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> Real Estate
April 6, 2006
   
 

John Puhek
Owner/Broker
RE/MAX Professionals

There are agents out there that offer and sometimes promote “Exclusive Agency” listings. This is when the property is not given maximum exposure by placement in the Multiple Listing Service (MLS) and their agency is the only agency allowed to bring in a buyer. This program is usually promoted under the guise of a discounted commission to the seller. This is most often a FARCE because selling real estate is a function of Exposure and Price. If a good price does not have adequate exposure in the market place, it decreases the likelihood of reaching true market value.

Most realtors subscribe to a spirit of cooperation among brokers. A realtor must abide by MLS Rules and Regulations, and a National Association of Realtors “Code of Ethics.” An Exclusive Agency Listing most often violates this spirit of cooperation. Furthermore, our local MLS, Sandicor, Inc., requires placement of a new listing in the MLS within 24 hours. If the seller insists that the listing not be in the MLS for a period of time (for various reasons) MLS participants must have the seller sign an “Authorization to Exclude” a listing from the MLS. This protects the seller’s interest.

The Exclusive Agency Listing does not protect the seller. It may often protect the self-serving agent who wrote the contract. Although these are legal listing contracts, I believe that companies that promote this type of listing should be banned from the MLS and banned from any realtor association. There are rare circumstances when short time frames are involved where this type of listing is legitimate; however, it should not be promoted.