Reading an MLS Listing

Reading an MLS
Listing
What the information means and why it’s important
Price
• Asking price of property is important
• Ask your Realtor for Price History
Address
• Location matters
• Ask realtor for comparable sales
• Look at location on mapping tool
Legal Description
• Pull title to find purchase history and owner
Photos
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Compare finishing
See layout
Compare mechanical
See neighbors
What is omitted?
Realtor’s Remarks
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Look for upgrades
Look for hints about damage or disclosure items
Look for clues about possible basement suite
Look for “flowery” language meant to glaze over poor
condition
Private Remarks
• Realtor cannot disclose
• Ask your Realtor for any disclosures or additional info
Bathrooms
• Total number important for rentability
Bedrooms
• Total Bedrooms – Above grade = basement suite bedrooms
Square Footage
• Stay over your minimum size
• Compare properties accurately
Basement
• Suite / Legal Suite
Goods Included
• Omissions can cost you money
Tax Amount
• Create an accurate pro forma
• Use Website to pull tax assessed value
• http://maps.edmonton.ca/map.aspx?lookingFor=Address
Lookup
Zoning
• Important if you plan to redevelop
Lot Size
• Bigger is better
• Important for redevelopment
• Can affect pricing
Parking
• Building a garage new is more than replacement cost
• Parking in Condo building expensive
Condo Information
• Condo fee includes – know which utilities
• Too high vs. Too low compared to similar can indicate
problems
Days On Market
• Can indicate motivation
• Ask Realtor for price reduction history
Occupancy
• Vacant properties indicate motivation
• May choose to avoid properties with tenants
• Seller occupied usually means non rental
Possession Timeline
• Can indicate motivation level
• Helps build offer strategy – offer the opposite of what they’re
asking for
Commission Structure
• Discounted commissions can indicate little room for
negotiation
Networking Break
• Meet 2 new people
• Ask: “Who do you need to meet this year to get closer to your
goal? WHY?”