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And on top of all that, don't forget, the force (lobbying power) is strong with the Realtors. Kinda in the same way the dealership associations are with manufac

And on top of all that, don't forget, the force (lobbying power) is strong with the Realtors. Kinda in the same way the dealership associations are with manufactures selling direct(tesla). And yeah, many properties never hit the MLS, so a solution would be more of a networking solution, rather than just something to replace the MLS, because that would not change much. Many times it's not even a issue with information being available, it's kept off the MLS because they want to get their contacts in on it first. It's a I'll help you, you help me type thing.

rgbrgb 12y ago
Realtors not listing on the MLS and instead giving the listing to a friend is a real issue in real estate. In the industry this is called a pocket listing. The problem is that by not putting a home on the open market, the seller never finds out how much it's really worth. It's not just Open Listings clients that won't see the listing but all potentially interested buyers who don't have an agent who is friends with the listing agent (most buyers). It's definitely in the agent's short-term best interest to cultivate these relationships but ultimately the consumer suffers. Luckily, this type of listing is relatively uncommon and most good agents see the value of getting as many eyeballs on their listing as possible.
- 7Figures2Commas 12y ago
  > Luckily, this type of listing is relatively uncommon... Pocket listings account for a not insignificant percentage of sales in some markets. According to one source, in Q1 2013, they made up as much as 25% of sales in certain Northern California markets[1]. > The problem is that by not putting a home on the open market, the seller never finds out how much it's really worth. You are making a couple of major assumptions: 1. Optimizing for price is best accomplished by maximizing the number of potential buyers. 2. Optimizing for price is the primary/only motivation of a seller, and outweighs all other considerations, such as speed, privacy and risk. Neither is always true, especially at the high end of the market. A good agent is going to understand his or her seller's needs and employ a strategy that makes the most sense, and it's the seller's responsibility to decide whether the agent's recommended approach is acceptable. Absolute statements (pocket listings are good/bad) are easy to make but ignore the fact that different scenarios reasonably lend themselves to different sales approaches. [1] http://speakingofrealestate.blogs.realtor.org/2013/05/16/mls-exec-pocket-listings-undermine-industry/ http://speakingofrealestate.blogs.realtor.org/2013/05/16/mls...

rgbrgb 12y ago

Realtors not listing on the MLS and instead giving the listing to a friend is a real issue in real estate. In the industry this is called a pocket listing. The problem is that by not putting a home on the open market, the seller never finds out how much it's really worth. It's not just Open Listings clients that won't see the listing but all potentially interested buyers who don't have an agent who is friends with the listing agent (most buyers). It's definitely in the agent's short-term best interest to cultivate these relationships but ultimately the consumer suffers. Luckily, this type of listing is relatively uncommon and most good agents see the value of getting as many eyeballs on their listing as possible.

7Figures2Commas 12y ago
> Luckily, this type of listing is relatively uncommon... Pocket listings account for a not insignificant percentage of sales in some markets. According to one source, in Q1 2013, they made up as much as 25% of sales in certain Northern California markets[1]. > The problem is that by not putting a home on the open market, the seller never finds out how much it's really worth. You are making a couple of major assumptions: 1. Optimizing for price is best accomplished by maximizing the number of potential buyers. 2. Optimizing for price is the primary/only motivation of a seller, and outweighs all other considerations, such as speed, privacy and risk. Neither is always true, especially at the high end of the market. A good agent is going to understand his or her seller's needs and employ a strategy that makes the most sense, and it's the seller's responsibility to decide whether the agent's recommended approach is acceptable. Absolute statements (pocket listings are good/bad) are easy to make but ignore the fact that different scenarios reasonably lend themselves to different sales approaches. [1] http://speakingofrealestate.blogs.realtor.org/2013/05/16/mls-exec-pocket-listings-undermine-industry/ http://speakingofrealestate.blogs.realtor.org/2013/05/16/mls...