Naughty North Fork, Long Island, Realtors

June 20th, 2007 category: Real Estate News, Real Estate Philosophy

I’ve been driving around lately noticing an overabundance of real estate yard signs with the rider “EXCLUSIVE” quite visible. Curious, I compared the signs to homes that are listed in the local MLS service. As reported in a previous blog, the MLS offers your property to other Realtors in the area and across the U.S., so that you get maximum exposure. Most of the homes are listed in the MLS.


“EXCLUSIVE” signage used to mean, to other Realtors and buyers, that your home was off limits- only real estate salespeople and brokers within the listing company were permitted to show it. Fortunately, this practice has been all but eliminated now that the Internet has increased buyer interest- while it took too long (in my opinion) on the North Fork, most local companies have surrendered to the notion of “sharing” the commission that you’ve agreed to, as a seller. They are fully aware, in this writer’s opinion, that an EXCLUSIVE rider is a deterrent to agents from up island or any where else, in addition to the buyer contingent. The only contingent that appears unaware is you, the seller, so we’re letting you in on an ugly secret.

Why would your sign have an “EXCLUSIVE” sign rider on it if it is being presented to the full community of real estate agents? There appears to be only one reason: GREED. Real estate professionals that bring buyers to the North Fork from other areas avoid EXCLUSIVE listings. If they are out showing properties, and their buyers express an interest in a property that has an EXCLUSIVE sign rider on it, they will likely let their buyers know that the listing company will have to be contacted directly by the buyer. Many buyers would prefer to look at homes with their real estate agent, and will, as a result, bypass your home. It is common knowledge and practice that these riders have nothing whatsoever to do with any term in real estate except the above. Don’t be fooled.

Plain and simple, it is the opinion of this writer that your listing company is banking (literally) on the notion that while some buyers may be lost to you,the seller, the odds are increased for getting a full, in house commission if the word EXCLUSIVE appears on your yard sign. Never mind what is in the best interests for you, the seller, they “reason”.

HERE’S THE RUB: IT’S DISHONEST, IF YOUR HOME IS LISTED IN THE MLS, TO ADVERTISE ON YOUR SIGN THAT IT IS AN EXCLUSIVE, BECAUSE IT ISN’T. PERIOD.

We hope that our opinion of this practice will help eliminate it altogether. Most real estate companies had a bonfire with the EXCLUSIVE sign riders when it became apparent that you, as a consumer, wanted your fiduciary needs met by your representing agent- providing maximum exposure (at the expense of a full commission) is called ethical. Anything else? Unethical, in this writer’s opinion.
There are several companies that operate ethically. You will never see this rider on an Options Realty sign. You won’t, because it compromises the pledge of fiduciary responsibility that is owed by the real estate community of Realtors to you, the seller.

If your home is not in the MLS system, EXCLUSIVE is an entirely appropriate sign rider. If, however, you’ve been assured that it is in the MLS, call your agent and have them remove the rider, because it’s deceitful to prospective buyers and a real violation of fiduciary responsibility to you, the seller. Better yet, go remove it yourself- let your agent know that you don’t appreciate this form of real estate deception.

If your fiduciary needs have been compromised, call your agent immediately, and get on the right track.

This is an interactive forum. Any comments from local real estate agents are always welcomed, as are comments from the community in its entirety.

NEXT UP: A CALL TO THE MLS AND REAL ESTATE COMMISSION ABOUT INCONSISTENT ENTRIES IN THE MLS- and we will be using specific examples, so clean it up, North Fork real estate community! You can’t have your cake and eat it too! MLS #’s will be provided for consumers, so that they can see the games being played with this critical tool.

OPTIONS REALTY: real estate services offered in Riverhead, Jamesport, Calverton, Aquebogue, Mattituck, Peconic, Laurel, Cutchogue, Southold, Greenport, East Marion, Orient.

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This entry was posted on Wednesday, June 20th, 2007 at 11:35 am and is filed under Real Estate News, Real Estate Philosophy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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