The High Cost of Incompetence
Every once in a while you run across a story that just plain pisses you off. This is one.
When disabled Vietnam War Vet Roger Slade got into financial trouble, he hired family friend and Realtor Nick Bodeman to sell his house at 7316 SW 33rd Ave. Bodeman recommended they do a pocket listing. A pocket listing means the listing is never entered into the local MLS. A property not entered into the MLS is invisible to other agents and to syndicated real estate sites like realtor.com, zillow, and trulia.
Why this broker recommended a pocket listing is a mystery to me. It’s just plain stupid. You are making sure 99% of potential buyers and their brokers never see the listing. Pocket listings do not create the competition among buyers that properties listed on the MLS do, meaning sellers usually get less money for their property.
In Slade’s case, he got a LOT less. Slade’s property sold for $185,000 – and was promptly resold to a developer a week later for $458,000.
The smallest amount of research or area knowledge on Slade’s broker’s part would have showed the property’s true value. One call to the city zoning people, or one look at the city’s comprehensive zoning plan map would have shown the land was dividable. A quick check of recent sales would show that lots go for $200,000 to $300,000 in this neighborhood.
This was stupidity, laziness, and incompetence on a massive scale.