Dear Monty: My neighbors are trying to sell their home. They have used two different agents and have yet to be successful. There have been three showings in six months. They reduced the price because they wanted to sell. The second agent told them three months ago that the price was right and nothing with the house or neighborhood would stop a sale. They are discouraged and frustrated. Their situation caused me to wonder if the MLS is working. Is the MLS theory of shared inventory obsolete?
Monty’s Answer: When the idea of a multiple listing service originated around 1908, it came about because agent customers spotted homes that a different company listed. The brokers and agents would meet regularly to share listings and agree on commission splits. The internet, cellphone, applications, and fax machines did not exist. The idea of consolidating information worked….