This Week's Q & A

Q: How soon after I sign a listing agreement with a broker should I expect my property to be entered in the Multiple Listing Service? I interviewed one broker who said that process could take up to a week. Does that sound reasonable to you?

A: No. The entry ought to take place immediately, or close to that, and there are only two reasons I can imagine that would cause any significant delay:

	The broker is trying to “pocket” the listing, hoping to find a buyer without involving any other agents, thereby avoiding the need to split the commission on the sale; or
	The broker is using a hopelessly outdated computer system.

Taking those options in order, the agent you retain to sell your home is supposed to represent your interests. An agent who pockets a listing obviously is thinking more about his/her interest in earning the largest commission possible than about the seller’s interest in gaining maximum exposure to prospective buyers. In addition to ignoring the fiduciary obligation a listing agent has to a seller, this broker also is violating MLS regulations, which typically require expeditious entry of new listings. The rules vary, but a 24-hour maximum is fairly standard. I’m not aware of any MLS system that allows brokers to hold listings for a week before entering them.

Outdated technology (the other possible explanation for the listing delay) does not raise the same ethical questions as a pocket listing, but it may raise questions about this broker’s efficiency and professional competence. A good broker must have many skills beyond the ability to use a computer, and technological bells and whistles certainly are not the only measure of a broker’s competence. But technology has become an integral part of the real estate profession, every bit as essential to brokers as their cars and negotiating abilities. A reasonably efficient computer is not a lot to expect of a broker today. If this broker’s technology isn’t current, or at least functional, how can you be sure his/her market information and brokerage skills are up-to-date? If it’s going to take this broker a week just to enter your listing in the MLS system, how much longer will it take him to find a buyer for your property?

Depending on which of these possible explanations applies, you are dealing with broker who is either unethical or less than competent. In either event, I think the answer is the same – you probably want to find another broker.