Greenwich Association of Realtors (GAR) cracks down

Brother Gideon’s got the story – certain brokers representing bank-owned properties (Gideon’s too polite to name names, but Raul Villacis is the primary, but not the only offender here) list the properties on out-of-town multiple listing services but do not, contrary to the Greenwich Multiple Listing Service’s rule, put it up on our board. They hide the property from people actually looking for Greenwich homes, sell it to their own clients and assure their bank client that “sure, I listed it on the MLS.”

There’s no rule that requires a broker who is not a member of the GAR to list here; but if he is a member, then he has agreed to abide by our rules. The applicable rule for these matters states that, if a GAR member lists a property on any other multiple listing service, he must also list it here.

Long past time the board cracked down on this. Not only is it annoying to agents, it’s a fraud on clients who think their property is getting exposure to the full marketplace when in fact it’s being hidden.

8 Comments

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8 responses to “Greenwich Association of Realtors (GAR) cracks down

  1. Robert Kenivil

    No one really cares about adhering to archaic, anti-free market rules like the antiques at the GMLS love. The seller wants the most money in the shortest amount of time. If that is accomplished then the client is served. Taking care of the local Realtors, under the guise of serving the local customer doesn’t play into that equation.
    If the house is listed on any MLS, it will come up when a buyer does an online search on Realtor.com, Zillow, Trulia etc. all the local real estate agents need to do is figure out how to run a google search and said MLS listing will show up. They then take the client to see that pesky outlier.

    • I don’t necessarily disagree with you on the monopolistic nature of the GMLS; in fact, I written about that subject several times. The fact is, however, that a broker owes a fiduciary duty to his client – in the case of a listing broker, the property owner, to use his best efforts to market and sell a property; hiding a property away from the majority of agents in town and not advertising it are direct breaches of that duty. Furthermore, a broker who voluntarily joins a private association like the GAR agrees to abide by its rules: to join in order to gain access to the results of the cooperative efforts of fellow members while keeping one’s own listings away from them violates those rules.
      But again, the day is rapidly approaching where private organizations operating to keep what is essentially public information away from the public will be deemed to be a violation of ant-trust laws. That will not,however, relieve a broker from his duty to his principle to exert his best efforts to market his property.

  2. Midcountry

    If the brokerage is listed on the Greenwich MLS but the agent is from out of town, does that mean that the property does not have to be listed on the MLS?
    Why don’t Greenwich agents just show non-Greenwich MLS properties?
    I do think that forgoing the Greenwich MLS can lead to a lower price for the seller.

  3. Midcountry

    I agree with Chris. My experience with Zillow is that a property does not get the same exposure as if it were listed on the Greenwich MLS. If it is my property, either I sell it privately and forego marketing (and maybe not maximize my profit) or put it on the Greenwich MLS to maximize the price.

  4. Anon

    Are they also going to crack down on all the other broker ethics violations, the ones that cost young couples the costs of attys fees and building inspections even though the listing agent and owner are playing unethical games.

  5. Anonymous

    An issue separate from what’s discussed here, is the complete laziness of agents to look at CMLS-only listings for their buyer clients.

    That involves what, 20 min. of extra work for buyer broker to scour availability of listings?

    • 20 minutes a day? For each client? Listings come and go every day. It’s my experience that agents who keep their Greenwich properties off the Greenwich MLS usually have a motive for doing so, and it’s not to serve their client.

  6. Anonymous

    Advantage agents are scum. They listed a foreclosure,16 Chapel, for one day while a deal was already accepted before it hit mls. No ethics. Still showed it and used opportunity to try and sucker people into exclusive buyer representation.