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"They grew so prevalent in some parts of the country that the National Association of Realtors (NAR) passed a policy against the practice in 2019, requiring bro
by joezydeco 5y ago
"They grew so prevalent in some parts of the country that the National Association of Realtors (NAR) passed a policy against the practice in 2019, requiring brokers to list any property that they are marketing to potential buyers on the multiple listing service, or MLS"
Right. So the realtors instead created a second listing network to "draft" listings before putting them on the MLS. What a tidy little loophole.
https://chicagoagentmagazine.com/2021/04/05/mred-launches-revamped-private-listings-network/ https://chicagoagentmagazine.com/2021/04/05/mred-launches-re...
- bombcar 5y agoThe realtor market is already a cabal-like gang so it’s not surprising they’d do that. You can’t really stop things like this without actual laws and penalties as people can just not “list”. In an era of internet access to the MLS they need to provide value - apparently by creating a secret secondary market.
- nradov 5y agoThere's no need for laws here. If I want to sell my old bike to a friend I'm not required to post it on Craigslist first. Real estate is no different.
- joezydeco 5y agoHowever, if there's someone across town that wants the bike and is willing to pay more, two parties have lost out including yourself. You've left money on the table. Back to the original problem, realtors don't care about this because at 5% commission if the price is $400,000 or $420,000 the difference is miniscule. It's prioritizing velocity over price.
- nradov 5y agoSo what? Ultimately it's up to the seller whether or not to accept an offer or hold out for a better price.