Â Â Â Â Â Â THE MLS IS A GREAT TOOL, IF YOU USE IT THE RIGHT WAY!
Â Â Â Unfortunately, there are unscrupulous people that have permission and access toÂ the multiple listing service that take advantage of the public's vague understanding of it. Â Â Â This week I stumbled onto one such case.Â An agent (not to be named,) entered a listing onto the MLS.Â A newly licensed real estate associate I know, was entering criteria for a buyer, and this home was a match.Â This agent was considering showing the property to his buyer, when suddenly he came to a screeching halt! The commission offered the buyers agent was $1.00... yes, that's right one dollar! As MLS has no guidelines with regard to this, it is a perfectly legal practice. Buy why would a seller even consider this?Â Firstly, the agent that entered the listing likely received an upfront fee of $1,000 or more.Â Secondly, the REALTOR immediately indicates all agents now have to deal directly with the seller. Meanwhile, month by month goes by with the seller wondering why no one wants to show his/her home. Eventually, this seller will give up and hire a conventional real estate agent who will offer a reasonable commission to the buyer's agent. Â Â As a consumer, you might think what cheap SOBs these REALTORS are, not wanting to help this seller.Â But consider this; the average agent will work with a potential buyer for 30 - 60 days, often driving the buyer to 30 homes, working nights and weekends, advising and counseling all along the way. Once a buyer decides to purchase a home, the agent will organize and attend meetings to present offer(s) and negotiations, inspections, and sometimes, meetings with mortgage lenders.Â The bottom line is, the practice of this so-called nameless agent, does nothing for the seller whose home is being ignored by the very community it is trying to reach.Â After months of disappoinment and heartache, the seller is effectively out the upfront fees for a bogus service. Save your money!Â If you don't want to use a REALTOR to sell your home, don't pay to use the MLS service!