This one is so easy guys that I cannot even believe how prevalent this problem is here in GA. I don't know how it is in other states, but here we have TWO MLS systems. One is much more popular in suburbia and Metro Atlanta, the other, while it does cover the suburbs and metro area, is much less widely used by agents to locate properties. The problem is that the more popular MLS charges brokers a "transaction fee" when a property sells. Now this is no big deal until you are selling a REALLY cheap property, like an REO. So what do many brokers do?...they DON'T USE the more popular MLS to market their properties, thinking that they are saving money. I'm here to tell you it's one of the dumbest moves a broker can make. Do you think you'll sell MORE homes and make MORE commissions if your properties were in front of MORE brokers? Of course! Still many of these "hard heads" just don't seem to get it. They know that an out of state AM probably has no clue about both MLS systems, and since the requirement to prove that property is listed is to provide a single "tear sheet" then they are covered. True in a sense I guess but like most other shortcuts this one will eventually reveal itself. Case in point: I recently took over a reassigned property from another broker and while I was on the phone with the AM (who I know well and highly respect) I mentioned "hhmmmm...I can't find this on the MLS". I then looked on the small MLS and there it was-but NOT on the BIG MLS where it should have been. I explained to her that we had two MLS(s) here in GA and I told her how both worked and also that I have seen this as a common practice among brokers here. As you can imagine she FLIPPED. She immediately gave me ANOTHER property to market, as she suspected the same issue. Now I was NOT and m not out to "get" or "tell on" other brokers, but it is my job to help the AM decipher why the property didn't sell with the previous agent and to determine the best course of action to get it sold quickly this time. In this case it was a simple "reduce the price very slightly and add it to the big MLS". She took my advice and we sold that baby in a week! Now ask yourself; who do you think she will think of when it's time to hand out new assignments next month, me or the other guy? Yeah that's right-ME. And the other guy can be as mad as he wants but ultimately had he properly represented this client he would never had to deal with the consequences. In fact, I think he owes me for the learning experience (obviously NOT an REO Rockstars member ;-0 ).
Multiple MLS(s) - Don't be "CHEAP" just because you are handling REOs!
