Attn RE Brokers! MLS access ? Genious or Unethical?

Question

Let's face it. The MLS is really the only true up to date data. Not having access could be costly to any investor in this current market. As an ex Realtor from Fl I have saved many wanna be investors including myself at the time, from losing money on deals they thought were great using generic outdated info from the web. shmiLLOW and UnTrulia for example.

I currently am not licensed where I live now, Pennsylvania. I am building up a team of like mindeds. Contractors, Investors, labor and a couple of agents. One is a rising star type with his own team of 4. The other is a newbie part timer.

Here is my question to you. Me, as a full time Investor need access to the MLS. Would you have an issue with either one of these agents hiring me as an Unlicensed-Assistant which in my state is allowed LIMITED access with a seperately assigned password to the MLS? I am fully aware of the limitations. I have read Trendmls and NAR guidelines and would fully comply. I would never ask for someone else's password to gain access.
Pros for me: Access to the MLS, Not have to burden the agent with the doing comps for every single possible investment property. I could have the agent set up appointments and disclose who and what I am to the transaction. Full disclosure.
Pros for the agent: They are my agent, They get the commission. They will also get the listing on the sell side.They learn what to look for in a deal and bring it to me, a cash buyer.
I personally do not want to go through the "process" of licensing, finding the right company to hang my license. Knowing that I would just be there for my own investing. Not drudging around with lookiloos or prospecting for listings. Been there done that. That's not part of my business plan.

If it sounds like a way of circumventing the system, in a way It probably does. Although, everyone prospers. From me, to your agent, to you the Broker. Is it legal? From everything I have read, yes. Think of all the husband and wife investor teams. Where one is an agent and the other is not. They share mls info to make the right buying decision.
I don't have any plans right now to marry a RE agent. Not at this time at least. If I did I would not be asking about this scenario? Brokers, please give me your honost opinion. Good or bad. I would never present this if I thought it was illegal or unethical.
I dealt with enough of that crap in Miami.
Thanks to eveyone at BP.

Chris Vasquez · Answer

If the MLS had open access. That would be the end of Realtors. Only 8% of last years sales were FSBO's. The rest were all MLS listed properties. It would definitely open up this market for investors to come in full force. It's hard to find an agent who gets it. It's like training a cat to use the toilet. It can be done. It just takes awhile. Besides, Im sure NAR knows how valuable the MLS is to them. They'll do there damnedest to prevent it.
Thanks again

Matt Mathews · Answer

I agree with Bryan. The big reason is the fact that most seasoned agents know that the best deals never even get listed on the MLS until after select buyers and Investors take a look. Personally, as an agent who only works with Investors, I don't waste my time searching the MLS. Listing agents send me potential deals for my clients.

Michael Stole · Answer

There are other services provided by real estate agents besides providing access to the MLS. For instance, they help prepare a house for sales, circulate flyers, place advertisements, hold open houses, and recommend the house to individual buyers. They assist with negotiations. They screen prospective buyers, facilitating and potentially accelerating the process of matching buyers and sellers. They provide market information and recommendations pertaining to the asking price. They assist with paperwork and legal documentation.

Yes, there is an information advantage enjoyed by agents, and they often take this information advantage to persuade their clients to sell cheap and quickly, so in a way hurt them. But there are these other services provided by agents which can not be neglected by their clients and substituted by the others.

Bryan Hancock · Answer

I don't really know those agent/broker rules well, but I would suspect they vary by locale.

The MLS is dying because information is getting easier and easier to obtain. The days of brokers keeping information from the public are dying. The days of people not advertising their resume are dying. Sites like LinkedIn make it easy to search for passive candidates. Sites like Zillow will get better over time and new sites will appear that eliminate this information advantage. Dwellgo in Austin is one RE site that comes to mind that is competing to kill the MLS. There are many others...I am not sure which one will ultimately dominate the market.

Chris Vasquez · Answer

Thanks Brian but why do you say MLS is dying? Also, does the agent need the brokers permission in any way shape or form?

Bryan Hancock · Answer

I don't see any issues with what you are describing and it is what I tell all of the investors I meet to do if they want access. The MLS is dying a slow death so this should only be an issue for the next 3-5 years IMO.

Attn RE Brokers! MLS access ? Genious or Unethical?

Attn RE Brokers! MLS access ? Genious or Unethical?

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