Bright MLS New Off Market Property

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Bright MLS New Off Market Property

Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes

Id like to hear everyone who is a member of Bright MLS (Maryland, Washington D.C., Virginia, Delewar, Pennsylvania, West Virginia, Baltimore, Philadelphia,) what your thoughts on the new off market policy is? For those who are not familiar it will basically require that a property advertised anywhere, Facebook, Instagram, email, yard sign, needs to be entered into the MLS within 24 hours or be fined $5,000. This will essentially be a huge clamp down on off market sales.

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Tim Miller
Rental Property Investor · Laurel, MD · Member since 2016 · 378 posts · 382 votes
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@Russell Brazil This is only for agents that subscribe to Bright MLS services? I think every agent should cancel their subscription. Who do they think they are? Off market deals are done because they don't want to deal with all the red tape and to save money.

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  • Phillip Dwyer
    Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
    6y

    @Russell Brazil I understand where you're coming from, and you likely do right by your clients. It's just there are a lot of less-than-ethical agents out there that have business models designed to maximize profit at the expense of their clients or at least in conflict with the fiduciary role. I believe most of the time, seller clients are best served by getting the property in front of the most people possible. In my mind, that means MLS, where active daily participants in buying and selling are looking, and simultaneously all of the social media you mentioned, and many more pathways. That's why the MLS rule exists for MLS members. It's the opposite of monopolistic. It's trying to ensure the listing is exposed to as many people in the market place as possible.

    The other thing I disagree with is the use of the term "off-market" when describing property marketed through these other online channels.  If you tell other people about a property for sale in a public forum, guess what, it's on the market. It might be "off-MLS", but it's not "off-market".

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  • Account Closed
    Real Estate Agent · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
    6y

    New lawsuit threatening Bright by Compass  @Russell Brazil check it out



    https://www.inman.com/2019/10/31/compass-sends-pre-litigation-letter-to-bright-mls-over-pocket-listing-policy/?utm_source=inbriefselect&utm_medium=email&utm_campaign=inbrief&utm_content=760246_textlink_0_20191031#

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  • Andrew Einsmann
    Member since 2019 · 81 posts · 25 votes
    6y

    I can see both sides of the coin on this one.  On the buyer's side, they do not have accurate information about how long the property has been on the market and how it is hae marketed.  On the seller's side, it hamstrings the way that they can sell the property.  They have to open it to the public early and might not net the seller themselves the most amount in their pocket because they will be forced to pay a commission on both sides. This also could cause people to be short that if only had to pay one agent fee they would not.  So I do not think Bright should be allowed to monopolize how we market properties.

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