Atypical Clients

As far as Realtors not being able to function without the MLS, Jorge Maduro, an agent with Campins Co., also agrees, so long as the claim extends only to the typical client.

Maduro says a majority of his transactions involve properties not listed on the MLS. He represents a small sect of Realtors who, because of specific circumstances, successfully build careers without depending on the MLS. For Maduro, these circumstances exist in the form of property type and niche clientele.

When he started his real estate career in 2005, Maduro faced a market on the brink of imploding. To further complicate matters, he hadn’t yet made connections with end buyers in his niche market – professional athletes and entertainers. Therefore, Maduro says he had to seek out foreclosed properties for willing investors. He searched county tax rolls, the county auction and data from lenders. He leaned heavily on REIFax, software that aggregates public records and allows users to search for foreclosed properties by size, location or type. Where Maduro did not search was the MLS.

Owners of foreclosed properties, he says, often prefer to keep matters confidential and off the MLS. In that case, Maduro worked with the owners to pinpoint the ideal buyer and, with their permission, marketed the property through specific channels, such as direct mailings. Even today, if he does come across such a property on the MLS, its appeal to investors hinges on how long it’s been listed.