Sneaky Brokers Outta Luck!

Greenwich Baord of Realtors clamps down on a favorite technique of sneaky brokers!

Greenwich Board of Realtors clamps down on a favorite technique of sneaky brokers!

A favorite trick of sneaky brokers has been to put their Greenwich listing on the Connecticut Multiple Listing Service, but not the Greenwich Multiple Listing Service. The reason they do this is to try and capture the entire commission, rather than have to split it with a cooperating selling broker, the way it’s usually done.

The Sneak assures clients that their property is “multiple listed”, when in fact, almost no Greenwich brokers are even aware of it because it is buried among the hundreds and hundreds of CMLS listings. The Sneak then advertises the listing, attracts buyers, and sells it to one of them, representing both sides of the transaction.

 A Greenwich broker is much more likely to bring the highest price, because of local market knowledge and experience, but the Sneak isn’t interested in getting the highest price, the Sneak wants that whole commission!

Now the Greenwich Board of Realtors has begun enforcing an existing rule that says, if you’re a member of the Greenwich Board of Realtors and you list a property on the CMLS, you MUST also list it on the GMLS. A victory for mis-represented sellers, a victory for honest brokers.

4 thoughts on “Sneaky Brokers Outta Luck!

  1. Huh, next you’ll tell me my broker has to tell me about all the offers recieved instead of tossing aside the third party broker bids to favor the in house – in pursuit of the whole commission again.

    • Cos:
      There isn’t much (or possibly any) incentive for a listing broker to favor the in-house bid, yet I do see it all the time. Part of the cause may be that the in-house selling broker often gets early notice that the listing is coming on. Personally, I do not give any broker early notice because I want the highest selling price possible (I am not unique in this desire), and the only way to assure that is to get all the brokers in there at the same time. The first broker-open-house I hold is like the starting gun!

  2. I found my foreclosed building lot on MLS. The listing broker was from Stamford, so I’m not sure how he got the listing in the first place, but he clearly avoided putting it on GMLS for a reason.

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