UPDATE… We published an updated version of this article. You can read it here
MLS of course stands for “Multiple Listing Service”, as in the big, honkin’ database of real estate information Realtors have access to.
And in case you’re wondering, no, I’m not talking about the real estate listings anyone can view at Realtor.com or through the “MLS Search” on most Real Estate Companies’ websites. Sure, those search portals have the MLS as their source of data – but it’s not THE MLS — the data isn’t nearly as robust or in-depth.
The fact of the matter is, when it comes to doing top-shelf market and/or property research – whether you’re analyzing values, looking for “bleeding edge” listings, reviewing “sold comps” in detail, looking up pendings, etc. etc… nothing beats the Realtor’s MLS.
The level of real estate data that can be searched, filtered and manipulated is simply unparalleled…
…Which is exactly why access to it is such a sought after thing. Savvy investors understand this, and it’s a big reason why so many investors get licensed and join the local Realtor Board themselves. Because…
You Can’t Get MLS Access Without Being a Realtor…Right????
Hmmmmm…let’s think on this one for a moment. Well that’s the word on the street, isn’t it? That only Realtors – that is, licensed real estate agents who are also active, dues paying members of the local Board of Realtors – can get access.
But would it surprise you to know that it’s actually fairly common for non-licensed investors to find ways to gain direct access to the MLS? Sure, it can take a little creativity and some gumption, but we have our ways.
To this point, here’s an article by fellow blogger and KISS Flipper Kelly, originally published on her blog Kelly Flippin Cali. I thought it was so good, I asked her if I could reprint it here for you guys. Enjoy…
“How to Get MLS Access Without a License”
So, excuse the non-perfect punctuation. Sometimes I just get typing and forget things like punctuation and capitalization. Just don’t red pen me. I am not like JP, I don’t write perfect copy.
I think first off, you have to have confidence, assertiveness and sincerity at the same time because confidence and assertiveness can sometimes look a lot like arrogance. Without the confidence you look wishy washy and needy. You have to know up front what you are offering the Agent in return for this precious MLS access. I like having my own unlimited access and paying for it, than using someone else’s with limited access.
It is so simple! I had 2 different approaches. It takes some work, but you can do it! If I can do it, you can do it!
The Craigslist Approach:
The Craigslist ad was really Craig Fuhr’s idea that I gleaned off of the last call with JP from REItips.com. He was targeting Indiana fresh.
My ads, 2 of them, placed in Real Estate and Real Estate Services…
$1 RE Agent Wanted
California Cash investor working in ‘insert city here’ with single family homes seeks investor friendly agent to work with. Please call me now.
Call XXX XXX XXXX
Get Our 54 Free Forms
Just for Stopping By!
As Seen on FreeREIForms.com
Check Your Email. Your Stack of REI Forms are On Their Way!
My Other Approach:
First, you call Realtors from Keller Williams (because they are the most investor friendly.) Explain your strategy and tell them you value their time and would like to do your own homework upfront which takes about 40 to 80 hours. (The majority of my responses were something like, “I don’t have a problem doing the homework and sending it to you.”)
So then ask them for a list of all of the ‘solds’ in the last 60 days for the county, or the biggest area of the town or city of research. From there identify the hotbeds or areas of the most activity.
Meanwhile, on your own, without telling the Agent, contact the Association of Realtors or whoever controls the MLS…
Ask to speak to the commercial department or the administrator for the MLS. Tell them that you have been working with (insert agent’s name here) and you both talked about obtaining MLS access as an unlicensed assistant.
Ask for an email of the form for him to sign to begin or if it is located online.
Ask what the log-on requirements are. Is it just username and password or little key fob deal that changes numbers every 60 seconds like California?
Ask what the fees are and how they are billed, i.e., quarterly, yearly, through the broker or can they be made online through the MLS website via your credit card.
Ask them to email you the rules as well.
If you have the keyfob thing, you need to go into the MLS office and show your ID and they hand you and only you the keyfob.
Ask who to contact when returning the information, if it is email then ask them to include phone and fax. Now you have the MLS contact person information.
After you do your homework using the list of solds, speak to the agent about your findings. (I have identified _____ zipcode as an area I would like to pursue, about what price are your clean REOs in that area?) Then state that there is another at least 60 hours of similar research but you need to use the map function and other things that would just kill trees if they printed it out for you and YOU would rather spend the time on the research and have them spend the time on submitting offers and listing your properties.
Then explain that you have spoken to “insert MLS administrator here” and you have the form for your own unlicensed assistant access and it would save you both so much time once you get that started.
BE ASSERTIVE. Don’t say, “if I had my own access” say, “once I get this access.”. Tell them, “I need your signature and I am good to go. It can be revoked at any time, so if for any reason you are not comfortable with this in the future, you can cancel it.” There will be no charge to the Agent or Broker. The Broker might have to sign on the form also.
Once you have your access, go buy either a $20.00 Jamba Juice gift card or a Starbucks gift card and a Silver sharpie pen. Write on the gift card with the silver sharpie pen, Thanks SO much ‘agent’s name’ !! then your name, so the 3 or 4 times they use it, they see your name and smile. Go to their office and have receptionist place in their in box or mail it to the agent.
I think for me, before I had a solid strategy, it was very difficult to build rapport. Now after KISS Flipping and speaking with Bob Norton face to face, I totally know my strategies inside and out and have total confidence!! Without a doubt!! In the course are the steps to take to find private money AND instantly find buyers. I’m not an affiliate, I should be, but if you could swing it, you should, it’s the best money I have ever spent!
GO GET ‘EM!! Let me know how it turns out!
I’m on my way to get an alignment before my trip next week and to sling mud on 4 more old listings.
Chyzle! (translation= see ya)
Kelly
Thanks to Kelly for spelling it all out so well! And of course I welcome anyone else’s thoughts as well…please comment below!
Yesterday, a homeowner returned home to find a “wigged out” man in his house(for sale),in his (the owner’s) new boxer shorts.The stranger was washing his clothes in the laundry, and refused to leave when the owner commaned him to do so. The stranger’s car was in the garage. It ended with the owner firing a shot from his gun, and the policeman picking up the man.They think the man got access to the property through the MLS.Colorado listing agreements are specific about how the property and the details of the transaction will be disclosed to the public. Membership in mls precludes what Kelly suggest, the broker could lose his privileges by doing so. Subverting laws and rules give honest investors a “bad name” and is why today the FBI is looking into ways to kill flipping houses all together. According to the National Mortgage News today, the FBI has determined that flipping is mortgage fraud, indictments to come. Not all deals are fraudulent, but the attitude to subvert written rules is the same attitude that leads to fraud. 80 hours times $8 per hour is $640, this investor should have paid instead of a gift card. MLS charges on an hourly basis plus the monthly access fee.
