It is hard enough to market residential properties these days while the industry continues to seemingly create more problems than it solves. Within the past two years, hundreds of thousands of active agents have had problems to deal with ranging from dealing with buyer agent commissions to rising home prices to mortgage rates that won’t budge. Recent disasters are forcing insurance rates even higher. As hard as it seems to believe, there is more trouble on the way.
We know that California has its added challenges, whether your business is located in or does business in California or not. The state has the largest MLS system in the country, the CRMLS. The news that the CRMLS has begun to require more than 100,000 agents to “agree” to allow the MLS to use content about submitted listings as their own. I saw where Robert Reffkin, CEO of Compass, was among those expressing concern that the CRMLS would be selling the data to Zillow and/or other aggregators for added profit.
It means that agents would, in effect, be losing some rights to their own listings and promotional content, while others get financial gain. Our concern, however, is on the marketing side. We already see a number of buyers targeting “off-market” deals, thinking there is less competition and expecting more favorable pricing. My hunch is that this action would cause thousands of agents to keep their listings “off-market”. That means that the number of potential buyers being made aware of these listings would diminish greatly.
While the industry fights over how listings and commissions are handled, it’s the buyers and sellers that will lose out. It’s not the time or the market conditions for having that happen.
See for yourself:
https://drive.google.com/file/d/19NhqELd1YqxdFvCe__r_C0TjpLAx3Buc/view
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