In recent months there's been a trend with Active real estate listings on Oahu.  These days, when the seller gets an offer and the property goes into escrow, the listing is often kept on ACTIVE status.  This indicates to buyers and their agents that the property is available.

Customers see the listings, ask their agents to arrange showings and often learn that some of the properties are in escrow.  That's a disappointment for many.

Was there a rule change?  Why are nearly all of the big brokerages doing this now?

Actually, there's no change in the rules.  Anytime a property changes status (Active to Pending, Pending to Sold) the seller's agent is supposed to prepare a "Status Change Form" and have the sellers sign it.  Once the form is signed, the agent is supposed to input the change to the Oahu MLS system within four days.

Oahu's real estate market is slow and buyers often have problems obtaining financing or just get cold feet.  For that reason, many brokerages are leaving properties' status as ACTIVE until they actually sell.

I understand the logic and applaud the brokers for doing what they believe is right to sell their listings.  On the other hand, my feeling is that it's most appropriate to change a property's status to ACTIVE CONTINUE TO SHOW, which gives the buyer's agent a heads up that there's already an offer.  This helps the agent because he can quickly explain to the buyer that there's already an offer prior to calling the seller's agent. The seller's agent also appears to be more "up front" and less sneaky, something we realtors should avoid.  We don't want customers to equating us with used car salespersons!

Aloha, Mike

Honolulu homes

 

3 Comments on Clarifying Oahu MLS rules for active listings

FEB
13
2009
187,485 Points 20 Featured Posts Localism Sponsor

ooohh, it is mandatory in our Board and MLS to change the status accordingly or we are fined.
6:24pm • #1
1 Featured Post

I agree with you 100%. Our time has a value and chasing after pending and closed listings is a waste of time to my buyers as well as my time. I feel that if the agent is not will to allow the property to be shown then the status must reflect that in the MLS. Our board had a button at the bottom of the screen that allows the agent viewing the MLS Listing to send an email to the Board so that you can report problems or errors. They seem to take very quick action ( less 24 hours for correction).

I sure that has help correct a lot of issues in the MLS. If you Board does not have such a reporting method I recommend it very strongly.

Chuck Mixon

Cutler Bay, FL
6:55pm • #2

its up to the listing agent to keep their status's correct. here in oregon, our mls will fine theagents if they are not doing so properly.
7:02pm • #3


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
Ar-profile Rainmaker_large

Hawaii homes

Honolulu, HI

More about me…

i Properties Hawaii

Address: 1585 Ala Moana Blvd #1533, Honolulu, HI, 96814

Office Phone: (808) 791-1020

Cell Phone: (808) 548-1220

Email Me

Info for Hawaii homebuyers and sellers. Neighborhoods, real property taxes and income tax credits are discussed here.


Listings

Links

Archives

RSS 2.0 Feed for this blog