Nice! I have a realtor that was a friend until I asked him for MLS access. I’ll give this a try with a perfect stranger and probably get better results. So much for friends.
“According to the National Mortgage News today, the FBI has determined that flipping is mortgage fraud,”
How exactly is flipping in any way related to mortgage fraud? What if there are no mortgages on the property? Makes no sense at all. If we can’t flip houses then all wholesale food stores should be closed down as well.
This is just a case of Realtor Commission wanting a complete monopoly on selling of houses.
.-= Scott Costello´s last blog ..4 Important keys to a Probate Letter =-.
Realtors are scared to death of allowing anyone access to the MLS for one reason. It is the only thing that they bring to the table that has any value. Once they lose control of that, they are done. And, depending on where you live, most of the MLS info can be found quickly from other sources.
All the other duties that they do can easily be outsourced for less money.
Of course this has been their fear for years, that they will lose control and become irrelevant.
Any good realtor will not give out their numbers for anyone to access the MLS! you’re idea that someone should coerce a realtor into giving out their MLS code is ridiculous! you are obviously not a realtor nor will you ever be. Syop with these absurd posts please, your an idiot really.
As a licensed agent how can you want to help or assist anyone to get realtors MLS codes for their use without you? Im not getting that and its illegality is enormous. I have a tremendous amount of class, FYI and I take my profession quite seriously, I am a Broker as well and manage an office for a national real estate company and I belong to 5 MLS systems in order to do my job. No ONE gets my MLS codes and you “teaching” people or buyers how to coerce agents to give it out is wild! WOW! exactly. I have a great FREE website I give out to my lucky buyers that enables them to access MLS info which is legally downloaded to them daily along with mapping, neighborhood info, area pricing so on and so on. No one needs MY MLS codes to get up to date real info on the marketplace. Guess you dont have what I have… too bad, good luck with your scamming the MLS and enabling people who should not have access to have access.. great! good work!
I’m no great defender of real estate agents overall, but this feels unethical. Why not just get your own license?
.-= Bobby´s last blog ..About Us =-.
Wow! That got some strong reactions, didn’t it?! The comments just reinforced to me how valuable MLS access is, and the value of Kelly’s strategy. I view gaining access to the MLS, not as a way to cut out agents, but as a way to perform my own research, avoiding an unwieldy situation. This doesn’t preclude using an agent once the decisions of what to buy and sell have been made. Thanks Kelly and JP
haha.. It’s illegal for an agent to give out their MLS access? Where in the law does it say this in your jurisdiction? It could be a breach of contract between the MLS provider and the broker relationship, but I doubt there’s a statute that specifically prohibits it.
Leslie: You do realize that other people use the MLS for other reasons than to just buy and sell real estate, right?
Well what can I this Leslie chick really got her Lucky Charms pi…. on huh… But remember it’s not personal its just business!!! We are all after our dreams and if I happen to make some Realtor upset on the way, well that is just a sacrifice I am gonna have to make. No offense!
Hey …jp.
Are you an idiot? You didn’t answer that question. LOL!
Now leslie has obviously shown her hand. We have worked with a realtor we trust with access and it was quite a pain. Too many problems to keep them out of trouble so we quit. Wasn’t worth getting them into trouble.
Also, we didn’t ask them to provide access, they offered when we asked the question, “Can we get access to MLS when we are not an agent?” This was truly just asked out of ignorance with no motive behind it. We have since moved on and and yes this is a grey area.
Bet leslie uses the grey areas when she does her taxes! Nothng is really black and white in this world and as long as the realtor is comfortable and you are only using it for your own purposes, i.e. not selling or providing the info to others, what harm is it. They may not like it but it’s not against the law!
leslie must also not be a good realtor since she is spreading false information about flipping. Any good realtor would know the difference in flipping and fraud. Bet leslie doesn’t? When we first started out we tried to avoid the word flip becuase of the negative conotations. Now we specifically use the word to test the kind of reactions we get. This says a lot about the knowldge of the people w are talking to. If they say you need to be careful, then we want to work with them. If they say that is fraud or illegal, we gently educate them and move on to the next. If they say nothing we probe more to see if they have any clue about what they are doing.
Brad
I don’t think Linda and Leslie understand that Investor’s want to do their own research and due diligence. Does a Real Estate Broker/Agent really want to do hours of research each and everyday for the Investor? When we find a deal that meets our criteria we’ll bring it to you to make offer. You make the commission. Sounds like an even trade to me.
Leslie and Linda, don’t hate the players hate the game. This is still a free country and you have a choice not to play.
It is a grey area and do not insinuate how I handle my taxes, smart man! There is Realtor to Reator only information regarding showing instructions etc or combo codes on MLS listing sheets that Real;tors access when they belong to the MLS and that is priviledged information for those with licenses. If a realtor gives out their code and something happens to a home due to that well, sounds to me that its not the best idea, you think? I am a “good” realtor mr. knows so much and do not insinuate again that I am not! This is an ethical issue perhaps not legal… it is wrong, thank you and have a nice day! glad to know there are such smart people out there who know it all!
MLS access for just anyone is hazardous to the seller. Many MLS’s allow access codes, in the non public remarks section of the listing. What kind of agent would give full access to mls to just anyone? As one agent above noted, she can give access to her clients–that access allows a client to get all the information they need without the non public information. In other words much more than you can get with Realtor.com but not personal or non public information about the seller. I certainly would turn in anyone giving “assistant” access to mls to a caller just seeking access to “save the agent time”.
Anyone granting that type of access should be avoided by any buyer “experienced” or not. They will be hazardous to your wealth.
Even with my licenses when I purchase out of area I use the services of an good agent from the area I am purchasing property. Do I have to? NO. But what I don’t know even after doing due diligence could bit me later. It’s better to have avoided a nightmare property than to have gotten a “good???” price on a disaster wishing I had kept my money in my wallet. First question I ask an agent. Do you own rental property? If the answer is “no” then I keep looking.
This angers me to no end as a real estate agent. Encouraging people to lie to get MLS access. That’s real professional of you people. I’m forwarding your article to as many agents as I can.
