Why Does the MLS, Association of Realtors want their agents to have a listing?
I mean, I get having a listing so that all the Realtors in the MLS can see it and try and sell it, and if your MLS subscribes (pays NAR more Money) the listings go on Realtor.com , and the Public can then see a limited version of the listing.
I mean, I get having a listing so that all the Realtors in the MLS can see it and try and sell it, and if your MLS subscribes (pays NAR more Money) the listings go on Realtor.com , and the Public can then see a limited version of the listing.
Being in the MLS also puts the Seller in the IDX program whereby ALL Realtors Can Put the Sellers real estate for sale on their website and look for a buyer.
I don’t believe IDX is in the Best interest of the Seller. It just creates a HUGE database that buyers get lost in. IDX enables ALL Realtors that are members of your particular MLS, Association of Realtors, to Use Your Real Estate as “Bait” to find a Buyer and most of the time they sell them something else, oftentimes properties that are not even listed so they can get both sides of the Deal. I Don’t Believe IDX is good for the Real Estate Sellers.
So, What is the Purpose of a Real Estate Listing Agreement?
As a Real Estate Broker Owner, Ex-Realtor My Opinion is that a Listing is to write down a whole bunch of jargon to Protect the Realtor from the Seller should their be ANY future action.
I don’t believe IDX is in the Best interest of the Seller. It just creates a HUGE database that buyers get lost in. IDX enables ALL Realtors that are members of your particular MLS, Association of Realtors, to Use Your Real Estate as “Bait” to find a Buyer and most of the time they sell them something else, oftentimes properties that are not even listed so they can get both sides of the Deal. I Don’t Believe IDX is good for the Real Estate Sellers.
So, What is the Purpose of a Real Estate Listing Agreement?
As a Real Estate Broker Owner, Ex-Realtor My Opinion is that a Listing is to write down a whole bunch of jargon to Protect the Realtor from the Seller should their be ANY future action.
And to Ensure, Lock in Protect the Realtor’s Commission.
Really if No Other Party Requires, checks, verifies
Really if No Other Party Requires, checks, verifies
or looks at a Listing then what other purpose could there possibly be?
The Listing agreement provides no real future support of proof in the event that a Seller or a Buyer goes into a Legal Case, Lawsuit, or Commission Dispute.
Yes it says the Seller agrees to pay a certain commission. But what obligations does it require of the Realtor to The Seller, none really. The Realtor, Broker Gets to Stay in Charge of their own business but the Seller HAS to Give their control over their business (real estate and financial matters) to the Realtor and If they want out of the Selling Contract or Buyers Contract the THEY are made to pay the commission any way.
The Realtor can really cancel the Listing at any time for any reason – Really. They say it is Mutual Agreement but come on, if I Don’t want a Real Estate Listing I don’t KEEP it… Simply as that. But the Listing Contract somehow obligates the Seller to Stay Listed for the “term of the contract” whether they are happy – satisfied or not.
The Purpose of a Listing agreement is to Make a Seller feel Obligated to the Realtor. And Keep using a Realtor Somehow Relevant.
Other wise a Verbal Listing would be in order.
I don’t want my Seller to be “obligated” to me. If my Seller likes my marketing methods and likes the way I treat them and wants to have me Keep looking for a buyer than so be it. And if the Seller is NOT happy for ANY reason then the Seller should be able to QUIT, cancel their Real Estate Listing.
Some Realtors use a listing as some sort of control over the person they talked into listing with them. And whether they are active trying to sell your listing or not they still get paid, Why?
Some Realtors work very hard to get the listing.
They tell the Seller all kinds of things they will do, such as certain marketing techniques, promises of good communication, and more. Yet if after you, the Real Estate Consumer Signs the Real Estate Contract, then you are stuck. You have no real recourse if the agent does not do what they said they would to get the listing.
If you want to CANCEL You have to PAY.
If the Realtor does not perform for ANY reason, the Seller is “under contract’ and they have to Stay That way or Else pay the commission in full to cancel. To me this is Strong Arming the Real Estate Consumer and is in No Way what is best for the Consumer.
You have to Pay the Realtor whether they did a good job or not. You have to pay the Realtor whether they “actively worked” to sell your listing or whether they just took the listing and waiting for a Buyer to Find them or another broker to sell it.
If you get a Buyer and you are a “Realtor”, you have to quickly fill out a listing in order to allow Realtors to act as Attorneys without a License. The Realtor then Enters this listing into the MLS and 30-60-90 days later when the listing closes it becomes SOLD Comps for Realtors and Appraiser to Show to Lenders to Prove or Validate a Loan Value.
Why does NAR want there to be a listing, even if a Buyers Agent finds a FSBO or the Buyer and Seller Walk in?
To make it “look like” an Arms Length transaction maybe? So that it is a Valid Verification tool within the lending institution?
Maybe it is to make it look like Realtors, Broker have the Legal Right to Sell / to write up the contract – and still not be a real estate attorney.
A Real Estate Attorney goes to school for a long time and
The Listing agreement provides no real future support of proof in the event that a Seller or a Buyer goes into a Legal Case, Lawsuit, or Commission Dispute.
Yes it says the Seller agrees to pay a certain commission. But what obligations does it require of the Realtor to The Seller, none really. The Realtor, Broker Gets to Stay in Charge of their own business but the Seller HAS to Give their control over their business (real estate and financial matters) to the Realtor and If they want out of the Selling Contract or Buyers Contract the THEY are made to pay the commission any way.
