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The GOLDEN KEY

By
Real Estate Broker/Owner with Leo Parker Real Estate & Auction

Of course, there are stipulations to be awarded the DESIRED and HONORED GOLDEN KEY to your future earnings:

1. You must be granted permission to view the castle by the possessor of the GOLDEN KEY
2. You must arrive on the days the office/palace is open and ready to receive subjects
3. You may not succeed as we may leave at our discretion to slay dragons in other worlds
4. You must deliver the GOLDEN KEY back to our palace and it will again be guarded
5. You must understand that we don't care if you are inconvenienced, after all, we are royalty
6. And last, but not least, you must understand that we had rather you NOT sell our castle because our kingdom must retain it's wealth...

Yeah-yeah-yeah! So I exaggerated a little, but it's how I felt!

One of our agents was told -AGAIN- that the GOLDEN KEY was at the office/palace, to come and pick it up. So again one of our agents is sorely inconvenienced by having to drive around at exorbitant gas prices transporting the GOLDEN KEY.

So what's the deal? In my Southern head I was thinking, "That don't sound right!"

Surely this wasn't legal or ethical...there's got to be a rule somewhere to cover this...

So I read up on the GOLDEN KEY situation on Active Rain, I saw mild displeasure to outrage at being asked to pick up a key, some even going so far as to not show the properties that required the GOLDEN KEY. But nothing else...not illegal, not immoral, not against any rules...how can that be?

So I went to our local MLS and pulled a few informal stats on the company that has our GOLDEN KEY. Sure, it's an informal survey, but I was astounded by my findings.

I found that this particular company has 86 properties currently listed on our local MLS as either active or pending. Out of these, only 12 show they have a lockbox. Most just say "Call listing office".

Now for the interesting part: 7 of those properties are pending as of today. Out of those 7, only 1 is pending with an outside company; the other pending's are within the company.

We can do a disservice to our clients and not show the GOLDEN KEY property which is probably what the company wants! If we don't show the property, the company is going to have a better chance of selling it themselves. And in Tennessee we do dual agency (by the way, our company DOES NOT). This appears to be a money issue (except for the one or two clients who refused a lockbox!).

Is this "our" MLS where the majority rules and everyone cooperates toward the same goal? Does anyone care and is as outraged as I am? Where's the COOPERATION? What can we do if we don't agree? Do we have to lie down and take it?

The MLS should have updated minimum requirements for participation. One should be easy access to show participating properties and the other should be a minimum (!!) of one picture per listings. This is 2008 and we need cooperation NOW.

If you are happy being a buyer's agent or a broker who has buyer's agents who are spending more time and GAS picking up GOLDEN KEYS and being less productive, then great.

If not, let's see what we can do to remedy the situation of the GOLDEN KEY. I am weary of feeling like I am fighting dragons just to have the opportunity to transport the elusive GOLDEN KEY.

Thavisak Lucky Syphanthong
Lucky Star Realty - Crescent City, CA

Wow! Very blunt and well put Kim!  In our market, there is a company like this as well, but they also have a few listings on the new lock box system, but the majory of their listings is either Call Listing Office Only or Key at Listing office although the property is vacant, and they have most of the listings in the county.  I see a similarity here...

Jun 14, 2008 10:13 AM
Cindy Masiongale
Leo Parker Real Estate & Auction Firm #5277 - Woodbury, TN

Kim,

I was told that their insurance will not cover them if the key is left on the property. Then why bother to PAY for something you are not covered for? In Tn we are required to carry E & O insurance. I know mine will cover me because I use a Sentrilock (covered by insurance) and not a combo lock (not covered by insurance). I understand that a Supra lock is only partially covered by insurance. If the Golden Key is not at the property are these agents really doing their duty to their client? They are, in effect, putting restrictions on the showings of their listings. I wonder if their clients are really aware of this? Is this legal?

Jun 14, 2008 10:51 AM