I am a Realtor/Broker (and RE investor) in Charlotte, NC, and our MLS has a service called “Client Gateway” that provides a goldmine of information to my investor clients without my having to disclose my MLS code. I can pinpoint their preferred area(s), price preferences, agent remarks like “REO” and “Short Sale” and so on. The MLS wizard sends them every listing that meets their requirements, updated daily, on their own private web page. The investor might get 10 to 100 listings; they tell me which 5 to 10 they really like, and then I crunch the numbers on those 5-10. I give them an Excel sheet with asking price, tax value, comps and the last “arms length” price the house sold for. They choose 2 or 3 to look at, and we (I) write up a contract. Greatly reduces my work, but gives the investor some of the “sifting” capability of MLS access.
Nancy
JP,
The problem is that there are few, if any good agents anymore.
And all of the duties that you mentioned do not require a license to perform. Again you can train someone to do the same thing for less money.
The MLS is the agent’s trump card. And MLS quality varies WIDELY from region to region.
I have been licensed in the past and that is my perspective,
Real Estate Investors that I’ve known are interested in access to the MLS for 1 reason and only 1 reason. Your assumptions and accusations are unfounded. Produce some documentation before you lash out against others in such a harsh manner. I know some Good Investors doing a lot of Good for homeowners right now. Such negative language, tone, is unfounded. You are a discredit to your profession.
In some areas, you can join the MLS as an associate member and have access to all the info except things like lockbox codes.
Appraisers and banks do it all the time.
Okay, its wrong period. I have as I mentioned a FREE website I can give to anyone, investor or otherwise to see all pertinent MLS info, so no need for agents MLS codes and access. I am a Realtor with NAR, I am a Broker as well. No chip here, just dont like when people decide to give out “how to” info on a practice that is not ethical or safe.
Hey, Joseph…. no offense to realtors?, I take offense personally to the “Leslie chick” connotation. Watch how you refer to people. When someone wants to buy or sell with an ethical, professional, seasoned Broker-Realtor, email me Id be glad to hand you all the info you want in the right manner without putting my hard earned license on the line. Thanks!
You do know why they call them Brokers, don’t you?
Because they are always broke. (old joke)
Hey …jp
Thanks for the support but I thinketh that leslie has a beef with me with her comments. Your comments are right on point, however.
Ethical, moral: what are these today? What are the definitions that we use TODAY. These also vary between people so what is immoral/unethical to one may not be to others. This is generally the problem with the MLS acces. Priviledged communication is just another form or realtor control. It all has to be disclosed if it is pertinent to the deal otherwise that would be against the code of ethics and fraud.
Illegal is a definite defined area of law. Lets call a spade a spade and not throw around words because they sound good or evoke an emotional response, such as fear or intimidation, to make a point. It hurts credibility. When you do you invite people to challenge you and question if your are a good agent. Obvious misinformation by a professional leads people to the conclusion that you must not be a professioal, or good agent.
The simple fact if the matter is we all make choices everyday and to some degree we all act unethically or imorally to some and to some it is not. Do you cheat a little on the speed limit? What about that yellow light? These are the choices we all make. To what degree is it OK is the question? Is it OK until you get caught?
While I would not give out my MLS info I wouldn’t hesitate to ask others to give it to me. I make the distinction that this is ethical for me but wouldn’t do it for liability purposes. If others are OK with it then so be it.
One last question. Why do the realtors think they have to be so secretive with their data and knowledge? When you discover the answer to that question all other issues will be put into the light and revealed.
Brad
leslie,
There you go. YOU take offense. You have no idea if offense was intended.
Need to be a little less thin skinned and maybe a little less sensitive and less emotional in the responses that you are displaying.
Are you being picked on? Yes you are but you invited it with your begining. Reasoned and rational arguments as to WHY it is wrong will get you a lot further and win more arguments than spitting back and letting others goad you on.
You have valid points but they are not being well recieved because of your METHOD of delivery.
Brad
Hi Nancy, I would like to know where I could go to get more information about your client gateway service you offer.
Wow JP!!! I love your REITips BUT I actually asked for and got a refund from you on Bob Norton’s course because I was NOT at all comfortable with this approach. I am not a Realtor but the feedback I got from Realtors was SO negative that I decided this wasn’t a grey area – it was not something I felt I could do and sleep at night.
This is great info, and btw, I’d be happy to assist any legit investor on LI, or anyone I can otherwise assist. LI is a different animal, and even our office managers know it. If I could do my part to help make LI a little more investor-friendly, I would.
Ok, Once again, no one is bugging me at all, trust me on that, I have said quite clearly and simply, that JP’s original blog regarding handing out MLS access is risky business… END OF STORY! be done and don’t do it.
Tim,
What is LI?
Am I just being idiot? Thanks …jp, if thats true it puts me in very good company.
Brad
Leslie,
Thank you for your thought provoking comments and your desire for ethical behavior. I am not receiving ANYTHING for free. I have signed contracts with BOTH MLS systems that I SUBSCRIBE to ETHICALLY in accordance with the rules of each MLS. I have relationships with my agents and submit offers THROUGH them. They are aware of every move I make. I am an unlicensed assistant as allowed by each MLS. I have my own log in and my own fees. (my own costco card 🙂 ) Perhaps you could read over the post to clarify your comprehension of the steps I have taken and rules I have followed. No Gray, Black and White.
Hello Everyone-
I just had to add my 2 cents to this thread after reading most of the posts.
I just want to say that with almost everything, there is black and white, right and wrong, ethical and unethical, moral and immoral. Sometimes there’s a very fine line. It is not something we decide ourselves and the majority of Americans realized that many years ago. Just because we’ve been told for several decades that we can decide for ourselves if something is right for us or not doesn’t make it true.
The other thing I thought of while reading through this thread is that many years ago, life was so simple. The laws that govern every little aspect of our lives and businesses are what has mad it complicated – we need to keep that in mind and maybe we won’t get so upset when someone “breaks a rule”. I’m not saying rules or laws are made to be broken, just that there are way too many rules and laws about EVERYTHING! And, I’m tired of it.
I am not taking sides on this discussion because I don’t have enough information about this subject. However, I know several investors whose agents gave them their own access to the MLS because it took too much time for them to do the research for properties. The investors weren’t sneaky or underhanded about it, the realtors just got tired of doing all the work for them.
I just think people should chill. Some on here obviously feel very threatened, and I feel bad for them. If they are confident in what they are doing in their job, and they choose not to share their access code – fine, they don’t have to. And as others have said, if they want to do hours of research for an investor, not knowing if the deal will come through, well, that’s up to them.
