No, you didn’t read that wrong, and no, this is not a drill.
You may remember back in January, we announced that PropStream MLS Sales Data and Failed Listings were no longer available (or maybe you don’t remember, it’s not like it generated any attention *insert canned laughter*). Well, we’re excited to announce it’s BACK!
(Don’t feel like reading? Check out our latest video to learn more about this update.)
Now, you may be wondering, “How in the world were you able to pull that off?” Well, the answer is… complicated, yet simple.
Grab yourself a warm cup of coffee and allow us to explain:
While PropStream does once again have access to the MLS Failed and Sold Data, we technically can’t share with you the EXACT MLS sale prices due to MLS regulations about third-party access.
However, because we’re committed to getting our users the best data at any cost, we’ve been working 24/7 on getting it back since our January announcement. So, to follow MLS regulations and provide our users with the data they need, we created a proprietary algorithm to give you the closest possible view of this data that is 99% accurate or better.
Thanks to the brilliant minds working diligently behind the scenes over here at PropStream, we’re now able to provide:
- MLS Failed Listings and sold dates by month
- The return of the “Failed Listings” Quick List
- Recently-Sold MLS Sales Prices as an “estimate” that is guaranteed to be 99% accurate based on our proprietary algorithm
While we’re not providing MLS Sales (AKA “MLS Comps”) Data exactly the way we were before, our estimate is the closest you can get to learning the exact sale price without a real estate license. This makes it crucial for a real estate entrepreneur like a wholesaler, fix and flipper, landlord, lender, etc. who lives in a non-disclosure state and doesn’t have access to the MLS!
Why This Data Returning is So Important
If you’re new to PropStream, you may not quite understand why this data is such a big deal. With this new data, you can:
- Get an MLS Sold Estimated Price that’s 99% accurate or better, even in non-disclosure states (without MLS access or this data available in PropStream, you’re left to guess this information as it’s not made public in non-disclosure states)
- Access our MLS Sales Estimated Price before the public record is available (giving you a massive edge against your competition)
- Combine the speed of the MLS with the completeness of public record data to pull the most accurate comps
No other third-party real estate data providers currently have nationwide access to this data. So if you’re in a non-disclosure state or you want to access MLS Sales Data before the competition, PropStream’s your solution!
We’re ecstatic to be able to bring this data back so our users can have every tool in their belt as they go head-to-head with local competition and pitch to qualified prospects. If you need more clarification on this update, attend a Live Webinar on Monday and Thursday, or feel free to reach out to our rockstar customer support team:
- Send an email: support@propstream.com
- Call toll-free: (877) 204-9040
For your convenience, we’ve inserted FAQs below as well.
Ready to start browsing this new data? Sign up for a 7-day PropStream free trial today!
FAQs:
What Does MLS Stand For?
Multiple Listing Service
What is a Multiple Listing Service?
The “Multiple Listing Service” are private databases established by selected real estate brokerages that are maintained and paid for by real estate professionals to help their clients buy and sell real estate property. There are almost 600 MLSs across the U.S. Each one operates independently and is governed by the National Association of Realtors (NAR).
What is MLS Data?
MLS is broken into two parts: public and private data. Public MLS data is best described as all the data you would typically see in a listing. This information is created by the real estate agents who are hired by the property owner to sell the property. It can include things like pictures, descriptions of the property, how the agent wants the house to sell, etc. Private information, which is reserved typically for brokerages and agents (aka back office), includes Sold datasets, the Sold Price of the property, the date of sale, or the date the listing failed.
What is the difference between MLS Data and MLS Sales Data?
MLS Data includes all public data you would typically find in a listing; it also includes private data related to a sale (Completed and Failed). MLS Sales Data includes the dates of Failed or Sold Listings and the actual price of the sale. MLS Sales Data is returning to PropStream with a proprietary algorithm that meets MLS regulations/requirements. This algorithm provides our customers with the best access to Sales Data as possible without having to be a real estate agent.
Why does the MLS not allow third-parties to publish MLS Sales Data?
The MLS owns and controls all its data, including its Sales Data. It limits its data use to the public and only allows licensed real estate agents to have full access, including to its Sales Data. PropStream once again has access but can not publish the exact data due to MLS Sales Data regulations. So, they created a proprietary algorithm to offer the closest possible data.
