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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (3278)7/9/2002 3:34:47 PM
From: Elroy JetsonRead Replies (3) of 306849
 
The CLAW MLS made the change to a 48 hour delay last week.

Board members complained the one hour delay on the public site did not give them an opportunity to call up clients with "Hot" new listings. More to the point clients calling them saying why didn't you tell me about such and such a property.

I think the bigger problem is many firms using "pocket listings". The listing that is not entered into the MLS. MLS members must upload the details of a signed listing with 48 business hours or face a potential $500 fine. But they have to be caught first, and this does not apply to listings that are not yet signed. Agents will shop these deals to their clients and clients of friends to keep the commission in house. The losers are: the home seller whose home is not exposed to the entire market and transacts at a lower price; buyers who are not given an opportunity to purchase; agents who are not part of the listing cabal.

The market is weakening now, asking prices up sharply and thus volume dropping off, so few listings sell during the "pocket listing" phase. But several months ago when homes sold quickly a high percentage of homes sold before being entered into the MLS. Working agents would call about a home for sale and would never get their calls returned, simply to hide the fact that the property was already sold.

Another annoyance is the low computer savy level among agents. Most would rather pay the Los Angeles Times significant money to list their Open Houses in their "Caravan Express" magazine rather than enter the open house in the free CLAW Open House Guide.

I could go on.
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