And name calling? How old are we? Will everyone just please calm down or don’t read these threads – it’s not worth the stress!
Like I said, just my .02¢
😉
Hi Jp,
I was reading the above comments and noticed one person got a refund from their kiss flipping account.
I would love if I could fill their spot! I have been wanting to get into kiss flipping for some time now but it has been closed. Now their is a spot open, can I please be let in?…I promise I won’t cancel on you. 🙂
I’d rather spend my time making 25k to 50k every month ethically and morally then argue and complain like silly people are doing above! Thank you! Talk to you soon!
Please…!!!
I have MLS access through my wife’s aunt, who is a broker and we’ve never had any problems. I usually use it after hours though, because we use the same password.
She knows that when I do a deal she is compensated for it.
I don’t know what the heck this people were reading, because nothing in that article jeopardize the realtor. If the MLS office provides the code in order for the investor to expedite his homework, the in earth is the illegality. Because I read the article twice and nothing in the article suggest the investor persuade the realtor for its code, stole the code or got access to the MLS illegally. Then you have another already mentioning the FBI TODAY. PLEASEEEEE!!! Spare me the b.s. I can tell who’s are the one making all this crazy comments. I found the article to provide a ‘strategy’ of other way of going about accessing the MLS without having to either be asking the realtor every time I need to access this particular. Again, I stand by the part that suggest you go to the MLS office in order to get the code. GOOD TIP! As for the FBI, I can show you in black and white Flipping in itself is not illegal. Now, if during the process you twick the process in a way the particular ACT is illegal, then that particular ACT in itself is illegal but no flipping a property that’s being flipped at or below the market value. AMEN!!!
First of all, Leslie do you mind quoting where in the article does it state the person is ‘coercing’ the agent? Second, for someone as professional as you claim to be (which I very much doubt) you sure having a hard time comprehending what you read. On top of that you someone ‘idiot’. That alone shows who you really are, for someone who claims being an MLS hancho, a broker, a five star General in the Real Estate Association, on-on-on-on. What else you be putting on your sorry resume? You wish you held those position. Read the article and leave out the part you not making it in this market.
Nancy:
I would like to know more about the “Gateway” you provide to your clients without having to give out codes, etc.
I wonder if such a service is available in Florida, specifically in Hillsborough County?
Also, I assume you are an investor friendly realtor?
Trying to partner with an agent who will assist me with locating listed homes in foreclosure or going through a short sale process. The agent I partner with would being doing most of the leg work. Please respond to me via my email ([email protected]) and I will forward you all the details. Location doesn’t matter and it can lead to big commissions for an agent who isn’t afraid of some hard work. Not real hard, just a little hard 🙂
Interesting comments–I think Maria stands as the voice of reason so far. Here in Central Ohio, unlicensed assistants cannot have their own access to our MLS system. One must be licensed and have their own login. Any violation is a fineable offense (and there are SO many!).
Looking at this question from a wider perspective, many professions have proprietary database systems and information, for which one must pay to access, be a “member”, or both — not a big deal, in my book.
My advice would be to those who cannot have “unlicensed assistant” access to their local MLS is to find a trusted Realtor or 2 to work with, get the data that you need to start doing the deals you want to do, then take a couple of weeks (or less in some states) to take the classes, and get licensed. (The Polar white teeth, leased Lexus, and the sharp business card with the side-view photo of you in your black pantsuit with arms folded confidently are TOTALLY OPTIONAL!!)
Exactly…the point I was trying to make.
I hope this discussion keeps going. I thought Kelly’s approach was brilliant, but I also understand the reserve of an licensed agent (trusted for their licensing) giving out their MLS access to someone who won’t be held to the same standards that a “Realtor” will be held to. I’m not a Realtor. I also want access to the MLS to make transaction happen that will be mutually beneficial to me and (often) the Realtor.
JP,
For the record, the only connection (as I found it) to flipping and mortgage fraud on the FBI site involved the phrase “GROSS MISREPRESENTATION.” Also known to people outside of the FBI as “LYING.” There you have it in black and white. If you lie about or hide any facts while buying or selling property with a loan, you could be doing something illegal. If you are offering the truth during your full disclosure then flip to your heart’s content.
About the MLS access, each MLS has their own unique set of rules. What works in Kelly’s scenario most likely will not work everywhere. Best to find a broker/agent you like and ask about the best way to save time researching investment properties. If the broker suggests the MLS then you just got the green light. The only problem I had with Kelly’s post is to not tell the broker anything before talking to the MLS supervisor. Your next conversation with the broker could be quite uncomfortable if the supervisor talks to the broker first.
To everyone else, grow up and use spell checker.
My $.02.
One of the things being insinuated here is only licensed agents are honest enough to be trusted with MLS access. Just as with the general public, not everyone is honest and many times the “licensed agents” have used the information in MLS for less than (legal, moral, ethical, choose your word here….) purposes. I have access to MLS because my agent knows I would not do anything illegal or dishonest with the information and I would never do anything to jeopardize his agent status. You are either honest or not and whether you are a licensed agent has nothing to do with anything, including MLS access. Get off your high horse…..
I’m going to copy and paste this so Idiots can re-read:
“Then explain that you have spoken to “insert MLS administrator here” and you have the form for your own unlicensed assistant access”
Your asking for your OWN access not their pin/log-in number!!!!!!!!!!
And a slight modify, will keep it ethical: If you use one broker often, tell them up front before you go and get the form. Explian the pro’s and con’s to the broker first. All to often PROFESIONAL R.E. INVESTORS are educating brokers/agents of how to do stuff anyways, It never hurt anyone to ask first….try fail and Ajust,try again!!
How can you take ‘offense personally’ when you calling other idiot?
Tim & JP,
LI stands for Long Island, New York. Now you don’t have to feel or think you idiots. LOL
I heard there was a special place reserved in Hell for agents who give out their MLS passwords.
SHAMEFUL!!!!
P.S.
Sarcasm alert.
.-= Steph´s last blog ..Where I’ve been and what I’ve been up to =-.
Freddie Thanks!
I originally thought it was another source of MLS type information.
I definitely do not need help with LI since I am far far away in a galaxy thta is not close to that anilmal!
Thanks to all. Yippee!
Brad
Steph,
Does that mean that all the agents who DON’T give out theire MLS passwords just go to regular hell?
HAHAHAHAHAHAHAHAHAHA!
Brad
I think so.
Hehehehehehehe!!!
🙂
.-= Steph´s last blog ..Where I’ve been and what I’ve been up to =-.
