I have been working with some Buyers who are shopping in an area that is my specialty. It takes me two hours to drive from my home to the subject areas. I plan to go out with these Buyers much of the day tomorrow. We had a two hour meeting today to go over their wants and needs.
The remote area they are researching is serviced by three different MLS associations. The rules of the separate associations provides for the enforcement of Buyer-Broker compensation. The overlap of the territory by the three MLS association makes it difficult to show Buyers properties the Buyers pick with some assurance of getting a Buyer-side commission. The overlapping MLSs also means that it is difficult to gather information on comps. I cannot see the "REALTOR® only" views of the properties in order to analyze the comps.
If the overlapping associations is not enough, the issue is further aggravated by Brokers who are not REALTOR®s.
I am aware of a real estate broker who works the area and is not a REALTOR. Actually this area is served by several Brokers who are not REALTORs® Until today, I did not see as much value to the trademark and the Code of Eethic's that goes with it as I do now. I do not want this to be an attack on anyone, so I will not use his real name. I will call him Paul. I was shocked to hear today that Paul would not show the listings of any other Brokers. How can he serve the best interest of Buyer Clients? The Buyers who were with me today were "floored" when they heard this. They were also quick to realize that Paul was not serving their interests. Since one of the Buyers is a licensed real estate agent and an inactive REALTOR® they were quick to pick up on the fact that Paul was not watching for the interest of his Sellers or Buyers. They pointed out that Paul is not representing his Sellers as he takes listings and does not cooperate to gain the assistance of other (Buyer) agents to help get his listings sold.
I also learned that the list of properties that he has sold, the ones that could be comps, have no DATES of sale in the information he provides. We all know the significance of having FRESH Comps.
I know of other Brokers who work the area who will not honor a Buyer-Broker relationship and who will not pay a Buyer-Side commission at all. These often will not tell me what properties are for sale and which are not.
The Buyers I will be with tomorrow are totally sold on working with me because I showed them how I can represent their interest as well as that of my Sellers. This is a remote area and I serve Buyers and Sellers by knowing the neighborhood and the issues that are important. I know which roads are not passable in winter. Elevations in this area range from around 5,600' to 6,200'. I know of future developments that are in planning stages. I know the CC&Rs and which have property owner's associations and which do not. If they want to see other Broker's listings, I will show them.
I want to inform potential Buyers to Look for the REALTOR® Label. There is GREAT VALUE to the REALTOR® label and to the Code of Ethics to which we all subscribe.
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