Why MLS Access Isn’t Enough for Agents: How Privy Adds Value

Using a Multiple Listing Service (MLS) is a real estate agent’s bread and butter, of course. However, the industry’s competitiveness and the unpredictable nature of the economy and other factors often means agents need to rely on more than their MLS for success. Especially if they want to work with seasoned real estate investors. 

Real estate agents need a modern tech stack. Low inventory, rising house prices, and high interest rates have put many agents in a tricky position. While an MLS is a centralized hub for property data and information, it’s not enough for today’s real estate agents who want to be experts in their field, and rise above the rest. 

MLS access is only one part of the puzzle. Whether you’re starting as a real estate agent or expanding your business, it can feel hard to tackle the real estate learning curve. Whether it’s about making data-driven decisions, or identifying the best real estate opportunities for your clients. The industry is undergoing a major technological evolution. The first MLS was developed in 1885 and almost 140 years later, we’ve developed MLS data for greater insights – but it’s not enough for today’s real estate agents. 

At Privy, our real estate agent software makes you an expert in your market to find the best investment opportunities for your clients. Traditional MLS platforms are not tailored for investment analysis, lacking the necessary features to quickly identify viable investment opportunities.  Read on to find out why MLS access isn’t enough and how Privy turbo-charges your MLS data, so you never miss out on a good investment opportunity. 

Understanding MLS Access for Real Estate Agents

Multiple Listing Service (MLS)  is a database, enabling agents to share property information with potential buyers. This online database includes extensive property information, provided by brokerages and sellers, along with market insights. Ultimately, MLS access also serves as a networking opportunity for agents to connect with investors, other agents, and brokers. 

MLS access gives real estate agents real-time updates on properties to keep them informed on local market dynamics, including identifying property listings under contract, sold, or currently active. 

However, relying solely on MLS access isn’t enough for today’s highly competitive market. Searching manually through a database is time-consuming and almost every other real estate investor will have access to this basic information. While MLS data needs to be the core part of your tech stack, it can be leveraged in more powerful ways to give you a competitive edge.

Privy transforms standard MLS access into actionable insights, ensuring agents can identify lucrative investment opportunities. Privy has partnered with MLS’s and has  data coverage for 98% of the United States, meaning if you’re an agent, we likely have you coveredWe’re incorporating new areas into our coverage on a rolling basis, having recently extended our direct-to-MLS coverage to Prescott, Arizona, Northern California, and Northeast Alabama. 

The Challenges Real Estate Agents Face with MLS

Why is MLS access not enough for real estate agents? On its own, MLS access provides limited data insights due to the static nature of these listings and the fast-paced nature of real estate means agents require more insightful data. 

One of the challenges of traditional MLS access is that it doesn’t meet the competitive needs of estate agents. 

Real estate agents often struggle to deal with the vast amount of data they get from an MLS. These databases include a wide range of information, such as property listings, market trends, and transaction histories. Data integration poses a headache for most agents as they try to incorporate this data into their workflow, often leading to errors and inconsistencies. 

Privy looks at MLS data with an investment lense to deliver instant value, enabling agents to efficiently support their clients’ investment needs. Privy tracks where investor activity occurs within MLS data, allowing agents to target high-potential investment areas.

Non-Disclosure States

Non-disclosure states can also pose a problem for MLS access. In certain states, you as a real estate agent are not required to disclose certain details relating to a property to potential buyers. Such information includes the property’s overall condition, the presence of mold, and details relating to previous repairs and renovations. None of this information is required to be disclosed to public bodies or recorded on a public database, including an MLS. 

There are currently eleven non-disclosure states in the United States: Alaska, Idaho, Kansas, Louisiana, Montana, Mississippi, New Mexico, North Dakota, Texas, Utah, and Wyoming. Missouri is a partial non-disclosure state. Some non-disclosure states have counties where these rules do not apply, adding further complication. 

County office employees are prohibited from disclosing this information, but it can be shared and discussed by other stakeholders. Therefore, information for these states can still end up in the MLS, providing a workaround for real estate agents, but they’ll need to utilize more information and networking to navigate these markets.

How Privy Adds Value Beyond MLS

Privy is one of the best online resources to help real estate agents stay competitive in the real estate investing space, adding value beyond just providing MLS data. Real estate agents can access advanced data analytics, real-time market insights, and investment analysis tools to find the best deals for their clients. 

Our property database offers 98% coverage of all residential properties in the United States using real-time MLS feeds and off-market data, going further than traditional MLS access. Real estate agents can filter data searches by source and identify properties by searching local markets or using map drawing tools. You can analyze a property as any deal type, making it easier to conduct in-depth property searches and engage with potential buyers and investors. 

