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.