Local or national? Private or public? Real estate industry leaders are rethinking where to list properties and how consumers buy homes.
While you may think of the multiple listing service that exists in its current version, the National Association of Realtors traces the MLS concept back to San Diego in 1885. At the time, Runner distributed a list of available properties to members throughout the city every business day.
Since those beginnings, we have seen the development of the world’s most transparent and open real estate market. But financial pressures from industry consolidation and a three-year market downturn are causing brokerages and MLSs to rethink how they provide access to listings.
Last week, we saw strange bedfellows and former portal warriors Zillow and Realtor.com team up to share pre-market listings on both platforms with the stated purpose of increasing transparency for buyers.
In a surprising partnership, Zillow and Realtor announced last week that starting this summer, both platforms will share pre-market listings, giving buyers and agents more comprehensive access to home viewings.
“Pre-market inventory is growing, and much of it is flowing into narrower and more fragmented channels. Buyers and sellers lose money when properties and information are harder to find, and it becomes harder for agents to work together to best serve their customers,” Damian Eales, CEO of Realtor.com, said in a blog post.
Zillow CEO Jeremy Waxman also emphasized transparency in a statement about the deal, saying, “The real estate market works best when all buyers have access to the same information. Nothing is hidden and nothing is exclusive to a select few.”
As the industry continues to consolidate and pressure on deal value and revenue increases, it’s more important than ever to understand not only what’s going on, but also how you can compete in a rapidly changing market. From leadership lessons to securities analysis to MLS changes, Inman contributors have provided trusted guidance and insights to help you do more, earn more, and better serve your customers.
How the ‘Turner Test’ can help you navigate real estate’s new normal
Are you willing to push back against industry consensus and the doubts of others? If so, you could become a leader like the late Ted Turner, writes coach Darryl Davis.
Consolidation is about speed, not scale. Because the fast ones eat up the slow ones.
Zac Kennedy explains what Rocket, Redfin, Real, and REMAX are really building and why their current business models can’t ignore it.
Read Part 2: As the industry consolidates, it’s time to build your own flywheel
MRED goes nationwide: Quiet dismantling of the MLS system
Nationalizing MRED is not a revolution, writes coach Darryl Davis. This is the beginning of the end for the guardrails provided by the local MLS.
Read Part 2: MRED Goes Nationwide: How Agents Protect Local MLS Systems
Email Christy Murdock
