The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Elroy Jetson who wrote (3279)	7/10/2002 5:57:31 AM
From: Tradelite	Read Replies (3) of 306849

<<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.>> Elroy and Mulholland....what reforms would you propose for the real estate industry in your area? Should we return to the days of real "pocket listings"? That would be the 1950s and 1960s, when there was no real MLS and all listings were pocket listings. Should Realtors just step aside and let all buyers and sellers deal strictly with each other? Should each and every home seller be left alone to place his own ads and attract his own market? Should each buyer take the time to ferret out all the homes for sale in his community without any help from anyone else? Should buyers walk into houses blind without any comprehensive source of information at all about comparable sales and pay any price the seller is asking? Which one of you people is going to volunteer--without pay--to use your "computer savvy" and develop a free database of home sales across the country, so that buyers and sellers will have a reliable source of information for dealing with each other? Aside from the rule that listings have to be entered in the MLS within a certain short time period (UNLESS AUTHORIZED DIFFERENTLY IN WRITING BY THE SELLER--WHICH THE SELLER SOMETIMES DOES FOR SPECIAL REASONS), do you believe agents owe the "market" any particular transparency that is not already being given? These are sincere questions, and merit some sincere answers. If you have some good ideas that would mitigate the criticisms you raised, please share them. In my humble opinion, as long as real estate sales remains a "business", complete with all the competitive pressures of being a business, not much can be done to change the situations you mentioned. Real estate brokerage is not yet a regulated utility--do you think it should become one?

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