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The MLS seems to be a cheesy attempt at cornering the market on RE for sale.
Seems to be a successful attempt. It would be fair to call it an astoundingly successful success - if I may be so bold as to say.
Skullfuck... Ballantine Ale... banker's faces... frozen to sidewalk... rip arms off... M134... beat to death... Victor Ashe... maximum firefight advantage... Nancy & Frank... cannibal anarchy... maximum firefight advantage... sanctifying balm... maximum firefight advantage... freedom has no meaning...
NO tragedy has been averted. It almost came to pass, but then the NAR stepped up and controlled Zillow then bought out Trulia so now when you browse those sites you're pretty much browsing MLS data.
Finding that gem that hasn't been listed yet, is now impossible, there's just not any informative RE websites that's not controlled by the MLS.
It's about time someone breaks MLS monopoly and ends the 6% agents commission robbery ! In Europe it's 1%.
NO tragedy has been averted. It almost came to pass, but then the NAR stepped up and controlled Zillow then bought out Trulia so now when you browse those sites you're pretty much browsing MLS data.
Finding that gem that hasn't been listed yet, is now impossible, there's just not any informative RE websites that's not controlled by the MLS.
Yes, of course the MLS is very successful. But it's days may be numbered just like the newspaper business, as technology marches on.
And from what little I understand, it is NAR/realtor.com versus Zillow/Trulia, and likely many more RE portals in the wings. No barriers.
"NAR said to ask regulators to stop Zillow’s acquisition of Trulia
The National Association of Realtors reportedly wants federal antitrust
regulators to block Zillow’s planned acquisition of Trulia, but there are no signs that the Federal Trade Commission plans to intervene."
http://www.inman.com/2014/08/18/nar-said-to-ask-regulators-to-stop-zillows-acquisition-of-trulia/
NO tragedy has been averted. It almost came to pass, but then the NAR stepped up and controlled Zillow then bought out Trulia so now when you browse those sites you're pretty much browsing MLS data.
Finding that gem that hasn't been listed yet, is now impossible, there's just not any informative RE websites that's not controlled by the MLS.
Many people have tried to upend the MLS applecart and many have failed
Yes, and until you figure out how to appeal to buyers you will fail. That is, the overwhelming number of serious buyers will not look for houses on their own, they will call an agent. The best we can hope for in a normal market is a flat fee to list and 3% to the selling agent.
One of the things I learned working at Trulia/Zillow is that there is not just one MLS.
It's a confederation of a zillion small listing sites, which don't even all have the same upload and download formats.
The fractured nature of the MLS systems was a big problem at Trulia, because they wanted the listings but some MLS organizations refused to cooperate, leaving holes in the Trulia data.
The business model is that Trulia gets the attention of sheep (buyers) and then sells buyer info to the wolves (realtors).
(you do not have to be a Realtor to sell a home. You only have to be a real estate agent working for a brokerage.
GNL says
(you do not have to be a Realtor to sell a home. You only have to be a real estate agent working for a brokerage.
In Virginia, and likely most other places, you must be a licensed real estate agent working for a broker to market someone else's home and collect a commission. To become a real estate agent you must pass a written test and background check. Over time, an agent also must also do some continuing education. To become a broker that can supervise these agents, one must have 3 years of full-time experience plus complete further education and testing.
This is where I thought Zillow had an inroad. Become a national broker -> give Realtors a better deal than the NAR by eliminating/reducing the fees they pay -> require all real estate agents list on Zillow.
Zillow needs them? For images, correct?
When we sell our townhome I would not mind paying the 5% real estate fee (split 2.5% to buyer's and seller's agents) in order to help protect me as a buyer from real estate investor sharks, scam artists, etc. as well as make the selling process easy.
And I assume my agent will be honest and transparent and not try to hide offers from me because it is from a different real estate company.
Where does Zillows revenue stream come from?
Where does Zillows revenue stream come from?
Redfin leaving the NAR. Probably just the first of many. Another nail in the coffin of the current real estate model in the US and as far as I'm concerned - good riddance!
https://www.redfin.com/news/redfin-is-leaving-nar/
I cant believe there are still agents for the buying side.
Here's a question...how does an MLS become THE MLS for the area. Realtors are required to enter their listings into "the" MLS. Does the NAR determine who owns/starts and/or is picked to be "the" MLS for an area?
GNL says
Here's a question...how does an MLS become THE MLS for the area. Realtors are required to enter their listings into "the" MLS. Does the NAR determine who owns/starts and/or is picked to be "the" MLS for an area?
Central Panhandle Association of Realtors operates the MLS here. I've seen the same in other places where an association operates the MLS, and each RE brokerage was a member of the association.
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So, the brokers determine who "the" MLS is?
The association determines the MLS. And the association is made up of local real estate brokerages. It may give the appearance it is like an exclusive club.
Just like there was an unofficial association of companies like IBM, Intel and Compaq that came up with a design for the USB.
GNL says
(you do not have to be a Realtor to sell a home. You only have to be a real estate agent working for a brokerage.
In Virginia, and likely most other places, you must be a licensed real estate agent working for a broker to market someone else's home and collect a commission. To become a real estate agent you must pass a written test and background check. Over time, an agent also must also do some continuing education. To become a broker that can supervise these agents, one must have 3 years of full-time experience plus complete further education and testing.
Its easy to sell on Zillow and Trulia as well as Craigslist if you want to sell by owner.
.
When I was in real estate in the mid '90s, a lot of selling agents wouldn't even look at your offer if it wasn't presented by a Realtor.
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Will Google develop an open RE listing website? The MLS seems to be a cheesy attempt at cornering the market on RE for sale. Purposefully restricting access to the listings may have played in the past, but the MLS seems like an obvious and easy dinosaur to target.
Looking up RE on a public database, and using a lawyer to handle the contracts seems to be a good way to go. Hire a local RE consultant if necessary, but the customary 6% skim hopefully will be a thing of the past soon.