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.)
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” Lead List
This data is 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 via a real estate license!
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 Price, 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 Sold 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
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.
What is a disclosure and non-disclosure state and how does the MLS Sold Data 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.
The non-disclosure states are
- Alaska
- Idaho
- Kansas
- Louisiana
- Mississippi
- Missouri (some counties)
- Montana
- New Mexico
- North Dakota
- Texas
- Utah
- Wyoming
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
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 a 0.5-mile 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 Data—accurate regardless of the state you operate in.
- 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.
What is a Failed Listing, and what is it used for?
A Failed Listing means the property was unable to sell on the MLS through the listing agent. This data is a good indicator that the property owner is motivated 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.
