much data being sent from place to place on the Internet these days that it’s important that every broker and agent gain a keen understanding of syndication tools, strategies and policies they can incorporate into their business.
Syndication matters because it has an impact on the real estate transaction before the broker ever gets directly involved. Consumers make important decisions as they peruse real estate listings on portals all over the Internet.
From the earliest moments of a property search, a potential buyer establishes likes and dislikes, forms opinions about home values, neighborhoods, schools and a lot more. But the very data that helps them make these decisions has most likely been syndicated many times over — and in some cases, it might not be completely accurate.
The cascading effect of inaccurate listing data on the Internet is played out every day, in your office.
Clients may come to you having seen lots of this bad data and formed a skewed, or possibly an unrealistic, view of the market. That can be a rough start for a relationship that is supposed to be based on trust and expertise.
Here’s another thing to consider: Despite how prevalent syndication is within the industry, many brokers don’t proactively utilize all the tools available to them to manage it.
That’s why MRED maintains an expert staff to help brokers make informed decisions about syndication.
Defining your own syndication policy and taking strategic control of your listing data can be quick and easy — and we are here to help.
Syndication has the potential to greatly enhance a broker’s value to buyers and sellers, because it can deliver exactly what they want when they want it: information about, and exposure for, listings.
That’s because sellers want too sell their home as fast as possible, for the highest price. Buyers want to see the most accurate data when they’re shopping for a home.
Syndication can help bring the buyer and seller together faster. It has the potential to provide exactly what buyers and sellers want, exactly when they want it.
Syndication, at its most basic, is designed to get the seller’s home in front of as many potential buyers as possible, as quickly as possible. It is also designed to give the buyer all the information they want about available properties in their market, as quickly as possible.
So when a property hits the market, the first thing a seller expects is that their broker will promote their home to a wide audience.
It’s no surprise that the first thing sellers often do after listing their home is to look for it on the major portals.
Syndicating listings satisfies the seller’s desire for mass marketing and can certainly gain a very big audience of potential buyers. Syndication is the Internet equivalent of automatically putting up for sale signs on every street corner in town.
But the other side of syndication matters, too. Listing information rarely stays the same for very long. Things happen. Prices change, remarks get edited, photos are updated or maybe the listing simply gets pulled from the market.
So what happens when something changes, and some of these sales channels now display old, outdated information?
It can lead to frustrated sellers, annoyed agents and a nettlesome and tedious process to get outdated information expunged from the Internet.