Here Are Two Listing appointment scenarios:
Listing presentation #1:
I’ve done the market analysis on your home and recommend that we list it at $$$. Let’s thoroughly discuss this CMA, and how we will market your home for sale. I will do an exclusive listing for a period of 2 weeks. The exclusive listing will generate a real frenzy of buyers who want to see your home as there is extremely low inventory right now. Another benefit to an exclusive is that you don’t need a lockbox and a lot of people going in and out of your home all times of the day as it would be if we put it in the MLS. I will handle all appointments and showings. My company will be the one to write up all offers therefore you are only working with me. With this market there is an excellent chance we will sell your home within the 2 weeks. Of course, we can always put it in the MLS if it’s not sold by then.
Listing presentation #2:
I’ve completed the market analysis on your home and recommend that we list it at $$$. Let’s discuss the market analysis in detail, and then I can explain what marketing steps our company plans if we list your home. (At this point the agent would explain company marketing policies, benefits of putting the listing in the MLS, and showing procedures which can be set up with a lockbox or by appointment only).
Which scenario do you think is the right one? If you can’t decide, or think both are correct, keep reading….
NJREC 11:5-6.4 (f) states: “Unless directed not to do so in writing by an owner as provided here, every licensee shall fully cooperate with all other New Jersey licensees utilizing cooperation arrangements which shall protect and promote the interests of the licensee’s client or principal. (1) The obligation to fully cooperate with all other licensees includes the requirements that listing brokers (i) Notify any multiple listing system to which a listing is to be submitted of having acquired the listing within 48 hours of the effective date of the listing” (NOTE: GSMLS requires the listing input within 24 hours of signature) (ii) Transmit to their principal(s) all written offers on their listings submitted by licensees with other firms within 24 hours of receipt of the written offer by their firm; and (iii) Place no unreasonable restrictions upon the showing of properties listed with them to prospective purchasers who are working through cooperating broker. A requirement that all appointments for showings must be made through the listing broker’s office is not considered an unreasonable restriction upon showing.
BOTTOM LINE…. As a licensee you have an affirmative obligation to explain to the Seller the benefits of cooperation with all other licensees, and the benefits of the MLS. YOU do not have the right to make the decision for the Seller to do an exclusive listing. It is the Seller’s choice, and that choice should be made after the Seller has full information about all marketing opportunities. You must work in your client’s best interest. If you are working in your best interest, you are violating NJREC Regulations and the Code of Ethics Article 1.