The agreement defines a landmark initiative, providing SFAR’s MLS (Multiple Listing Service) with a revolutionary real-time listing sharing solution, giving the 4,200 member REALTORS®, and the MLS itself, instant visibility into listings that are of pre-market status.
“The San Francisco real estate market is on fire, and has been for several years now,” said Walt Baczkowski, CEO of SFAR. “A hot seller’s market means listings sell fast, often with multiple offers over the asking price. In this situation, many properties change hands before the listings ever hit the MLS. Our concept of a MLS messenger, a method for our members to communicate newly signed listing agreements in minutes with each other, is becoming a reality thanks to the power and reach that the RESAAS platform provides.”
Pre-market transactions are notoriously hard to track and measure, and can lead to a large percentage of sales not being recorded in the MLS records. This results in incomplete sales data, making the Comparative Market Analysis (CMAs or “comps”) inaccurate. This is the first ever solution to be curated in a partnership form with an MLS, of which the MLS is taking advantage of the RESAAS platform.
“Pre-market listings have become an increasing popular topic of debate, especially in booming seller’s markets,” said Tom Rossiter, President at RESAAS. “At RESAAS, we always focus on real-world scenarios that the real estate industry is facing, then use our technology to provide complete solutions. In this case, our platform will provide significant value to SFAR, which in turn helps their members become better informed.”
This announcement coincides with both the San Francisco Association of REALTORS® and RESAAS attending Inman News’ Real Estate Connect, the go-to industry networking event of the year, held in San Francisco August 4th to 7th, 2015.