What Does It Say When Listing Information Is Inaccurate?

 Garbage In Garbage Out

I was pulling my monthly resale sold housing statistics for September to send to clients and the data that came out was simply idiotic.  What it indicated for the month was that the average property taxes were $30,369 and the highest taxes for a specific house came out as an astronomical price of $605,391.   Now this was a popular Toronto neighbourhood and not the Bridal Path but the house that sold was a little less than $900,000 however it listed the property taxes at over $600,000.

Yes, it’s a stupid mistake.  But for 5 weeks no one noticed, not the listing agent , the buyer agent, other realtors or the Toronto Real Estate Board  and it was me (being the statistical nerd that I am) who found it…I have reported it to the Toronto Real Estate Board data integrity group who will be correcting it. I have two issues with this:

  1. This was listed by one the top real estate agents in Toronto who has a team of agents working under them and the data is wrong!
  2. The buying agent should not blindly accept the listing information, as it will be their buyers who will be

So you hire this selling agent, you know the one with their smiling face on a billboard, and assume they are the top in their profession.  But the issue is they are so busy promoting themselves they leave the accuracy of the property information to a series of team members or office admin.  If you are selling your home it is critical that you and your realtor sit down and do a line by line review of all property information to insure its accuracy.  Fact checking is always cheaper than litigation.

Now the buying agent should never accept what is on the property listing information as the gospel truth.   Everything from the legal description of the property, room sizes, property taxes, lot size, etc. should be all verified by the buyer’s agent as buyers expect you to do your job and your job is to provide accurate counsel and flag any potential issues.

Lets just say, the buyer agent and the listing agent will be the two newest members of a list of realtors who’s offers or listings will be subject to a full CSI forensics audit by me.  I have to be confident that my sellers or buyers don’t have something which comes back to bite them and for me the numbers must always add up.