Do buyer's agent have listings not in the NJMLS? (Lyndhurst: foreclosures, credit)
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I just got to know from one of my colleagues who recently purchased a house in the South Bergen area (Lyndhurst, Rutherford, East Rutherford, others.) that having a buying agent is a good idea because sometime they have listings not available in the NJMLS. Is that true? I thought everything except foreclosures is in the NJMLS.
There are listings called "exclusive office listings" where it does NOT have to be on the MLS. I get texts to my phone about listings that people in my office get before they ever reach the MLS. So if I have a buyer who wants a specific type of home and I get a notification about one, the buyer can see it and make an offer before any other agent even had a chance to show it to their clients.
There are so many advantages to having a buyer's agent, honestly, and this is just one of them.
There are listings called "exclusive office listings" where it does NOT have to be on the MLS. I get texts to my phone about listings that people in my office get before they ever reach the MLS. So if I have a buyer who wants a specific type of home and I get a notification about one, the buyer can see it and make an offer before any other agent even had a chance to show it to their clients.
There are so many advantages to having a buyer's agent, honestly, and this is just one of them.
So for these "exclusive listings", is it only a matter of 2-4 days while they are being listed that they are "exclusive"? Or they remain exclusive throughout and are never listed on MLS and instead are sold by a realtor by word of mouth or internal networking? I assume it is the prior case but I can totally see the latter happening in hot markets where the agency wants to keep the full 5% within the agency and are sure to find the buyer from their internal pool of buyers.
So for these "exclusive listings", is it only a matter of 2-4 days while they are being listed that they are "exclusive"? Or they remain exclusive throughout and are never listed on MLS and instead are sold by a realtor by word of mouth or internal networking? I assume it is the prior case but I can totally see the latter happening in hot markets where the agency wants to keep the full 5% within the agency and are sure to find the buyer from their internal pool of buyers.
It depends. For some it is only a couple of days, others a month before it hits the MLS, and some sellers just waive broker cooperation altogether meaning it never will reach the MLS, unless the seller changes his/her mind. Sure, cases like these aren't common, but as OP said, his friend bought a house before it ever hit the MLS. So it's not unheard of.
OP here. My colleague only mentioned the possibility of exclusiveness. Whether he got his house from a MLS listed house or not is something I dont know. But if this is not common then who is your buyer’s agent is can make a difference so far as available housing is concerned.
OP here. My colleague only mentioned the possibility of exclusiveness. Whether he got his house from a MLS listed house or not is something I dont know. But if this is not common then who is your buyer’s agent is can make a difference so far as available housing is concerned.
I apologize, I was thinking from memory. Didn't mean to distort your words!
But yes, it does all depend on the agent and the office they work in. For example, I work at Keller Williams, so I can't get access to Weichert's exclusive listings. Nor can I get access to exclusive listings from a different KW office that isn't under my broker.
As I said, it's uncommon, but it's not unheard of to eventually get a house this way.
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