Privy goes further than a traditional MLS, providing off-market and public record data to find properties including foreclosures and vacant buildings. Our data insights make it easy to conduct property comparisons and track property deals in real-time.

Scale Your Real Estate Business

Privy is a  platform that allows you to scale your operations and engage with investors, repeat buyers. You can easily engage with investors and heighten your visibility by providing valuable data, branded to your brokerage. Scale your operations and expand your network by working with investors who need your help to navigate local markets.

As a Privy Pro Agent, you can connect directly with investors by putting you front-of-mind for their next property deal. iInvestor leads will reach out to you in the platform, and allow you to grow your client roster and expand your client base. Let new clients come to you with the help of Privy. 

Privy connects you to investors to support new client expansion. Privy transforms the way REALTORS connect with potential investor clients by making their profiles visible to active investors in the MLS market. When selected as a Privy Preferred Agent, REALTORS receive instant notifications of new investment leads, adding them to a potential client roster and streamlining the expansion of their client base. 

You can connect with investors actively searching within your MLS market with the option to have Deal Alerts and LiveCMAs branded to your brokerage.

Agents can streamline lead generation using our ‘Search Investor Activity’ feature, including setting up saved search templates for clients with deal matching. You can also integrate printable CMAs into listing presentations and marketing materials using Privy.

Develop your growth strategy by checking out the best lead generation strategies for real estate agents in 2024.

Nurture Client Relationships

Privy can help you nurture meaningful connections with investors when leveraged correctly.Privy equips REALTORS with sophisticated tools to efficiently offer expert advice, and become a trusted advisor. The platform enhances deal analysis and client interaction through features like customized search criteria, Deal Alerts, and investor-specific LiveCMAs™, all branded with the REALTOR’s information to maintain visibility and relevance. Additionally, Privy’s dynamic Investor Activity tracking delivers real-time market insights, enabling REALTORS to present well-informed, attractive reports that boost client trust and decision-making. This strategic support not only heightens client satisfaction but also reinforces the REALTOR’s role as an indispensable part of the investor’s transaction, driving increased ROI and ensuring they remain top of mind for future investment opportunities..

Enhanced Data Analytics

REALTORS can find new investing hot spots for investors and really answer “How’s the market?” “Where are the best places to invest?” with confidence. Privy was designed to sift through real estate data to help REALTORS show clients which markets are hot, which are viable, and which should be avoided.

Our goal at Privy is to provide advanced data analytics to real estate agents to grow their businesses. Every feature is populated using direct-to-MLS data for real-time insights across different data sets. Our dynamic investment tool enables real estate agents to identify profitable deals and leverage the potential of MLS data to build relationships with investors.

These enhanced data analytics are created by fusing MLS data with lender data and public records for a 360-degree market analysis. The easy-to-navigate dashboard puts all the data you need in one place with actionable insights. 

Privy’s LiveCMA

REALTORS can automate for investor clients with tailored saved search criteria, Deal Alerts, relevant market information, and investor-specific LiveCMAs™ for no-brainer deal analysis in an easily accessible UX. Privy brands everything to the REALTOR, always keeping them top of mind.

As a real estate agent, you’re looking at hundreds of properties every week. A traditional MLS makes it time-consuming to sort through this data and understand it. An agent needs this data to show an investor a property’s potential to convince a buyer that it aligns with their needs. That’s where our LiveCMA comes in. You can assess a property’s potential in just seconds by leveraging MLS and other data to provide insights tailored to your client’s goals.  

Investor Activity enables real estate agents to track market trends and spotlight deals with proven success, while the Comparative Search feature automates the search process to align results with investor insights. The LiveCMA goes further than any MLS, analyzing potential investments, including using completed listings, to give agents real-time updates on market conditions and property listings. Agents can go one step further by using the CMA Selector to instantly conduct a comp analysis for properties, for example, determining if a fix and flip could be a long-term rental. 

Enhanced Adjustment Tools for Property Comparison

Adjustment tools enable real estate agents to determine the valuation of a property. At Privy, we offer a range of adjustment tools with 97% land coverage of MLS data, including 86 million fix and flip properties to compare to. Instead of using different software and platforms to support your workflow, Privy integrates all the tools that a real estate agent needs into one platform. 

Conduct property assessments with off-market and public record data for detailed comparables, including before and after photos, construction specifications, lending data, and after-repair value. 

Privy’s patent-pending comping technology shows you similar deals, active and ready to be closed, delivering all nearby comparable properties in just a few clicks. Agents can use this information to enhance their client’s experience and connect buyers with suitable properties.

Read in our-depth guide on how to adjust comps for differences in property features and our guide on after-repair value (ARV) for more advice on how to leverage MLS data.