Are you tired of your clients knowing about new listings hitting the market before you? It can be kind of embarrassing to agents. Plus, being first to know when a new listing hits the market can make all the difference. This is especially true in hot market areas and when housing inventory is low.
At W&R Studios we started an experiment the later part of 2015. We registered on all major listing portals, set up a saved search, and turned on their listing alerts. We started with two different cities – one covered by CRMLS in Southern California (Huntington Beach), and another city in Washington state (Auburn), covered by NWMLS. We chose these markets because we wanted to test how these alerts would be affected by MLS providers that have direct data agreements with major listing portals.
In the case of Redfin and Estately they are both brokers as well as portals, so they have the advantage of getting a direct feed from the MLS. They fared well in our test, but still not enough to beat Cloud Streams.
Also, only Redfin and Zillow had what they called “Instant” alerts, all the other were just “Daily”. Since Cloud Streams offers “real-time” alerts, we had a feeling that due to the way the product was designed, our alerts would arrive the fastest. Spoiler alert – we were right.
But speed isn’t everything. When it comes to listing alerts, consumers and agents want to trust that what they’re being shown is exactly what they’ve requested. So we set out to test reliability as well. This includes a) that listing alerts actually match the set criteria and b) did we get alerted of every qualifying home?
In every case, Cloud Streams beat the pants off the portals. In CRMLS Cloud Streams listing alerts came in on the same properties (on average) 1 hour and 4 mins before Redfin alerts and 5 hours and 20 mins (on average) than faster than Zillow. See the chart below:
But there is another key difference. Some MLS providers negotiate direct data agreements with portals like Zillow and realtor.com. In this case CRMLS has a direct agreement in place, NWMLS doesn’t. Does it matter? As you can see from the chart below, not having a direct data agreement with the MLS really did make huge difference.
In the case of reliability Cloud Streams once again came in first. In one area (CRMLS) Trulia only delivered 3 out of 13 qualifying listings (23%). In Auburn search (covered by NWMLS) realtor.com delivered only 25 of 56 qualifying listings (only 45%). Zillow only delivered 23 out of 56 listings (43%).
What about auto-prospecting systems on MLS? Shouldn’t they be the fastest? Short answer, nope. So far we’ve only tested one MLS (on Rapattoni.) and Cloud Streams sends listing alerts over 13 hours faster (on average) than the MLS. Keep in mind the highest frequency for listing alerts on most MLS systems is “Daily”, so Cloud Streams “real-time” alerts will always be faster.
If you want to see the raw data on the two cites we tested just click here.
If you want to try Cloud Streams for free just click on the link below: