Will vote to limit “Coming Soon” listings end practice of forcing buyers to trade agency for access to Pre-MLS inventory?

Shared a version of this DRAFT blog post on a closed Facebook group about 10 days before the Realtors’ preliminary vote today to limit Coming Soon listings. As a long-time consumer advocate / buyer agent who’s business has been starved by pocket listings, here’s my PRELIMINARY take on why homebuyers in inventory starved markets should applaud a move in this direction (but another real estate consumer advocate warns that the devil may still be in the details and other say NAR’s final vote maybe postponed).

SHARED WITH PEERS BEFORE VOTE

Consumer access vs Double-Dipping: NAR policy showdown exposes agency fraud inducement to get access to home Pre-MLS

Glad to see that some Wicked Smaht people, including a real estate educator named Jack Gately, are debating NAR’s proposed Clear Cooperation Policy before their annual convention in 10 days. Here’s my take on Jack’s video:

New from @SmahtAgent

The National Association of Realtors might do away with Coming Soon and pocket listings. https://t.co/D0wenf2Sid

#realtorlife #realtor #boston #realestate #inman #inmanconnect

— Jack Gately (@gatelywire) October 29, 2019 

EXCERPT:

“Now in talking with agents here in Massachusetts they’re using “Coming Soon” status for basically three ways: 1st to get DOUBLE COMMISSIONS by representing the buyer and seller equally. So during some period of time before they actually put it into the MLS, they have this “Coming Soon” status and they’re able to actually acquire buyers during this time, especially during a period of low inventory.”

Jack, Thanks for sharing your point of view. If I may paraphrase you, agree NAR is fighting two anti-trust class action lawsuits, and does not want a war on a third front relative to anti-trust.

My 2 cents? See blog post and smoking gun that documents how buyers are induced into conflicts of interest or agency fraud when they are effectively required to sign designated agency agreements to get pre-MLS access to Coming Soon and pocket listings:

RETeams_SmokingGun

http://bit.ly/PocketActionSUIT

Any other buyer agents agree that access for agency inducement has cannibalized our business, too? If this becomes a class action, how can we quantify the damage for the courts? I’ve been quite open about having the worst year ever, and blame it on the demise of the MLS, which as Rob Hahn said repeatedly before INLV, risks becoming the “dumping ground” for inventory that does not sell in-house:

http://bit.ly/MLS_DumpingGround

Been harmed by Coming Soon or Pocket Listing and fear what they are doing both to the MLS and homebuyers in inventory-starved housing markets? Let’s talk privately any time online or offline in Boston. If there’s enough interest, the adhocracy group RECALL — Real Estate Consumer Alliance — can host a MeetUp with other buyers agents if you’re attending NAR’s annual convention in SF, 11/8-11/19.

If you visit the link above, you’ll find that yesterday was the 27th anniversary of Ralph Nader’s first speech to the real estate industry, a gathering of buyer agents who’s ranks have been decimated by #GamesREAgentsPlay instead of expanding into the guardians of homebuyers. But Nader warned that might happen, and the #FakeBuyerAgents he predicted would arise benefit from the in-house sales of pocket and coming soon listings.

Bill Wendel
@RealEstateCafe
realestatecafe@gmail.com
617-661-4046

Posted in Buyer agent, Consumer protection, Defensive Homebuying, Designated Agency, Dual Agency Detective, Real Estate Consumer Bill of Rights, RECALL: Real Estate Consumer Alliance, Uncategorized, Whisper listings

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