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BLOG: REAL ESTATE - MLS OR NOT?

DOES THE MLS BENEFIT ME IN THE SALE OF MY HOME? By: Wendy Murphy, d'aprile properties October 7, 2021 I was recently approached by a potential client who asked if it’s beneficial for me to use the Multiple Listing Service (MLS) in my marketing plan to sell their home or are they better off trying to sell it off-market. As a real estate broker for over twenty-five years, I wanted to share my thoughts on the benefits of a marketing plan that includes the MLS as opposed to selling it as an off-market listing. The real estate markets across the county have seen record sales this year and our local market is no exception. Some speculate the pandemic has moved much of the workforce from office buildings to home offices and the appeal of a lake home has attracted buyers to our area. Many local homeowners have held onto their lake homes for use during this period of time, leaving buyers actively waiting for new listings to hit the market. As a result, demand has outpaced supply for the last year and a half, driving prices up. Sellers who decided to cash out have fared extremely well, seeing lakefront homes selling 30% higher than 2020. To give you a little background about the MLS, it was formed for the purpose of providing exposure for real estate agents' listings to other agents, thus connecting buyers and sellers. When I first received my real estate broker’s license in the 1990s, the MLS’s were all locally based, but they have evolved into a global network of real estate listings that now cover the entire country. It’s not only used by real estate agents but buyers, as well. On the downside, as agents, we have lost control of our data with online real estate portals, including Zillow, purchasing the data and in turn, selling access to our listings to other agents for buyer leads. While there are parts to the new evolution that bothers me, I can’t overlook the many ways that it benefits sellers. In this unique market, most agents have buyers waiting in the wings for listings to come available. When a new listing hits the market, buyers flock to see the home, which often results in multiple offers. It’s been a great market for sellers, but not so much for buyers. Sellers often ask me what the value of their home is, but the true definition of market value is “What a buyer is willing to pay.” The only way to know the real value is to test it in the market. With supply and demand in favor of sellers, the more buyers you can get into your home, the better the outcome will potentially be. One thing is certain, the exposure to buyers that one agent provides can’t compete with the powerful reach of the MLS and their ultimate online network of nearly three million agents. The more buyers that have interest in a home, especially in a seller’s market, like we are experiencing now, the greater the likelihood for multiple offers, and homes selling over the asking price. As a listing agent, I would be putting my needs before a seller if I were to encourage them to forgo the MLS and to work with one of my buyers. It would be to their advantage to list their home in the MLS for all the buyers to see and in the end, if my buyer has the highest bid, then they will be the one to buy the house. While a seller can have a fairly good understanding of their home’s value, they often base it on data that isn’t always accurate. For example, Zillow uses an algorithm to determine a market evaluation they call a “Zestimate.” Their accuracy depends on the availability of data in a home’s area. Some estimates are far too low and others too high, and unfortunately many homeowners rely on this information in assessing their own values before meeting with a listing agent. I recently met a homeowner who shared their sales goal based on data they found online. In the end, we sold it for a million dollars more than what they thought the value was because we let the market set the price through numerous showings and offers from buyers that perceived a higher value. There have been several off-market listings that have sold in our area this year with sales prices that were lower than what my buyers would have most likely paid. I can imagine other agents had buyers willing to pay more as well. If other agents had the opportunity to show those homes to their buyers, I believe the sales prices could have been higher. I have had sellers request to have off-market listings based on privacy concerns, and while I have reluctantly agreed, I did strongly encourage them to list in the MLS, explaining that they could achieve a higher sales price with the broader reach. I understand that some sellers may think the process of listing in the MLS is a burden; however, even if a home is sold off-market, the process remains the same. The home is still shown to potential buyers, although the pool of buyers is much smaller, and there will still be home inspections, and possibly an appraisal if the buyer is to secure financing. Every home sale in our area sets a precedent for future sales and value. For those looking to refinance their home for a change in rate or term, or to cash out and use the money for other investments, family emergencies, happy occasions such as weddings or education, your home’s value is dependent on good and accurate data. And for a house, the MLS is the main source of data for bank appraisers. Online real estate portals, agents, and buyers all utilize the data in the MLS as well to justify values based on similar sales that occur. Your neighbor’s home sale directly impacts the value of your home, and if it is not listed in the MLS, it will be buried in the tax records and not easily found. The market is changing throughout the country and we are seeing the number of homes available for sale increasing in our area. As the supply and demand begin to balance, sellers will find greater value in the power of the MLS, and its reach of buyers and agents across a larger platform. But in the meantime, while it still remains a seller’s market, I continue to utilize the MLS and recommend that my sellers do too. Not only will it help to reach more buyers and potentially have a higher selling price, but it will also enable all of us to accurately capture the sales data that directly impacts the home values here in our area. Wendy Murphy is a Real Estate Broker with d'aprile properties in Lake Geneva, Wisconsin. She is licensed in both Wisconsin and Illinois and belongs to two MLS's and Boards: Lakes Area Realtor Association and the Chicago Association of Realtors.

