Two years ago, the National Association of Realtors began the Clear Cooperation Policy, a directive that compels agents to submit their listings to the MLS within one business day after any public marketing.
It was an attempt to quell off-market sales, but Glenn says that it’s done the opposite.
Specifically, because the CCP allows brokerages to have ‘Office Exclusives’, he asserts that more companies are withholding their listings from the MLS and selling them in-house without any attempt to include outside agents or buyers.
Rob and Sam, two industry titans, conducted a livestream discussion to see what else can be done.
Rob has the likely solution – that any agent who wants to exclude their listing from the MLS will need to get a signed waiver from the MLS committee to do so.
Yes, it has come to that – agents can’t be trusted to play by the rules, and will need a permission slip from the principal to officially withhold a listing from the MLS.
But it gets worse – I left a bomb in the comment section here:
https://notorious-rob.com/2021/05/in-which-sam-debord-and-i-solve-the-clear-cooperation-dilemma/
💯 agree with your comment on their blog.
Who knows if that ever happens …. but would be more fair to buyers and sellers.
One consideration: auction format might lead to even MORE reliance on all cash offers.
From a societal perspective, this trend to all cash is less than ideal: it basically says people who work for a living – and use a mortgage – are shut out of the housing ladder.
I agree that it is a little tricky doing an auction with contingencies in play.
The seller would provide a home inspection report to alleviate any concerns about repairs. We could also allow 5-14 days prior to the auction date for buyers to procure their own inspection.
In a rip-roaring seller’s market, the buyers could value their bid with no contingencies, or do a non-refundable deposit.
In a buyer’s market, I think sellers and agents would have to live with some failure rate with auctions, and have to go back on the market occasionally.
Rob’s follow up post of an agent having no problem describing the off-market sales in her office and why it’s a good thing for sellers and buyers:
https://notorious-rob.com/2021/05/if-you-must-hide-what-youre-doing-maybe-dont-do-that/
It doesn’t occur to most agents that there could be anything wrong with selling their listings off-market. Heck, everyone else does it.