BrokerageIndustry News

Don’t bother knocking – you can’t come in

Exclusive listings in New Jersey block buyer's agents

In New Jersey, a waiver is available to home sellers that allows listing brokers to bar other brokers from showing a for-sale home. This waiver provides, "The listing broker is hereby directed not to cooperate with any other broker." The waiver also provides that exclusive properties cannot be published in any multiple listing service. Pamela Bell, a real estate broker at Buyer's Advisors in Bayonne, N.J., has a problem with that. Bell, who represents buyers in Northern New Jersey, said she believes this practice of using waivers to restrict access to listed homes is unfair to those buyers who are working with agents, as their agents are not permitted to show them these homes. "Here an exclusive listing means no access to anyone else. I haven't heard of any other state where that's the case," Bell said. The practice of exclusive listings is "widespread," she said, and not specific to any one broker. "There are so many...some do it more than others." Some companies offer a reduced c...

Comments