The Realtor can really cancel the Listing at any time for any reason – Really. They say it is Mutual Agreement but come on, if I Don’t want a Real Estate Listing I don’t KEEP it… Simply as that. But the Listing Contract somehow obligates the Seller to Stay Listed for the “term of the contract” whether they are happy – satisfied or not.
The Purpose of a Listing agreement is to Make a Seller feel Obligated to the Realtor. And Keep using a Realtor Somehow Relevant.
Other wise a Verbal Listing would be in order.
I don’t want my Seller to be “obligated” to me. If my Seller likes my marketing methods and likes the way I treat them and wants to have me Keep looking for a buyer than so be it. And if the Seller is NOT happy for ANY reason then the Seller should be able to QUIT, cancel their Real Estate Listing.
Some Realtors use a listing as some sort of control over the person they talked into listing with them. And whether they are active trying to sell your listing or not they still get paid, Why?
Some Realtors work very hard to get the listing.
They tell the Seller all kinds of things they will do, such as certain marketing techniques, promises of good communication, and more. Yet if after you, the Real Estate Consumer Signs the Real Estate Contract, then you are stuck. You have no real recourse if the agent does not do what they said they would to get the listing.
If you want to CANCEL You have to PAY.
If the Realtor does not perform for ANY reason, the Seller is “under contract’ and they have to Stay That way or Else pay the commission in full to cancel. To me this is Strong Arming the Real Estate Consumer and is in No Way what is best for the Consumer.
You have to Pay the Realtor whether they did a good job or not. You have to pay the Realtor whether they “actively worked” to sell your listing or whether they just took the listing and waiting for a Buyer to Find them or another broker to sell it.
If you get a Buyer and you are a “Realtor”, you have to quickly fill out a listing in order to allow Realtors to act as Attorneys without a License. The Realtor then Enters this listing into the MLS and 30-60-90 days later when the listing closes it becomes SOLD Comps for Realtors and Appraiser to Show to Lenders to Prove or Validate a Loan Value.
Why does NAR want there to be a listing, even if a Buyers Agent finds a FSBO or the Buyer and Seller Walk in?
To make it “look like” an Arms Length transaction maybe? So that it is a Valid Verification tool within the lending institution?
Maybe it is to make it look like Realtors, Broker have the Legal Right to Sell / to write up the contract – and still not be a real estate attorney.
A Real Estate Attorney goes to school for a long time and
they still Do Not Know the law, when they get a potential case
they research the laws that apply to that case just like
I would as a Blogger and an independent thinker.
They don’t automatically know which law to go for or which law really applies to the case they are considering taking on. Now a Realtor, a Real Estate Agent goes to school for One Week and they certainly do NOT know contract law or what is needed to protect “their client” in a real estate transaction.
Maybe it is so that the Listing can be used as a Comp or some sort of Evalution tool because if it is in the MLS it is supposedly marketed and an “ARMs” length transaction. This is what the Appraiser NEED to believe, but really it was NOT such a transaction.
I have Seen Sellers go to closing with a Sales Agreement they have found on the Internet, that had No Legal Description, No Disclosure, No Radon or Lead information, and No Buyers Signature and the Title Company Brings it to a Close.
So why these detail filled elaborate buy sell agreements and Listing Agreements?
ONE main reason is to Protect the Realtors from the Real Estate Consumer. The consumer does not really read and understand the contract, they mostly just sign and assume that the Realtor is going to Protect them. This is VERY far from the Truth yet Consumers still believe. The “fine” print is in place to make darn sure that the Seller does not come up with anything that the Realtor did wrong. We don’t want the Realtor to be liable for anything they say or don’t say.
The Listing Agreements that are in place are
Maybe it is so that the Listing can be used as a Comp or some sort of Evalution tool because if it is in the MLS it is supposedly marketed and an “ARMs” length transaction. This is what the Appraiser NEED to believe, but really it was NOT such a transaction.
I have Seen Sellers go to closing with a Sales Agreement they have found on the Internet, that had No Legal Description, No Disclosure, No Radon or Lead information, and No Buyers Signature and the Title Company Brings it to a Close.
So why these detail filled elaborate buy sell agreements and Listing Agreements?
ONE main reason is to Protect the Realtors from the Real Estate Consumer. The consumer does not really read and understand the contract, they mostly just sign and assume that the Realtor is going to Protect them. This is VERY far from the Truth yet Consumers still believe. The “fine” print is in place to make darn sure that the Seller does not come up with anything that the Realtor did wrong. We don’t want the Realtor to be liable for anything they say or don’t say.
The Listing Agreements that are in place are
not really consumer friendly nor
do they provide consumer protection, in my opinion.
The Listing agreement is Not Seen by the Buyer
The Listing agreement is Not Seen by the Buyer
or the Title Company and really only seem to be a record
for the Broker to Prove that the Seller Owes them
a Paycheck should they or any other agent bring them a buyer.
They seem to have all these details, …
That don’t really say anything
They seem to have all these details, …
That don’t really say anything
and Find Out more about the Listing Agreement and the Solution for
You, the Real Estate Consumer to Protect yourself and have
a Stress Free real estate transaction Before - During - and Long
After the sale of your Real Estate.
You, the Real Estate Consumer to Protect yourself and have
a Stress Free real estate transaction Before - During - and Long
After the sale of your Real Estate.
No comments:
Post a Comment