LOL OMG!
This has got to be your most controversial post ever JP… And the most sadest…
I love ya man, but this should give you an example of the ego’s influence in most realtors pursona…
I don’t even want to work with them, which is why I’m getting my licence… lol
Thanks JP I found it very usefull. As investors we need to build good teams and resources so that we can make good buying decisions. or else we are going to be stuck with bad properties and negative cash flow. Realtors and Investors can work together if realtors understood the investing end of the business. there are plenty of homeowners and banks that need our help…we should put our energies there instead.
Great comments on this article – I am a newbie to the REI tips site and real estate investing. I really like what I have seen so far on this site.
I have been able to develop a really good relationship with the realtor that helped me sell my personal residence and then buy a new house a few years ago. She has a system similar to what Nancy mentioned above, where I have a personalized website that I can set parameters for investment properties (price range, location, etc.) Whenever a new property comes on the MLS that fits my parameters I receive an email. The site also shows if listings are contingent or pending.
My realtor also has sent me a detailed comp report that I use to track closed properties in my area. I can refer back to the report whenever I want and it updates new closed properties so I am not always bugging her for a new list.
So I basically have all the info I need for free and have developed a really good relationship with my realtor. Just something to keep in mind for those trying to get MLS access.
Shawn
Any serious investor must have MLS. Second hand info through commission based Realtors wont due when your money is on the line. This is an absolute. Great tips here.
Give clients, or investors a ListingBook account instead. All legal and no issues to worry about, but always get a Buyers Agency Agreement before providing access!!!!!!!! This way they can’t abuse you by searching for property and negotiating with the listing agent.
Protect yourself! ALWAYS ask for an Buyers Agent agreement. Sellers sign listing agreements, why don’t buyers sign agency agreements.
Makes total sense!
Ethics and security aside, MLS members pay quite a bit of money for this info. My MLS fees are almost $500 per year plus another 135 per year to lease a Supra Key. I don’t know the admin costs to the MLS, but collecting and maintaining the data isn’t free. If I have to pay for it why should I give it away to anyone? Besides there is very little data on the MLS that’s not available in public records or on some other website
Hey Leslie, ive read your replies, but can’t locate where you left your MLS password. Please repost again! Thanks again and free coffee is on the way my friend.
Ill watch out for my coffee.. thanks, dont remember giving out MY mLS password letely, sorry!!! 🙂
I can see why you might think what you posted, but I can think of a number of reasons I wouldn’t give it out. One is liability to sellers. I have no control over what other agents post in MLS. Some post access codes, combinations, etc. If I give my info out to someone who is not a member, not only have I violated the terms of the contract I voluntarily agreed to, but I may have put a seller at risk. This may come as a shock to some of you, but the percentage of buyers in the marketplace with no integrity is roughly the same as the number of Realtors in the marketplace with no integrity. Just saying…..
I am so sick of your realtors complaining about how this is dishonest!
You are the most dishonest breed of people!
I willl generalize because I have worked with way too many of you to know that all you care about is money, not your client, not providing a service, but to make sure things go fast and your get paid.
The article gives us, investoers and regular home buyers, with advice on how to access a stupid list that has been monopolized by the Realtor industry!!
I guess you are all afraid that if that wasn’t the case, that if everyone had access to it, then you’d be without a job.
Seth, You are so right.
I been workign as an investor for approx 11 years, before that i worked selling software to car dealers.
Use car salesman have the reputation of been the worst people on the retail business, Till you get to deal with realtors..
Unscrupulous, Liars, cheats, scumbags.
They will cheat the seller ,they will cheat the buyers, they will cheat other fellow realtors…
God Bless America.
Mike
Guys, I just have to chime in and say…as someone who’s walked BOTH sides of this…
There are scumbags and there are honest folks on both sides.
We all have our prejudices based on where we’re coming from…but I’m gonna tell you right now, you can’t pain all Realtors with one brush just like we tell them not to paint all investors with one brush. Realtors like to think of all investors as selfish, greedy, do-anything-to-make-your-deal-work type of folks…and we know those of us like that are in the vast minority…they just happen to get a lot of press and make the rest of us look bad a lot of the time. Same goes for Realtors.
Thanks for commenting…
…jp
I am a Realtor whom just had an Investor pull this crap on me. Shameful. Waste of Time. Lack of Integrity. I will not be a part of this. I work hard to conduct business with the Upmost Integrity, and to have an Investor ask me for this information really angered me. Not only is it a violation of our MLS Rules (and yes I do see that there are obviously loopholes you are recommending), I was offered to be paid “on the side” for access. Disgusting!
Dishonest breed. Man you really need to get checked out. Realtor live by a code of ethics and if they don’t live up to those standards anyone can bring them to a hearing. The strange part is we are basically considered guilty until we prove our innocence. Yes is there bad Realtors in the world , of course. There is bad apples in any barrel, but the overwhelming majority are upright, honest, and very truthful. Also monopolized by the Realtor Industry. We created the MLS, we sell the homes in it, we pay for its upkeep, and yes we protect it’s integrity. The MLS is a small part of what we do. The average home owner does not have the necessary tools or time to fully Market a property. I am sorry for whom ever you have run into, but two wrongs don’t make a right. Examine yourself and see if you think you are doing the right thing. As far as Keller Williams Agents working with Investors, yes, it is true. We are a trusting bunch because we trust each other and we have to live up to another code. A more stringent one in our WI4C2TS. God bless you in your success as an investor, but examine if you truly believe in what you are doing.
There is no reason why I should have to access and pay a third party (realtor) just to view the most recent listings and up to date data. Doing homework on ones own time is part of being a savvy consumer. With any other product you are able to obtain information and present to a meeting prepared. Such is not the case with real estate. Mls listings should be available to public discretion.
How the heck can the MLS block a licensed real estate agent from services if they aren’t members of their association or country club such as the NAR ? This is crap! This is a strongarm tactic to get us to join their crappy little club and pay them dues, for what? Their ethics? I already have ethics which I will write up on a sheet of paper and get properly notarized…
Why hasn’t Google started an MLS type listing, a one source For Sale By Owner site instead of one million of them on the web? MLS needs competition. What do realtors do? Unlock doors and lock them, collect a commision. They do not give anymore information than whats on Zillow and Trulia.
Hi, Ronson. Actually the MLS does give more (and better) info that Trulia and Zillow. It’s a lot more feature rich and the data can be manipulated in a number of ways. But I totally agree with you that they need competition. And actually they do have competition here in Memphis. One of our local brokers started a separate non-board MLS a few years ago and it’s gained quite a bit of steam. It can happen!
