Are Pocket Listings Ready to Undermine Our Industry?
I agree with Brian. In our area we are seeing of signs that say coming soon. I do not believe that is working for the seller client but for the agent who has the "listing contract." Yes they can do it all this as long as the proper paperwork is done. I am not a fan and still do not believe that it is in the best interest of their client. Love to hear other opinions. Happy Weekend.
Are Pocket Listings Ready to Undermine Our Industry?
Pocket Listing = an Exclusive Right To Sell with one broker, not listed in MLS.
We have a broker in our regional market area who has determined that not only are pockets listings a good idea, they have set up their web site to show them as a separate category and promote them as a leg up strategy over their competition. Legal? Sure, as long as the correct paperwork is in place. A good idea, not so much.
The premise of modern real estate brokerage, is that of cooperating brokerages. That simple means that each broker will include their in-house listings in a multiple listing service and give other brokers an opportunity to show and sell. It didn’t always used to be this way. Back in the old days, each broker held their listings close to their vest and didn’t tell other brokers about the property. In turn, buyers had to go from broker to broker to see their listings to learn about what was available.
Without getting into a long dissertation, that system failed. It was so flawed that the industry knew there had to be a better way. The concept of cooperating brokerage was born. Each broker shared their inventory with other brokers with the desire to expand the buyer base and get the property sold. After all, that was the fiduciary responsibility they had when they got the listing, to get it sold.
Every now and again, there is a new smarty pants broker that think they have to market clout to go it alone and control the market by controlling their inventory and keeping it all to themselves. In my opinion, it was a bad idea then and a bad idea now.
I might add, every broker has a pocket listing for as long as it takes to get the home photographed, staged, and ready for market. This can last a day or up to a week. Thank's not what we are talking about.
Co-broke or go broke.
Brian Rugg
Rugg Realty, Sun City Texas, Georgetown TX
Serving consumers interested in Sun City Texas New & Resale Homes For Sale and Home Owners Interested in Selling Their Sun City Texas Home.
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