When you see it
FAFO MLS Edition
MLS’ ain’t playin’
NARc
This Insta was pretty funny.
Industry Relations Podcast: Bravery and Impact of the MLS
Have you been keeping up with the latest updates in MLS policies? Rob and Greg break down the key details of Bright MLS’s clear cooperation policy and NWMLS’s decision not to remove compensation data from their system. But it doesn’t stop there. They also dive into the potential legal consequences for fair housing violations and federal antitrust claims.
They also touch on the Department of Justice’s involvement, implications for the industry, and potential risks for Northwest MLS and other players in the market.
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This podcast is produced by Two Brothers Creative 2024.
CRMLS first out of the gate with new “concessions in price” fields
“In 2023, nearly 40% of CRMLS’s Closed listings included concessions, i.e., monetary payments that a seller agrees to contribute towards the buyer’s expenses and other costs a buyer is responsible for in the transaction. Historically, concessions were only included in Closed listings. The new CiP fields will provide concession information at the listing level and be directly available in the MLS, so seller agents can fill them out when adding a listing. CiP fields will benefit all parties as those on the selling side can more easily market listings while those on the buying side receive a clearer idea of financial options.”
CRMLS
CRMLS has taken the leadership position on these “CiP” fields. Very smart of them to launch prior to the deadline. This will give them some real world experience on implementation and make necessary adjustments if need be.
NWMLS stands tall
NWMLS Leads the Industry in Providing Consumers with Transparency, Choice and Options to Negotiate
“NAR’s removal of compensation transparency from the MLS pushes consumers and brokers to make secret deals off MLS, inviting deceptive practices, discrimination and unfair housing. Depriving buyers of information about the transaction risks harming buyers, especially those buyers who are already disadvantaged, including first-time home buyers and members of protected classes. Prohibiting offers of compensation in the MLS also unnecessarily restrains the seller’s choice and absolute right to offer compensation to a brokerage firm representing the buyer. “
NWMLS
Bravo!
T3 Sixty will not publish 2024 rankings of brokerages
Prudent.
Another miss
Anybody else getting a ton of calls/texts/forwards from your “non-real estate” friends about the NAR settlement? My friends are saying that a lot of their social media feeds are crazy with anti-REALTOR messages. Mostly in their social media feeds, with a ton of memes and “quick takes”. I think all of us are still digesting these changes but in the end as Redfin CEO, Glenn Kelman wrote in a recent blog post (NAR Settlement: Kaboom!) “…perception is reality…”
“Even if the letter of the settlement allows for cooperation, how the settlement is perceived may still re-shape agent attitudes about cooperation, and consumer attitudes about fees. The result could be that agent-to-agent cooperation on fees is weakened but not killed. “
Glenn Kelman, Redfin
I want to say upfront that I think NAR did a tremendous job on the settlement for their membership. But, and I may be beating a dead horse here, this feels like another miss in messaging/marketing from NAR. Based on what I’ve seen on Twitter and elsewhere NAR took everyone by surprise, even at their own event, AEI.
How about pumping the brakes a bit? Create some good content that puts a positive spin on things. Give all those assets to share with your local MLS and associations (so they can pass it on) and mirror that with some sort of nationwide “we hear you” campaign.
But releasing the news when all of their association leadership was offsite? Plus, has anyone seen anyone from NAR in the national news?
WTF?
NAR settles….
Powerful Realtor Group Agrees to Slash Commissions to Settle Lawsuits
“The settlement includes many significant rule changes. It bans N.A.R. from establishing any sort of rules that would allow a seller’s agent to set compensation for a buyer’s agent, a practice that critics say has long led to “steering,” in which buyers’ agents direct their clients to pricier homes in a bid to collect a bigger commission check.
And on the online databases used to buy and sell homes, the M.L.S., the settlement requires that any fields displaying broker compensation be eliminated entirely. It also places a blanket ban on the longtime requirement that agents subscribe to multiple listing services in the first place in order to offer or accept compensation for their work.”
Debra Kamin, New York Times
Story is developing. I’ll try and get more details.
Industry Relations Podcast: DOJ Drops Statement of Interest in the Nosalek Case
What impact will the Department of Justice’s stance on the MLS settlement have on the future of buying and selling houses? In this important episode of “Industry Relations,” Rob and Greg talk about a big message from the Department of Justice (DOJ) about the MLS PIN settlement. The DOJ seems to want the court to say no to the settlement. Selling agents might not make as much money as before, and buyers agents might need to show why they’re worth their commission more than ever. It’s time to start thinking about how we can prepare for change and innovate new approaches in serving buyers and seller.
Watch us on YouTube!
Connect with Rob and Greg:
Our Sponsors:
This podcast is produced by Two Brothers Creative 2024.