I wish that people have options not to use realtors. My experience with most of realtors that I’ve dealt with is poor. I don’t trust them at all. I do my own research before I do anything with realtors.
Realtors are just people – some are good, some are bad. Some do a phenomenal job, others suck. Don’t write them all off…just know when to use them and when not to, and how to deal with the players and not the punks. 🙂
I’m confused. So, investors want access to the data that is placed into a database and maintained by a group of people that they do not trust? There is a fairly simple solution. Instead of relying on the data in a database, compiled by Realtors for Realtors, you can actually get this information from the public records….on your own….for your own use. But, I guess that would require too much work.
Dear, “Guest”. No, the data available to the general public is not nearly as in-depth as what can be tapped directly in the MLS. It’s also not nearly as searchable. You cannot filter the data in nearly as useful or as powerful a way as the MLS allows.
And I for one don’t have a distrust of Realtors, any more than I have a distrust of my fellow investors or plumbers or pastors. People are people…some are awesome, some are rotten, some are ignorant. There just seems to be a large number of Realtors who don’t “get” investors, and tend to see us a necessary evil to be tolerated rather than a vital part of the real estate economy. Regardless it’s certainly not all of them, and I don’t think anyone here is saying that.
Oh, wait, I get it now. You were just trying to be snarky. Well played, “Guest”, well played. 😉
Pffff.
The MLS is dying because information is getting easier and easier to obtain.The days of brokers keeping information from the public are dying. The days of people not advertising their resume are dying. Sites like LinkedIn make it easy to search for passive candidates. Sites like Zillow will get better over time and new sites will appear that eliminate this information advantage. Dwellgo in Austin is one RE site that comes to mind that is competing to kill the MLS. There are many others…I am not sure which one will ultimately dominate the market.
I could not agree more! Working with a real-estate agent should – as it is with travel agents – be optional. It may work for sellers, but buyers, and especially investors are often just thwarted by them. Moreover, the market is ever more dynamic, information ever more quickly disseminated and realtors ever less able to provide value.
I know this is old but it costs more than that to list with MLS for a seller and that is a one time fee.
This is verging on criminal I worked hard, spent many hours in school and spend a ton of money for that precious information. This article is garbage is pretty much telling people how to lie cheat an steal information while tricking that poor realtor. The woman that wrote this is the scum of the earth. He’s an idea all that work you put into obtaining something so manipulatively, you could’ve obtained an actual RE license in an upstanding way. Get a life lady and leave that information in the hands of professionals. You’re pathetic.
Yea,
I trusted an agent. I gave him the criteria if what I was looking for . Why is it, without MLS access, I found 2 properties that fit what I was looking for and he overlooked them. I had to tell him the MLS listing numbers. When I asked him, his answer was “I must have overlooked them”. I bought the property I FOUND!!
That’s why people who spend hundreds of thousands of dollars do NOT trust realtors!!
Rebut please!!!
If an agent “overlooks” a property or two that fits the criteria of the buyer, I hardly believe you can bring them up on ethics charges. But to the buyer that is looking for something specific and it is overlooked, the buyer and seller looses, not the RE.
Bradley (and JP): “LI” most likely refers to “Linked In”….. social business network community (online). 🙂
I stand corrected (after reading through more comments on this long, controversial thread. “LI” seems to have been used as an abbreviation for “Long Island”….. 🙂
You are exactly the kind of Realtor that makes investors want their own access to MLS.
you work real hard, typing on a forum all day lol
Real Estate Agents have to pay dues to MLS and HAR and NAR and Super Key.. The cost are never ending. If you do not pay one of these 4 you are not allowed to use any of them. It is a racket…
and also the ones who do not give their brokers 80% of their 3% of any and all sales.
Just to add my opinion on a 3 year old argument… I am an Relator and in my association you do not need to be a Realtor’s Association member to gain access. The price for this is the same price that Realtors pay in order to become members. So if this information is as important and should be given to everyone as many people here are stating…then everyone who uses it should pay for the maintenance and upkeep of the data. So pay the few thousand a year and stop complaining/arguing. OR… do all the data collection from public sites and organization of that data on your own. This would be a good conclusion to the conversation, but I’m sure someone will say that I am wrong or ignorant or arrogant (something along those lines). And to you I say.. Thank you, I will take that under advisement.
If everyone that wanted it were allowed to pay for it, MLS “upkeep” would be in the neighborhood of $10-20, tops. I’d pay that if you guys would let me. So, get off your high horse, “Observer.”
Seth, what are you talking about? Sure in every profession there are dishonest people, and yes in every profession people want to make money. Don’t investors? But I also believe that most people truly are good and want to do good things for others. What do you mean Realtors monopolize the MLS. Realtors have to pay a lot of money every year just to maintain their license and get access to the MLS. Including my supra fees, MLS fees, membership fees, and this fee and that fee, It totals well over $1500.00 per year. Then, now get this…Our own National Assn of Realtors sold us out. We pay to list properties and gain access to the MLS, then have to turn around and pay sites like Zillow and Trulia and others like them to advertise on their sites because the National Assn of Realtors sold them access to our Data Base. I can’t begin to tell you how much money I have shelled out to advertise on those crappy sites and got nothing in return. For the first three years I was in real estate I litterally had to scrape pennies to survive and borrow from friends and family in order to keep myself afloat. This is not a glamorous career. Top agents either work very hard to get there or they are lucky and have a lot of connections before they even start. We are not monopolizing the MLS, we are paying for it. It amazes me this negative attitude people ave against agents. I use to be a school counselor. I was respected. I am still the same person, but sometimes feel like I should be ashamed that I am earning a commission. If they only knew how hard I busted my butt for that commission, they might think twice before they even open their mouths and ask for some of it back.
Why is MLS “protected” information anyway? You can find most of it in the county appraisal records.
I don’t care that realtors pay $500 + dollars a year for the ability to use MLS when you take 6% of my money. For a realtor to sell a house for $77, 000 and make over $5, 000 is absurd. So don’t complain when we want to sell our homes using the MLS. If I used a realtor to sell my home, I would end owing money instead of making money. If I sell myself I will make money. I will never pay someone 6% to do what I can do myself. My parents sold a home w/o a realtor and had no problems doing so.
You don’t have a choice to “not deal with them”, its so incredibly ridiculous how huge of a percentage they get for doing an hour of work at the most. They are leeches and suck money from the pockets of the consumers. The market is screaming for a more efficient way to match sellers with buyers, but realtors use their muscle to force their way into business.
