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There is a property in my area that was listed with a real estate agency, but never was on on MLS. Just curious what that's all about.
There is no law that says all listed properties must be put on an MLS. Though I happen to believe that the MLS is a very important marketing tool, there are some brokers, agents, and home sellers who prefer not to use it.
Did it go under contract very quickly, perhaps before the agent got it listed on the MLS?
King of makes sense.
Just thought it was unusual given that there was another very similar property listed at the same price by the same agency that was also under agreement quickly but did show up on mls for the few weeks it was listed.
Why would sellers instruct the agent not to list on MLS? What would be the advantage to a pocket listing to a seller?
Some sellers really value their privacy. They do not want just anybody having access to their home. They want their agent and their agent ONLY to show the home. If a property is in MLS it's wide open to the world
Some MLS's are stricter than others. Around here, if you are a member of the MLS, you are required to post all listings within 48 hours of the date of the listing agreement, and get fined if you don't. Even if it's your listing and you sell it before you can even get the photos taken, you still have to post it on MLS -- in case the contract falls through (which happens, alas), and also to provide a statistical figure that the MLS uses to analyze sales trends. Other MLS's figure that if you don't bother putting it on MLS, you are only hurting yourself and your seller, and don't care. Maybe the local MLS is somewhere between those two extremes.
Some agents try to skate it here, because out MLS that requires all this also charges $120 per $100,000 of sale price to BOTH agents -- so if a $200,000 house sells, and both agents are members of the MLS, then BOTH agent are paying $240 to the MLS. Seems a shame to give the MLS a chunck of that change if the MLS wasn't responsible in any way for it being sold. but rules are rules.
The agent may be from a nearby area but isn't a member of the local MLS -- doesn't mean that they can't sell property there,they just don't have access to the MLS. They may have posted it in their own MLS, so it may show up on Zillow/Trulia/Realtor.com that way.
Some MLS's are stricter than others. Around here, if you are a member of the MLS, you are required to post all listings within 48 hours of the date of the listing agreement, and get fined if you don't. Even if it's your listing and you sell it before you can even get the photos taken, you still have to post it on MLS -- in case the contract falls through (which happens, alas), and also to provide a statistical figure that the MLS uses to analyze sales trends. Other MLS's figure that if you don't bother putting it on MLS, you are only hurting yourself and your seller, and don't care. Maybe the local MLS is somewhere between those two extremes.
Some agents try to skate it here, because out MLS that requires all this also charges $120 per $100,000 of sale price to BOTH agents -- so if a $200,000 house sells, and both agents are members of the MLS, then BOTH agent are paying $240 to the MLS. Seems a shame to give the MLS a chunck of that change if the MLS wasn't responsible in any way for it being sold. but rules are rules.
The agent may be from a nearby area but isn't a member of the local MLS -- doesn't mean that they can't sell property there,they just don't have access to the MLS. They may have posted it in their own MLS, so it may show up on Zillow/Trulia/Realtor.com that way.
Massachusetts, I am certain requires 24 hour deadline from listing agreement signing.
Agency, in this situation, is definitely a member of MLS. They have dozens of listings on there.
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