How accurate is the returning data?
PropStream has developed a proprietary algorithm in order to guarantee over 99% accuracy for the MLS Sales Price.
Will you ever get the actual data back and be able to show us the real deal?
Maybe! Our data team is always looking for new ways to access current & new data our customers need.
Is it possible for you to lose this data again?
There are over 600 MLS boards, each with their own set of data and rules.
Unfortunately, this is always a possibility due to the MLS’s owning this data. Since it belongs to them, they get to decide who has access and who doesn’t. PropStream’s data team is always looking for new ways to access current & new data that customers want/need.
What is a disclosure and non-disclosure state and how does the MLS Sold Estimate impact our users who operate in these markets?
A disclosure state is a state that allows or requires the recording of a property’s sale price, making it accessible via public records. In non-disclosure states, this information is considered non-public and you will not be able to see this information.
Essentially, if you are looking at properties located in any of these states, you can not see the actual Sale Price of a property unless you have access to the MLS for that market or know someone with access. Even then, MLS sales prices are manually entered by a real estate agent and may not always be 100% accurate. The non-disclosure states are
- Alaska
- Idaho
- Kansas
- Louisiana
- Mississippi
- Missouri (some counties)
- Montana
- New Mexico
- North Dakota
- Texas
- Utah
- Wyoming
With the MLS Sales Data returning, people working in non-disclosure states can now access an MLS Sales Estimate that’s 99% accurate (less than 1% off from the actual sales price).
What’s the benefit? Access to almost real-time property sale information. Public documents can take weeks to record and that means your Comps might be out-of-date With MLS sale prices you can pull almost real-time MLS comps, in addition to Public Record comps as soon as they become available.
In the Last Sale Box of Property Details: What is the difference between Public Record Sales Price, Public Record Estimated Sale Price, and MLS Sold Estimated Price?
- Public Record Sale Price is the actual sale price of the property published in the recorded document that is recorded by the county.
- Public Record Estimated Sale Price is an estimated calculation using public record data only to estimate the sale of a property in a non-disclosure state because the sale price is not provided.
- MLS Sold Estimated Price is guaranteed 99% accuracy of the actual sold price from the MLS sale. This value is always an estimate irrespective of being a disclosure/non-disclosure state.
In the Property Details, what is the difference between Estimated Values, Comparables, and Last Sale?
An estimated value or Estimated Market Value: Is an Automated Valuation Model calculated monthly, where its complex algorithm is tied to property characteristics. It is highly automated and does not take into account the condition of the property and any updates or renovations to the property that would help in increasing its value if it would be sold. This price can help in understanding the value of the property when then there are no other figures to compare. There are two figures here; the current value and the value from the previous 12 months.
Comparables: Are used to aid in the calculation/estimation of the current or potential value of properties. They consist of properties that have sold recently and/or are currently on market for sale. Users have the ability to customize their filters & view to create their perfect list of Comparables. The system automatically defaults to Sales Only, within the last year, with a +/- of square footage (related to the subject property) and located within ½ mile of the subject property.
Last Sale: The last sale will contain two values: One from public records and the other from our proprietary MLS Sold Estimate (guaranteed to be 99% accurate). If you are in a disclosure state the public record sale will be the actual sale price and in non-disclosure states, this will be an estimate. The MLS Sold figure will always be an estimate.
How do I run comps now with the MLS Sales Data returning [and how reliable is it in comparison to Public Record]?
When you run comps, you want to see the figures from properties that have sold within 0.5 miles radius of your target property. The following data is good to use in comps:
- Last Sale public records - the actual price if you are in a disclosure state, and the estimated price if you are in a non-disclosure state.
- MLS sold estimate.
- You can also check within a 0.5-mile radius for similar properties and include MLS Active, Pending, and Contingent Listings*. This search is particularly useful to add if you are in a non-disclosure state.
Here is a video on how to run comps with the new data.
What is a Failed Listing and what is it used for?
A Failed Listing means a property was unable to sell on the MLS through the listing agent. This data is a good indicator that the property owner has motivation to sell.
Where do I see sales prior to the last sale?
You can see prior sales for a property under “Mortgage and Transaction History” on the “Property Details” page.
