LeapRE looked at the length of descriptions for listings for properties closed in 2011 and the average sales price by bracket. What LeapRE found was a correlation between length of description and final sale price. In the MLS, the maximum number of characters that can be used in a description is 420. The chart illustrates the percentage of listings with different character counts, and according to the graph, the higher the average sale price, the more characters used in the MLS description for that listing. Therefore, 22 percent of MLS descriptions that take up the maximum character count are for the highest average sale price in Chicagoland: just over $318,750; 26 percent of descriptions with 300 characters or less are for listings with an average sale price of $123,037. Does this mean agents are willing to put more effort into listing descriptions when the listing price is higher, but aren’t necessarily going to work as hard for a lesser-priced home?
Leap Real Estate Systems is the leading provider of online solutions for Chicagoland’s progressive agents. With over 20 years of software development experience and a keen understanding of the real estate industry through analytics, our mission is to create innovative products that improve seller communication and encourage data-driven decision making. For more information on our company and services, visit www.LeapRE.com.