Terry,
$1500 a year?! Come on… Us investors do the same homework as you, comb the planet for a good property, pay for the property and assume ALL OF THE RISK. Your “$1500 a year” is made up in one sale. If that sale is with one of us investors (which it has to be because of the monopolized MLS), then you really do no work at all but sign a couple lines. I am sure that the money you spend on advertising is no where near the 100-500k risk we take every time we do this.
Honestly, I’m not a negative person, but you have to realize that this is the information age. EVERY industry is getting middle men cut out because it is free, easy and fast to do their job and access their data. Realtors have MLS to make sure they don’t get cut out. Honestly, I invest all over the country and i use realtors that I trust and have grown relationships with. But, I would much rather pay for your time then give you commission on something that I have researched, negotiated and assumed the risk for.
If I was you, I would start advertising yourself as a real estate adviser. The way of the Realtor being required will soon be gone. Don’t be late to adapt.
Nancy – interested in connecting with you. I’m also in Charlotte and looking for investment properties and someone to work with. Please contact me at [email protected]_g_m_a_i_l_._c_o_m
Of course remove the _ when you email 🙂
Real estate advisor, Realtor…same thing….The way of the Realtor will always be around… there will always be someone wanting to sell their home, people that have to sell , first time buyers, short sales, and banks that use agents to list homes and investors that understand the value of a good agent. All agents are not bad…I negotiate the absolute best price for my buyer even if it will drastically cut my commission..It’s my job and I take pride in it and I’m sure there are other agents like me. . A useful agent can find/ get deals, do the due diligence, pull comps, negotiate, make sure you’re protected, and market the property for you for sale or rent. Why shouldn’t they deserve a commission? If you can do ALL of that yourself then you don’t need an agent, but sometimes its easier for someone else to do the work while you either find more deals on your own, enjoy the money that you’ve made or spend time with your family.. Pay people for their work…You assume ALL THE RISK because thats what INVESTORS do…but you wouldn’t do it if there wasn’t a chance of a BIG REWARD….I bet there is not as much of an issue with your stock broker or the guy showing you a few features on a car you want to buy.
Are you serious?…One Realtor, overlooked a couple properties and you don’t trust all Realtors? What was the Realtors intentions? Was he going to buy it for himself? Maybe he just didn’t see them…people make mistakes..I’m sure you’ve made a few.
The search technology most MLSs use is archaic compared with, say, what Zillow or Trulia has built.
Yes, but the search PARAMETERS the MLS gives you beat the pants of Trulia and Zillow.
Explain what “strategy”, also by “tell them you would like to do your own homework upfront”. Does that mean that your are asking to go into the MLS and then getting the information?
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yes….agree friend. Unfortuantely there are unethical folks in every and all business practices. Challenge is releasing past offenses, so to not handicap your next encounter…
This is an old thread, but it is personally relevant. Here’s my take on realtors and the MLS. Not too long ago, the stock market had brokers that were paid 8% commissions…8 percent! Discount brokers came in and changed all of that via market forces…i.e. competition and client preference. If the real estate industry would be less concerned about preserving a model which has not kept up with the aptitude of the average real estate buyer, then they would make the MLS available to everyone for a nominal subscription fee and the agents would have to compete with one another on fee structure and services provided. Forcing everyone to give up 6% of their equity just because they want to sell is outright piracy! If I contracted the services of an agent that I felt was worth 6%, that would be a different story…but alas there is no competition in the current model.
Here’s the historical tidbit that blows my mind…not too long ago, Google maps provided MLS-like data. At some point, there were forces that caused Google to retract this feature…online the press friendly story was “due to low use”, but while I can’t seem to locate the supporting article I recall they were “influenced” to make this change. Other than the MLS, who would have reason to do this?
Real estate agents while subject to the laws of agency are also prudent human beings that are looking out for their own best interests. Who isn’t? I don’t think the focus should be on whether an agent wants to collect a commission, I think the right question to ask is are their commissions subject to real competition? I also think the MLS database not being available to all participants in the industry paired with a hardwired commission reeks of monopoly. Realtors are not the problem…the people making money off of them and perpetuating the non-competitive model for commissions are whom we should be targeting our angst against.
FWIW…my stock brokerage firm charges between $7 & $9 per transaction and offers tons of free research options. Like I said above, they used to charge 8%…what a beneficial change it would be for the populace if the real estate industry got their fees structure re-defined so that fees were based on services provided versus a percentage of the asset value. I think realtors should be paid for what they do, I just think that needs to be better defined and not scaled as a function of the asset valuation they’re working with.
I think the point was that the “service” the realtor provided was marginal at best. He, like many of us, did his own research and found what he was seeking…but must still pay for a “service” that didn’t really provide any.
Do you necessarily need a realtor? If you could view all metadata relative to a query you defined, then selected a property and contacted the seller directly…couldn’t you negotiate an agreed upon price and then complete your transaction at a title company (which is also an aspect of the industry which needs an overhaul)? For those that do not really know what they want, the conventional realtor model makes sense. For people that are capable of clearly defining what it is they want and are able to assess, negotiate and facilitate the closing/title work on their own I firmly believe there is a need for another option.
I have done the same…in a slow market, a realtor can add value through promotional efforts. In a hot market where listings post and properties sell within a two week or less time frame, people should really consider trying to sell their real estate themselves. I’ve done this twice and it was fairly painless both times.
I have seen a trend of real estate brokerages not syndicating listing data. Some companies are hoarding pocket listing hoping to sell their own listings with-in their local offices.
One agent told me that the first thing he look at on the listing is the agent commission. Of course it is almost always 3%, right? Well, he said if it is EVER less than 3% he immediately ignores the property.
So, just think about that…you go to your agent and give her everything you want. She searches and 3 houses come up. But let’s say that the first one is only paying 2.5% to the agent. Even though this could be your perfect ideal dream house, she will never even tell you about it, but will only give you the other two instead. So, she puts her own desires for $ above those desires of her customer. That is the most perfect description of “unethical” I can imagine and if that is the “high code” you live by, then someone needs to rewrite your code. That is shameful!
Can’t wait til the MLS is public. Gosh I hate middle people who think he they have a right to bully/meddle in my personal transactions, only because they are granted monopoly by lobbyists. If I want a realtor, I will ask for one. If I don’t, THEN let me buy and stay the hell out of my transaction!
