Holly Mayberry, chief brokerage officer at eXp, writes that the real estate industry moved last week. With MLS, you have a simple choice: lead, follow, or be bypassed.
Early in my career, I lost a listing to an agent who said three words as a marketing pitch: “World Wide Web.” The seller was shocked by those words.
My marketing plan had 10 websites. she had it. But those words resonated beyond any plans I had made. That agent couldn’t sell the house. The seller lost time and money.
These three words have lived in my head for 27 years. Because these words were true then and have proven urgent now. Words matter, and sellers have the right to welcome every possible buyer into their home.
Last week saw the biggest movement in the real estate industry not seen in years. The portal has launched a pre-market program. The securities company directly concluded the transaction. Publish a letter with your name on it. A major lawsuit was dropped.
And in the middle of it all, consumers got lost in the noise. Let me get through it.
MLS was built for the benefit of an open and accessible marketplace. That idea is still correct. But ideas only work if they are put into practice.
what actually happened
Zillow launched Zillow Preview in collaboration with Keller Williams, REMAX, HomeServices of America, Side, and United Real Estate. Coming Soon listings are currently available to 235 million monthly users on Zillow and Trulia.
Compass and Redfin had previously announced a deal to display Compass Coming Soon listings to Redfin’s 50 million monthly users, bypassing MLS entirely. Zillow has since lifted its ban on private listings. Compass dropped its lawsuit against Zillow the next day.
EXp Realty has entered into a non-exclusive agreement with Realtor.com, Homes.com, and ComeHome.com powered by Google to syndicate Coming Soon listings on all three portals starting April 15th. Because we believe sellers deserve every portal, not just a favored portal.
2nd period. One significant difference
Properties that are scheduled to be released soon are properties that are being prepared for the market. Sellers want exposure. This listing is on the MLS, but is not yet active and has not yet been displayed. If a seller chooses to publish immediately and wishes to be widely published on the Internet, the listing must appear on all available publishing portals. Not one. Not the portal with the best brokerage deal. All portals.
Private exclusivity is a seller’s informed decision to withhold a listing from public view entirely. This could be a celebrity, athlete, judge, or anyone else who needs security or privacy. Private monopoly is not a marketing strategy. It’s a privacy decision. It is the seller’s right to do so, subject to full disclosure of what is being waived.
These are not the same thing. Treating these as interchangeable leaves consumers confused and agents blamed for things they didn’t do.
This is about Maximum Exposure which will be released soon. Private only means maximum privacy. Both serve the seller. Neither should be exploited by intermediaries to control lead flow.
the question is direct
For MLS executives and board leaders: Build and distribute the upcoming IDX feed to all your portals. Currently, less than half of MLSs in the United States do this. This gap is why brokerages are now creating direct connections with Zillow, Redfin, Homes.com, and Realtor.com.
You created the vacuum. It’s okay to close it. We have a fiduciary duty to our customers. You have a fiduciary duty to all subscribers and participants. Serve everyone equally.
We apply the rules equally to all securities companies at all times. Selective enforcement is not neutral. It is a choice that rewards those who break the rules and punishes those who follow them. That’s how trust is lost. And trust is easy to lose and nearly impossible to rebuild.
There are already MLSs that do this well. They offer sellers real choice, consistently enforce rules, and remain a trusted center of listing data. That’s the model all MLS should strive for.
stake
The United States has one of the most sophisticated real estate markets in the world. MLS is the main reason for that. No other country has built a system that operates this effectively for the benefit of buyers and sellers. It’s worth protecting.
However, industry players are currently resolving the coming soon issue without MLS. A direct feed is being built. Once it becomes infrastructure, it cannot be restored. MLS that does not act loses relevance. It will not recover.
We are not asking MLS to choose sides in the portal wars. We’re asking it to do its job. open market. Consistent rules. All listings are in front of all qualified buyers.
There is more than one website. All over the world wide web.
Holly Mabery is Chief Brokerage Officer at eXp Realty. You can connect with her on Instagram.
