A recent ban nationwide on pocket listings has most local brokers cheering. Here’s why
Last week, the National Association of Realtors banned “pocket listings” — those homes for sale that never make it to the Multiple Listing Service, the nationwide database for homes for sale.
Under the policy, agents will have to place new listings on the MLS within a day of signing the contract. The policy takes effect in May; those who violate it will be subject to a hefty fine.
So what do local Realtors think of the new policy?
▪ Cynthia Benchick, co-owner and managing partner, Charles Rutenberg: “This is a good ruling that creates an efficient marketplace and helps brokers work with one another.”
▪ George Jalil, a voting NAR director representing the Miami Realtor Association and broker president of Real Living First Service Realty ERA Powered: “I want to make sure that there is no access issue to seeing listings, or even the perception of people from other countries not having equal access to listings. That would be a public-relations issue for Miami.”
▪ Vivien Jensen, Global Real Estate Agent, ONE Sotheby’s International Realty: “I am against them imposing this rule because that should should be left up to the seller. Sometimes, they want it to be kept private for whatever reason. Some sellers want to use a broker’s network. That should be the seller’s decision. I do believe that the ultimate decision of how a property should be marketed should be left to the seller. We are just the matchmaker between the seller and buyer. It should be left to how privately or not the seller wants to go. The MLS is a great tool, but it should not be forced upon people.”
▪ Mike Pappas, president and CEO, Keyes Company: ”The critics against this decision said that there were isolated cases, maybe in the uber-luxury market, that don’t want it on the market because of how long a home may take to sell. In unique situations, some sellers — like celebrities — may want a quiet listing. The challenge may also be pre-checking potential buyers who want to tour the home. But the job of the Realtor is to pre-qualify a buyer before touring a home with a loan officer and ask for proof of funds to make sure people touring a home can actually buy it [...] We have the duty to be fair and honest to all parties. There could be unintended consequences if we had not put this into action.”
▪ Jay Phillip Parker, chief executive officer, Douglas Elliman’s Florida Brokerage: “From a productivity perspective, I think it’s good. In addition, it goes back to fair housing. We as brokers should not be deciding who to show the house to. This makes it easier for a broker to argue with a seller to put it on the MLS.”
▪ Ron Shuffield, president and CEO, Berkshire Hathaway HomeServices EWM Realty: “Both the buyer and seller benefits. Most sellers would want the most exposure they can get [...] It’ll [also] preserve the foundation that the MLS was built upon. The national association has taken quick action to care of a problem.”
This story was originally published November 15, 2019 at 4:30 AM.