I just discovered that my agent played me multiple times on “investors – wholesalers”. They knew full well that these people would NOT fulfill the contract if they could not find someone to flip it to. That is ethically wrong but nothing you can do about it besides. Get your own license which is easy!!!!! Quit bitchin’ and get your license. Still doesn’t mean you cannot sell your own property if I recall. (need to confirm that)
RE: “but buyers, and especially investors are often just thwarted by them.”
Well said! We got blindsided recently by a realtor who gave us access to the limited RE portal some will set you up on these days (but they show only the info they want you to see while hiding important details such as comps and REO details). We did all the legwork and then on two amazing deals that we found, she went incommunicado until immediately AFTER they went under contract.
Besides working for investors, said she is was investor herself. She let it slip that one of the deals we found was exactly the kind of property that one of her investor’s was always looking for. She then refused call-backs for two days until it went under contract. Second time this scenario played out. Fool us once, right?
We suspect she was using us to do the legwork, then turned the deals over to her investors (or herself) who very likely pay her a bonus for finding good deals.
It’s hard to find a good realtor, much less one willing to work with REO’s. But I happen to know a realtor in another city who is very honest and hard working so I might run the scenario, above, by her to see if she’ll give us full access to the MLS in exchange for representing us to re-sell our properties. Only problem I can see is we’ll have to use the selling agents to show us the properties because her managing brokerage does not allow agents to show properties outside their area. Hopefully they don’t restrict listings too. If not, this could work.
Thanks for the great advice!
You are full of crap. There’s a reason for the saying, “buyers are liars.” Many buyers will use agents as your guides and as encyclopedias of an area. They will pretend to be working with you, then dump you like a bag of trash, if it benefits them. I NEVER work with ANYONE without a buyers agreement up front – period! And I also never work with clients who aren’t pre-qualified btw.
My past realtors did nothing too. I found all the houses he showed us.
renters are just a dollar sign to most realtors, what a shame.
So if I read you correctly, the msterial ought to be free? You remind me of folk who say nobody should profit from curing the sick.
When I was in kindergarten i had that same sense of entitlement. Because I am a recovering liberal. I can tell that you would love a government that can give you everything; especially other people’s THINGS…but you will soon learn, that a government that can give you everything, can also take EVERYTHING.
New to this. Please explain how they played YOU? Were you the seller? Why was an agent needed if investors were buying from you?
In Realtors defense, brokers have to pass continuing education every 2 years. They adhere to a strict code of ethics, and can be disciplined by the state licensing Board who governs all state licensees, for unscrupulous, or UN ethical behavior and other crimes. The Departent of Business and Professional Regulation can revoke ones real estate license. They are comprised of a Board of various professionals who are there to protect the public and discipline Realtors. The local MLS has private information Listed in It about sellers homes that sellers in confidence share with their trusted Broker. These things are posted in the MLS and it cannot be revealed to the general public, for obvious reasons. Juggling many listings, buyers and sellers, is a complicated process. It is a people. Business as much as it is a real estate selling business .. Sellers and buyers give out less than the whole truth and waste Realtors time and we take the blame for things, which is part of the profession. Every deal is different, and sometimes we get paid, but for every closing there is many tire kickers!
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Totally agree. We are the noses (individuals) who own and buy homes. We have been scammed and lied to buy the Contractor-Realtor-Bankor Industrial complex for years. Realtors are the laziest individuals I have ever met and in buying and selling, I and my lawyer are the ones that do all the work so that we do not get screwed. Getting screwed too many times in my youth by these devils has convinced me that they all need to be cut out of the process and there needs to be a saturn style buying process with pre-certification for all properties that has consistent inspections and complete transparency of issues.
A realitor is just ONE step above a CHILD molester.
Your math is not good. 6% of 77,000 is not over $5,000. It is $4,620. I just started this and I see that most commissions are split, too. So you probably only get $2,310. In my city, most brokers are charging only 5%, too. BUT you are right, anyone can sell their own home easily! I did it right before I became an agent. You really don’t need MLS if you’re selling anyway…just trying to make a living after many years of teaching and being unable to make ends meet. Still struggling, but honest as the day is long. 🙂
Do most realtors check current deeds for restrictions? I came across a deed where the
lawyer left out a two-page deed restriction. The title company paid off the low-income housing provider and is coming after my client who did not purchase title insurance. The title company is saying that there was collusion between the Buyer and the Seller. I am not a Realtor but I would think that you would take a quick look at the title as part of your due
diligence? Any thoughts?
Anyone know of a really good agent in scottsdale, az. Someone who can make the houses come out of the woodwork with motivated reasonable sellers. Sellers aren’t motivated by cash anymore either. Why?
The inventory in our target range is slim right now. Maybe only 1 or 2 homes come up in a week. I know this brings out the dollar signs in people’s eyes. But, I’m tired of looking at homes with small bedrooms about the size of a small breakfast nook. The masters are always decent, but the others are tiny.
I’m trying to get access to the MLS for free, but all I find are pieces of software that promise to “get me access” or they tell me they have the same info as the MLS. Does anyone have any experience with any of these softwares? Thanks.
I agree that realtors are slowly becoming a dying breed, Just as cable and newpaper companies, technology is overtaking these once giant companies. Zillow is a prime example of this. If you look at demographics, realtors typically deal with 45+. Anyone younger typically will use zillow BEFORE obtaining a realtor. What they ‘believe’ is that the buyer doesn’t pay for a realtors commission so why not get one? Well the answer is simple, it DOES cost them, 3 times as much as what the seller is paying. Because if the seller is FSBO he or she completely understands the benefits of not having realtors involved. FSBO typically save $5,000 in commission. If he or she knew you didn’t have a realtor he/she would easily drop the price of the house by the $5,000 that he would have been required to pay to a realtor. But if you have a realtor, the buyer would build in that commission into his asking price, costing the buyer $15,000 over the lifespan of the 30 year fixed loan. S0…. in reality, everyone selling a house is losing approximately $20,000 in commission and equity the second they sign up for a realtor.
Its just a matter of time before technology becomes the realtor at a fraction of that cost. MLS is the last thing saving the realtor and brokers, but FSBO-MLS listing websites are slowly creeping into every neighborhood and realtors know this. Why are realtors so guarded about their access to the MLS….. because they have to. I have nothing against realtors… but times change, and become more efficient. At one point Everyone had a TV Guide and Farmers Almanac. If you are buying a home, look at FSBO first and you will save money, if you are a realtor, have a 5 year exit strategy for obtaining a different career.