Real Value in Real Estate Gossip

by Roberta Murphy

Gossip: It is a loaded word that alternately intrigues and informs, delights and dismays. Last weeks blog on real estate gossip, for example, raised the hackles of a few agents and the interest (and some concurrence) of others. As for me, Ive enjoyed the diversion and have paid much closer attention to the frequency with which it occurs in my own professional life as a San Diego real estate broker.

The results are interesting. In the last few days, I have heard whispers of:

1) A pocket listing for a prime rental. It wont hit the San Diego MLS for several months.
2) Several murmers about what sellers of certain properties will really accept (but wont allow in the MLS).
3) What a particular lender will likely accept on a particular prime short sale in Carlsbad, Ca (yikes!).
4) Who recently purchased a San Diego coastal golf frontage home, and will likely take less than what they paid for that home in order to get the San Diego beach home they really want (source? a neighbor).
5)What the owners of a premier oceanfront home in North San Diego County will actually accept for their property.

As a former news reporter, I have few problems about asking folks both probing and casual questions. Over the years, I also have learned the importance of:

1) Ferociously guarding our sources of information when necessary.
2) Protecting the privacy of our real estate clients.
3) Never making personal attacks.
4) Never writing, and seldom speaking, in anger.
5) Adhering to my own strict code of ethics, as well as that of the National Association of Realtors.

And finally, a note to those who think I advocate the withholding of information from the MLS to the detriment of my clients: That is never the case. No agent has the authority to post a œpocket listing to the MLS. A signed agreement is needed to do so. Nor would I ever advise an agent (and certainly not myself) to withhold critical information from the MLS or from a buyer/seller. As agents, we always have the obligation to disclose pertinent information to and on behalf of our clients. But I cant tell you the number of times I have had clients ask me not to publicize their divorce, pending move, financial difficulties, or illnesses in the MLS. And prior to quietly sharing any of this information with other agents, I always get permission from our client to do so. To do otherwise would be an absolute breach of trust.

Even so, there is always the natural flow of chatter, discussion (and gossip!!!) that occur among real estate professionals day in and day out. It is no different from attorneys, physicians or stock brokers who work together in their respective professions. There is an ongoing and daily exchange of both important and trivial information being passed from one to another to another. And if I were a buyer or seller of real estate, I would certainly want to deal with an agent who was well-connected with his or her professional peers.

Finally, I have yet to meet a client whose ears didnt perk up at the mention of real estate gossip.