Why Does Syndication Matter?
Your data is your most precious asset, and syndication is the distribution of that data. And what’s more is the integrity of your data directly affects your relationships with your clients. After all, consumers make important decisions as they peruse real estate listings on websites all over the Internet.
From the earliest moments of a property search, a potential buyer establishes likes and dislikes, forms opinions about home values, neighborhoods, schools and a lot more. But the very data that helps them make these decisions has most likely been syndicated many times over — and in some cases, it might not be completely accurate.
The cascading effect of inaccurate listing data on the Internet is played out every day.
Clients may come to you having seen lots of this bad data and formed a skewed, or possibly an unrealistic, view of the market. That can be a rough start for a relationship that is supposed to be based on trust and expertise.
Here’s another thing to consider: Despite how prevalent syndication is within the industry, many brokers don’t proactively utilize all the tools available to them to manage it.
That’s why SABOR maintains an expert staff to help brokers make informed decisions about syndication.
With data being dispersed around the Internet so frequently these days, it is critical that every broker and agent understand how to use syndication tools as well as develop the business strategies and policies that ensure their data is managed thoughtfully and carefully.
Defining your own syndication policy and taking strategic control of your listing data can be quick and easy — and we are here to help.
Syndication Matters to Buyers and Sellers
Syndication can exert a great deal of influence when it comes to a buyer or seller’s perception of the broker’s value because it provides exactly what they are looking for: listing information. The buyer wants access to accurate data when they begin their home search, and the seller wants to sell their home quickly for a good price.
Syndication is the bridge that brings the two together, faster. It has the potential to provide exactly what buyers and sellers want, exactly when they want it.
Syndication, at its most basic, is designed to get the seller’s home in front of as many potential buyers as possible, as quickly as possible. It is also designed to give the buyer all the information they want about available properties in their market, as quickly as possible.
Syndication Affects Sellers’ Behavior
A seller often expects their broker to promote their home to a wide audience and will even look for their listing on the major websites.
Syndicating listings satisfies the seller’s desire for mass marketing while also gaining a large audience of potential buyers.
But the other side of syndication matters, too. Listing information rarely stays the same for very long. Things happen. Prices change, remarks get edited, photos are updated or maybe the listing simply gets pulled from the market.
But what happens when something changes? Perhaps the price dropped, or photos were updated. If the site the listing is displayed on still shows the old, outdated information, it can cause sellers to become frustrated.
Because of this, REALTORS® need to be informed about syndication, and help their sellers make informed choices in the midst of their options.