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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Tradelite who wrote (3282)7/10/2002 7:11:27 AM
From: Elroy JetsonRead Replies (1) of 306849
 
Regarding so called "pocket listings". I believe that this slimey practice violates the Listing Agent's fiduciary responsibility to the Seller.

The agent places their interest in collecting the selling commission, in addition to the listing commission, above their Seller's interest in obtaining the best price by exposing their property to the entire market through the MLS. Many agents will try to rationalize away this conflict of interest - and besides they have E&O insurance when the Seller sues them - but they are betraying their Seller for their own interests.

Regarding delayed MLS data for the public, I think this is a misplaced concern. Real estate buyers who perform their own property searches are easier for a knowledgeable agent to work with - for heavens sake, they are doing more of the work themselves and become more familiar with what will meet their requirements. They will still purchase through an agent as the transaction and disclosures are complex, and more to the point all properties in the MLS have signed listing agreements requiring a commission to be paid.

If an agent does not believe they can provide value to their client without relying on "pocket-listings" and delayed market data to their clients, I believe they would be better off in a different career. As complexity increases, this type of agent will be forced out in time anyway - why not make the change now rather than further fighting to prejudice their client's interest.
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