Fellow Realtors:
It has come to my attention that more and more REO listings are going to out of area agents. By out of area I mean agents who are not part of our MLS (SVVAR).
How does this out of area agent effect us you may ask? It has a larger impact than you might think!
Commissions aside, when an out of area Realtor gets a listing, that home gets fewer “looks” by prospective buyers, then on average each 30 days the price of that property gets reduced until it sells. This practice drives down our prices even further than the general “slow economic conditions”, this devalues our neighborhoods where we live, work and own property!
Why do Banks give listings to out of area agents? They don’t know any better, the agent puts the listing in their local MLS and sends a printout to the Bank to prove it’s in fact listed; however, the bank does not know it’s listed in an out of area MLS…
What can WE do about this? We can make a huge difference if we take a stand and every time we discover one of these out of area listings, we notify the listing agent and Broker that we feel what they are doing is not good business, not in their clients best interest and also damaging to the market area!
Out of area agents need to join SVVAR or stop accepting listings in our market area…it does not benefit their Seller, the local economy or themselves, joining the SVVAR may cost a little up front but they would sell more houses and sell them faster, while serving their clients best interest!
Thank you for joining us in this effort!
Tags: Real Estate, REO, REO agent, Sedona, SVVAR