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!