Selling your home on Fire Island – A Roadblock
If you want to sell your house in the “real world” usually there is a multiple listing service. Real estate brokers cooperate with each other which insures that a property will receive maximum exposure to qualified buyers.
There is no multiple listing service on Fire Island.
If you want to sell your Fire Island home, among the things to consider when listing your home with a real estate broker is whether or not your real estate broker will co-broke with other Fire Island brokers. Your property will be seen by the largest number of prospective buyers if your listing broker will co-broke.
Some Fire Island brokers enthusiastically welcome the opportunity to co-broke. Sadly others do not. The reason? Quite simply, they do not want to split the sales commission.
A local Fire Island real estate broker has just installed a never before seen roadblock which all but assures that they will not need to share a commission. This roadblock is not in the best interest of the seller. It is in the best interest of the broker.
A Fire Island buyer contacted a real estate broker and asked to see homes for sale at a price point of about $1M. The real estate broker contacted other Fire Island real estate brokers to set up appointments to show their “exclusive listings”.
One of the brokers informed the selling broker that they are not able to show their exclusive listings unless the buyer can produce financial information in advance of the showing.
Fire Island is different. Things are done differently here. Almost everyone on Fire Island is on vacation. Fire Island buyers are sophisticated and busy professionals. In general they do not want to waste their precious time on Fire Island shopping for a house unless they know they can afford it. In addition, prospective Fire Island buyers do not pack their financial information along with their bathing suit.
The reality is that the listing broker in question does not want to work with other brokers. They put this roadblock up to keep from having to co-broke, i.e. to share the commission.
If you have listed your home with a broker who is conducting business this way the broker is NOT operating in your best interest. They are protecting their own.