Very early in my career, I met a charming mature woman named Juanita who has worked in the same Office that I did. She shared with me that she has had a new list which was not submitting to the MLS. She said that she did this she so only a few select friends could sell and make commission. She spoke as a "list of Pocket revolver.
Even at this point at the beginning of my career, with no experience good or bad to alter my way of thinking, this is has not seem just like the right thing to do. I raise this issue now, because it seems that the concept of 'back-office' Juanita exposed to me many years ago is now back, and occasionally through the front door like a tsunami.
I was recently asked to interview the members of a State Committee which I Chair to see if this type of 'coming soon' list was isolated on the Atlanta market or if it has spread statewide. We arrived at the conclusion that it is not at all unique in our region. A few weeks later, I was talking about before a national group on the West Coast and the subject of the so-called 'Pocket lists' was one of the hottest discussion points.
There are so many names to practice - including the secret list, non-MLS and shadow list - there are different definitions. SE based on what actually happens, the Act may be legal or illegal, according to the law of the State. It may or may not be a violation of the Code of ethics. He could run against customer relationship commitments and policies of the MLS; He could not.
With these many disparities in mind, here are some reasons that I hesitate to take the path of Juanita today.
If this concept of "Pocket list" means a property that is not yet available to receive offers of advertising, you can end up with disappointed buyers after you. Buyers see what they believe, it is the perfect property and are ready to make an offer, but they can't because the property is not 'really' on the market. When you specify a buyer that the property, they saw just does not 'really' exist, the situation can ultimately 'really' wrong turn. What is excitation can turn to frustration when buyers find their dream home is just that: in their dreams!
Obviously, the economic downturn continues to affect the real estate market in a negative way today. We have seen unprecedented devaluation in properties across the country. We deal also with the regulation and the new control. Appraisers receive stricter controls. As we head into the recovery of the market, it is very difficult for an evaluator to justify higher without comparable prices that support these prices. The MLS is a primary source of data for more residential Appraisers. If the information for a list of pocket are not in the MLS, it becomes increasingly difficult for evaluators to ensure that their data are credible. It is one thing to make a sale off a quick list of pocket. But if another transaction does not close because the evaluator did not find better data, it seems that thought in the short term for me.
How well do you know your state law when it comes to ownership of advertising for sale? If a piece of property is not yet listed on the technical side, you have any permission is required by your licence fee for the prospects for the property? And what of the MLS rules and policies for example on the question of your region? Each MLS I'm familiar with requires entries to be submitted to the service within a very short time. I know some of them who have changed the date on a convention of registration to stay within the rules. I am not a lawyer, but it seems misleading to me.
Rules side, how a realtor R can reconcile this concept with the Code of ethics? Article 3 States in part: "REALTORS R shall cooperate with other brokers except when cooperation is not in the best interest of the client." Standard of practice 3-8 States: "REALTORS R must not misrepresent the accessibility of the Internet to show or inspect a listed property." I heard some defend the practice of ads of pocket with a "in this case, what I do is not technically a violation. '' But what about the spirit of the code, law or rules MLS? If we close them eyes break the good intentions behind these Covenants, which finally said who are we?
Our first duty is to our client. How is unable to expose the property of all potential buyers in the best interest of the seller? It is not a wonder.
At the end of the day, it is not my intention to tell you how to conduct your business. I'm not your broker, I'm not your preacher, and I am not your father. However, I am the one with the keyboard. I think that all of us as REALTORS R is inspired and motivated to do the absolute best that we can with every day, every operation and every occasion. One day, someone else will have the keyboard. Do not become their Juanita!
Tom Gillett is Chairman of Tom Gillette Co. in Snellville, GA. A speaker, trainer and author, he made presentations ranging from 20-minute speech to the full week training workshops. He can be contacted at thomasgillett@bellsouth.net.
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