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In the News: Lake Geneva’s Shade Tree Recording Studio

World Class Lake Geneva Recording Studio Serves as Engineering Office Today Lake Geneva was at the top of the music scene for over a decade and the state-of-the-art recording studio that was housed in the Grand Geneva Resort & Spa, brought world class talent to our town. The Best of Lake Geneva visited the site of the former Shade Tree Recording Studio, which is now an engineering office, and was shocked to see that relics from the early days can still be seen. This highly respected studio made a big impact on the industry and pieces of its past are still used in music today. We pieced together the story with the help of the book “Grand Tale: History of the Grand Geneva Resort & Spa," SpringStation, as well as a forum for Mixing/Mastering Engineers where many shared their memories of the studio. It all began in 1978, when a local musician, Andy Waterman, presented the idea to the Playboy Executives, including Christie Hefner, Hugh’s daughter, who owned the hotel at that time. He felt that since top artists frequently performed at the resort and with the hotel being a host to many performers from the nearby Alpine Valley Music Theater, there was a need for a recording studio in the area. Playboy reacted quickly and, within a few weeks, Shade Tree Recording Studio was up and running. With it's tongue and groove ash paneling and Italian marble, according to String Station, it was esthetically pleasing to both the eyes and ears. The studio measured 35x24 and a 21 x 20 control room. It didn’t take long before top recording artists, including John Cougar Mellencamp, signed on. After a few years, the economy took a turn, record labels began to slash budgets and the studio began to suffer financially. After Playboy sold the resort to The Americana, in 1981, the studio, although still intact, sat dormant until 1985, when it became the Sound Summit run by the late Phil Bonanno. After some of his California investors pulled their money, Bonanno aligned with diamond importer, Ron Fajerstein, who renamed the studio Royal Recorders. Fajerstein is said to be the longest and most heavily invested owner. With an infusion of over $500,000 in high end equipment, including a Neve 8-68 Console (supposedly the same one used by John Lennon to record Double Fantasy), the studio became world class. Bands including Survivor, T’Pau, Cheap Trick, Guns and Roses, Bon Jovi, Adrian Belew, Robert Plant of Led Zeplin, Enuff Z’Nuff, Crash Test Dummies, Nine Inch Nails, Live, the Red Hot Chili Peppers, and many more, began recording at this studio. Bob Pucci, a bass guitarist from Chicago recalls “Royal rocked, I recorded there the whole summer of 1986 with my band The Ultraviolet, that Adrian Belew and Jim Bartz produced. The speakers were custom made Westlakes and the whole place was designed by Carl Yancher. The vibe was perfect… The other cool part was that it was right in the hotel. If you wanted a drink or food, it was right there and the even cooler part was its close proximity to the Alpine Valley concert venue… On any given night while doing my guitar tracks, I'd turn around and on the studio couch would be, The Beach Boys, Jefferson Starship, Mr. Mister... you name it. They all stayed at the hotel there which was called The Americana Inn then.” According to Michael Wagener, a record producer for SkidRow, “The studio was very well equipped and the whole environment was just ideal for a creating a rock album.” He went on to say “They even had a stretched Rolls Royce limo for studio guests to use.” Wagener recalled some of his memories he had about the time he was recording at the studio, including being introduced to jet skis on Geneva Lake, being able to stay in Hugh Hefner's room at the hotel, and seeing incredible rock shows at Alpine Valley every weekend (AC/DC, Judas Priest, White Lion, Guns And Roses, etc.). “The hotel was one of two in the area, so all the bands would stay at "our" hotel and all the kids would hang out in the parking lot, needless to say we had an amazing time” said Wagener. The studio’s production company traveled the world searching for new talent but eventually realized that the money it took to bring the bands to Lake Geneva was more than what the studio earned. So in 1992, Fajerstein sold the studio to two of his engineers and the name was changed to Music Head Studios. Under their direction, Live recorded their ‘Throwing Copper’ album that sold nine million copies and Crash Test Dummies recorded their triple platinum album ‘God Shuffled.’ In 1993, the Americana was put up for auction and rescued by the Marcus Group, who revitalized the hotel and changed the name to the Grand Geneva Resort & Spa. The studio continued to operate until 1994 when the business dried up. The studio was given back to Fajerstein who sold off the equipment. Michael Tholen is an engineer who was working with Ministry at the time the equipment became available. He recalls that they “stripped the studio of pretty much everything including the glass and trucked it all down to the new Ministry camp outside of Austin, Texas and began to make the album Filth Pig.” The gear ultimately ended up at Chicago Trax that was bought by R. Kelley, who changed the name to The Chocolate Factory. Grand Geneva's Marketing Director, Courtney Nobilio and Engineer, Randel Scheck, were happy to give us a tour of the department, which is now the Hotel's Engineering Department, and pointed out the elements that still remain. From the soundproofing foam on the walls and the marble flooring where the bands use to play, to the ash paneled soffits, you can get a glimpse of what once stood in the space. Scheck said that many performers stop in to see the old studio space and share stories from their past. Recently, when John Legend was performing in Milwaukee, his saxophonist stopped by the engineering office. “He told us stories about how his father use to record there and as a baby, he would crawl around the floors.” Scheck recalls. “We were also visited by Sebastian Bock of Skid Row about 4 or 5 years ago when he playing at an event in the area.” “You kind of wish these walls could talk.” adds fellow engineer Doug Andrews. So much history was made in this space and from the moment you walk through the reception area and into the studio itself, you can feel the energy. More details and pictures can be found in the book “A Grand Tale: The History of the Grand Geneva Resort & Spa.” You can purchase a copy at the resort. Visit www.grandgeneva.com/timeline/ for more history on this exclusive resort. For details on the specific equipment contained in the Royal Recorders Studio, visit String Station. For a detailed list of everything happening in the Lake Geneva area today, CLICK HERE.

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