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Internet Information and Value

by Administrator on Mar 30, 2019 Market Conditions Articles 103 Views

If you own a parcel of real property and you attempt to sell it you may find that your past agent may have spent a lot of time and money “getting the word out” to potential buyers by publishing information on your real property via data marketing sites and via the posting of polished flyers.  Your listing agent usually has a website and often they additionally pay to display your listed property on one or several third-party sites.  It’s what you were looking for them to do, right? 

It sounds like a great idea listing your property with as many websites as possible, like for example the one owned by the listing agent / broker, the local Realtor site that often uploads to realtor.com, the multiple listing service (MLS) website, loopnet.com, landandfarm.com, trulia.com, landwatch.com and the list goes on and on.

One problem that you may not have imagined is that the information your or your past agents posted on the Internet did not just go away.  Go to bing.com or google.com and do a search yourself and see what comes up.  Even many secondary search sites will reference the information on your data or the site holding your data for everyone to see.  It may be old but it doesn’t often go away itself. 

In fact there may be many old websites and old offering information that is floating around out there in the ozone from defunct sites like propertyline.com or it may be held by sites like loopnet.com that keeps historical real property listing information as part of their business model. 

You offered your land for sale years ago at $ 3,000,000 and you and / or your agent did a great job of circulating that price via websites.  Two years later the property may now be worth $ 4,000,000, but what do you think is going to pop up when an interested party does an Internet search?  The lower asking price will come up of course.

 As an appraiser I always spend time looking at any historical data that resides on the Internet.  I know that when everyone searches for your property they will find the $ 3,000,000 offerings.

It’s my opinion that Internet postings can negatively impact the marketing of a real property.  The real property may today be worth $ 5,000,000, and the proof of that may be clear based on the comparable sales that I use in my appraisal report, but that old $ 3,000,000 asking price will just keep coming up over and over and those less informed about how it all works will think that someone is asking a great deal more than they were before.  That’s just greed, right?

Trying to remove the old data can be difficult.  A disgruntled past agent may just avoid your phone calls, or you may not be the one who posted the information so the site doesn’t want to take a request from you to remove it.

For more appraisal information contact Glenn J. Rigdon MA, MRICS, IFAS, ASA is a Las Vegas / Henderson Nevada based appraiser who can be contacted via email or via his business website known as Appraiser Las Vegas  (http://www.appraiserlasvegas.com), or http://www.horizonvillageappraisal.com, or you can also click on “Contact Us” on the home page of this website or visit my public profile at LinkedIn at http://www.linkedin.com/pub/glenn-rigdon-ma-mrics-asa/1a/30b/879/

Article source: http://www.appraisalarticles.com/General-Appraisal-Articles/Market-Conditions-Articles/4730-Internet-Information-and-Value.html

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