Expand Your Education with These Courses from
Time Management: Skills for Sales Success: Part Two.
BPOs: The Agent's Role in the Valuation Process.
Bundle 1: CIPS Core Courses (Non-US Version).
Bundle 3: CIPS Institute (Non-US Version).
Bundle 3: CIPS Institute (US Version).

Pocket Listings: Do the Risks Outweigh the Benefits?

Have a comment on this article? Share on Facebook!

By Fredric W. Trester

6. Deterioration of Reported Information

MLS sales are reported to the public when they are dissimilated on other websites. These sites then can create graphs showing trends in a particular market, and provide quality information for comparable sales. Engaging in pocket listings removes a certain number of properties from the market, which can deteriorate the information provided by these websites. This can have an adverse effect on the entire industry.

It seems that it is a rare occasion where a pocket listing would actually benefit a seller. Agents should be extremely cautious in dealing with pocket listings, and Associations of REALTORS® should consider creating advisories that agents can provide to sellers explaining all the risks of a pocket listing so that the agent can demonstrate that he obtained informed consent. Agents should be particularly careful when dealing with elderly sellers.

Fredric W. Trester is a partner in the law firm Manning & Kass, Ellrod, Ramirez, Trester LLP in Los Angeles, Calif.

For coverage to protect yourself as a real estate agent, broker or firm against Errors and Omissions claims, visit Norman-Spencer.com.

Continue Reading 1 2 3 4

Have a comment on this article? Share on Facebook!

Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Copyright© 2016 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com

Our Latest News >>