That Downtown Salt Lake City REALTOR May Actually Not Be A REALTOR®
I say downtown Salt Lake City REALTOR as it is here in downtown Condominium sales where I see the situation. These are good old boys or girls that have lived and sold the units for decades. They are well liked and friendly. They know the history of the condominium building perfectly. They know everyone who has and does live there. They go to the local church regularly.
What is The Difference?
The non downtown Salt Lake City REALTOR does not have access to the MLS. He or she cannot see the all important comps of what is on the market city wide, what is under contract, what has sold, or what sales are pending. They only have the price history of what they have done or can ask others what they have done. In Utah the only sales records that are public are the MLS records. Utah is one of nine States that does not make public what the sales prices of homes sold are.
The non downtown Salt Lake City REALTOR by not being a member of the MLS cannot open the sale of the home to other agents via the MLS. Think about that! The most important part of selling a home is placing it in the MLS. There are thousands of agents with buyers that downtown Salt Lake REALTOR® has access to. I find it hard to believe any seller would allow their home to be sold without listing it in the MLS.
The non downtown Salt Lake City REALTOR does not have access to Realtor.com to market their home. This website is one of the most important sites for home searches in the Country. In some markets it is the most popular search website. A listing published on REALTOR.com may have tens of thousands of views.
Does It Matter?
Of course it matters.
Why Aren’t They REALTORS?
I asked one such agent why they don’t belong to the MLS? The answer was a bad one, “I don’t want other agents in my building”. You see, he had controlled the situation so long that it was all about him, not his clients. I responded by telling this agent he owed it to his clients to get the highest price for their condominium. That was not likely to happen if he was the only one with access to sell it. He didn’t care. What is actually going on in these situations is what is called a pocket listing. Many real estate lawyers are looking at this as a violation of the agent’s fiduciary responsibility. Fiduciary is important in real estate law. It is a trusted agent situation. The agent has a fiduciary duty to obtain the highest price for the seller. So why would an agent take the risk of not being in the MLS? Perhaps it is the cost of belonging, it is expensive. Perhaps they don’t want to be subject to the MLS rules, the downside of violating those rules. Perhaps they just want both sides of the commission. None of these are honorable reasons.
Should You care?
You shouldn’t care if you want your home or condominium on the market so long you are pressured to drop the price. This is silly, you should care.
Check Out These Differences in a MediaOne REALTOR, real estate agent and the non REALTOR®
I belong the the MediaOne Real Estate team for additional reasons. Their advertising support is the most obvious. Every home I list is advertised every week in The Deseret News and The Salt Lake Tribune. Every open house is also advertised. We not only place your home on Realtor.com but on 40+ additional websites. Realtor.com has an expensive “showcase listing” feature that MediaOne Real Estate pays for. An interview with a MediaOne real estate agent, me as a downtown Salt Lake City REALTOR, or any of us will help you see our strong advantage in selling your home. This link is to an article I wrote about the benefits, click now.