{"id":545,"date":"2006-10-16T09:38:12","date_gmt":"2006-10-16T16:38:12","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=545"},"modified":"2007-07-16T21:09:53","modified_gmt":"2007-07-17T04:09:53","slug":"what-replaces-the-mls-advertising-is-a-given-compensationcooperation-can-be-addressed-separately-but-the-quality-and-quantity-of-the-data-is-irreplaceable","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/545\/what-replaces-the-mls-advertising-is-a-given-compensationcooperation-can-be-addressed-separately-but-the-quality-and-quantity-of-the-data-is-irreplaceable\/","title":{"rendered":"What replaces the MLS? Advertising is a given. Compensation\/ cooperation can be addressed separately. But the quality and quantity of the data is irreplaceable…"},"content":{"rendered":"

Tyler Sookochoff<\/a> ask these questions in a comment to another post<\/a>, but my reply is long enough that I think it warrants a post of its own.<\/p>\n

Marketing of homes aside, do you rely solely on your local MLS to do CMAs and price homes you’re hired to sell? Or could you survive\/thrive without the MLS?<\/p><\/blockquote>\n

Too many questions conflated as one. There are actually three justifications for the MLS: Advertising, the co-broke — and protection of the earned commissions of “procuring” agents. The latter is what is literally meant by “cooperation” — all member agents agree in advance to respect each other’s client relationships, with a dispute-resolution procedure if they don’t.<\/p>\n

If the MLS were opened up or replaced, would sellers still want maximum exposure for their properties? Yes, certainly.<\/p>\n

Would this entail an offer of broker cooperation\/compensation? That depends on whether the buyer’s agent’s compensation continues to come through the seller\/listing agent, or whether the RESPA\/HUD-1 procedure can be interpreted or revised to permit buyers to finance the buyer’s agent’s compensation as part of the home loan. (This is what is happening now, it’s just being done by sleight of hand through the seller and listing agent.)<\/p>\n

Will brokers use whatever price information they have at hand to prepare CMAs? You bet — but not exclusively. Their own on-the-ground knowledge of neighborhoods and the comp listings, plus a first-hand inspection of the subject property are at least<\/i> as important as any information derived from a database.<\/p>\n

So the question is not, will I be stuck working without an MLS (commercial brokers often do, as do land and business brokers)? The question is, what form might a future MLS take?<\/p>\n

For what it’s worth, I’m a skeptic on MLS-replacement for now. First, it takes an incredible amount of data to make an MLS listing worthwhile — more work than FSBO sellers might be willing to do, in many cases entailing knowledge they do not have. Second, significant details vary from one locale to another.<\/p>\n

Witness: My friend and colleague Richard Riccelli is selling a triplex right now. What’s a triplex? In Boston and New York City, it’s a Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tyler Sookochoff ask these questions in a comment to another post, but my reply is long enough that I think it warrants a post of its own. Marketing of homes aside, do you rely solely on your local MLS to do CMAs and price homes you’re hired to sell? Or could you survive\/thrive without the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,4,6,5],"tags":[],"class_list":{"0":"post-545","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-blogging","7":"category-disintermediation","8":"category-marketing","9":"category-real-estate","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":559,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/559\/the-divorced-commission-and-the-mls-building-a-much-better-home-search-tool\/","url_meta":{"origin":545,"position":0},"title":"The Divorced Commission and the MLS: Building a much better home search tool . . .","author":"Greg Swann","date":"October 20, 2006","format":false,"excerpt":"Okay, carrying on from the idea of the Divorced Commission -- a condition whereby, by some means, the buyer's broker's compensation has been divorced from the listing agreement -- what are the implications for the Multiple Listings Service model of propagating real estate listings? As we are seeing, divorcing the\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":138,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/138\/the-elemental-aimlessness-of-mls-lessness\/","url_meta":{"origin":545,"position":1},"title":"The elemental aimlessness of MLS-lessness . . .","author":"Greg Swann","date":"July 26, 2006","format":false,"excerpt":"Citing an article from the Boston Globe, the Real Estate Investing For Real bog insists that:There should be a system where anyone, real estate agents, FSBOs, etc., can list or search for properties.Great news! Such a tool exists. It's called the classified section of the newspaper. Not so cheap to\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1310,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1310\/open-letter-to-minneapolis-area-association-of-realtors-regards-rmls-ruling-13\/","url_meta":{"origin":545,"position":2},"title":"Open Letter to Minneapolis Area Association of Realtors Regards RMLS Ruling 13","author":"Russell Shaw","date":"April 16, 2007","format":false,"excerpt":"The following was sent to me by Steve Westmark. He was the very first agent interviewed by Howard Brinton for what is now known as Starpower. He is a very nice man, who spends a great deal of his time (and money) working for Habitat For Humanity. He and the\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2207,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2207\/agents-using-the-term-mls-in-their-url\/","url_meta":{"origin":545,"position":3},"title":"Agents Using the term “MLS” in Their URL","author":"Russell Shaw","date":"November 10, 2007","format":false,"excerpt":"The following email was sent to me by Steve Westmark. I posted about Steve and the Minneapolis MLS back in April. Seems the Chicago MLS got the same idea but has now changed their mind. Or should that be \"minds\"? Or \"numb skulls\"? I really do not understand how any\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"Stupid Factory","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2007\/11\/Stupid%20Factory.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1444,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1444\/by-withholding-the-secrets-of-the-mystical-mls-system-are-we-betraying-the-home-buyers-interests\/","url_meta":{"origin":545,"position":4},"title":"By withholding the secrets of the mystical MLS system are we betraying the home-buyer’s interests?","author":"Greg Swann","date":"May 18, 2007","format":false,"excerpt":"In all my spare time, I've been working over the past few days on a real estate porn movie. The film features pictures from hundreds of homes, with loads of juicy details. We took the photos over the course of years, so it's entirely possible that some of those homes\u2026","rel":"","context":"In "Enduring Interest"","block_context":{"text":"Enduring Interest","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/enduring-interest\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1216,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1216\/skewer-you-jack-youre-the-guest-of-honor-at-a-feeding-frenzy\/","url_meta":{"origin":545,"position":5},"title":"Skewer you, Jack! You’re the guest of honor at a feeding frenzy","author":"Greg Swann","date":"March 25, 2007","format":false,"excerpt":"FBS Blog:Think about this: Trulia\u2019s brand is trumping the franchise brand, requiring payments to Trulia, and the franchise brand is trumping the brokers\u2019 and agents\u2019 brands, requiring payments to the franchise. At the same time, the brokers and agents in the field are building the business relationships that form the\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=545"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/545\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}