Fiduciary Responsibility, Laws and Morals
I’ve been panning this question in both hemispheres of my brain: “Does MLS actually fulfill the fiduciary or statutory responsibility of the Agent?” I am not sure it does. Most buyers hire Selling Agents to help them find their next home, not just those homes in the MLS. An undisclosed, Unrepresented Seller’s (FSBO) webpage has information stating that only 80 percent of housing inventory is in the MLS. Considering “Pocket Listings”, Unrepresented Sellers, some REO, poorly maintined listings (Listing Agents not updating expired listings) and other factors; they may have a valid case.
Do You Disclose?
The Realtor Code of Ethics requires Realtors to disclose their company’s policies and many states have the same regulation. For those agents who have Buyer Agency Agreements (hopefully everyone), do you disclose to the buyers that you only search in MLS for homes for sale?
I think it’s a reasonable expectation on behalf of the buyer, to assume that their agent is looking for the right home or property for them, and not just where commission is promised or access is easy.
What say you?