Live from the Virtual MLS Summit its Rob and Greg!
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Feb 19, 2025
This live discussion tackles the evolving meaning of cooperation in real estate, especially as compensation models shift. The hosts debate whether MLSs should remain broker cooperatives or if associations hold too much power. They delve into the complexities of fiduciary duties and trust, emphasizing the importance of transparency. Moreover, global perspectives reveal why other countries admire the U.S. MLS system, raising concerns about potential losses if major changes occur. Prepare for some heated exchanges between the hosts!
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insights INSIGHT
Cooperation's Evolution
The principle of cooperation in real estate has evolved.
Historically, it meant sub-agency, where buyer's agents represented the seller.
insights INSIGHT
Cooperation vs. Fiduciary Duty
True cooperation may conflict with fiduciary duty.
An agent's primary responsibility is their client's best interest, not collaboration.
question_answer ANECDOTE
International Envy
At international real estate conferences, other countries express envy for the U.S. MLS system.
They question why the U.S. would dismantle a system they admire.
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In 'Bowling Alone', Robert D. Putnam presents extensive data showing how Americans have become disconnected from family, friends, neighbors, and democratic structures. He argues that this decline in social capital has significant negative impacts on physical and civic health. The book explores various factors contributing to this decline, including changes in work, family structure, suburbanization, and the influence of technology such as television and the internet. Putnam also discusses historical precedents and potential solutions for reviving civic engagement and social connections.
Overview
In this special live episode of Industry Relations, Rob and Greg broadcast from the Virtual MLS Summit, where they tackle one of the biggest questions in real estate today: What does “cooperation” mean in a post-settlement world? They explore how the industry’s shift away from compensation impacts the role of MLSs, debate the long-standing relationship between brokerages and associations, and challenge whether MLSs should truly be considered “broker cooperatives.” This episode is packed with bold insights, historical context, and plenty of Rob vs. Greg fireworks.
Key Takeaways
• The Evolution of Cooperation: With compensation no longer tied to MLS participation, what does cooperation actually mean now?
• MLS Governance and Broker Control: If MLSs are broker cooperatives, why are associations still making the rules?
• The Fiduciary Duty Dilemma: Can cooperation exist when agents owe full fiduciary duties to their clients?
• The Government’s Potential Role: If the industry doesn’t self-regulate effectively, will federal regulators step in and take over?
• Lessons from Global Real Estate: Why other countries envy the U.S. MLS system—and what we risk losing if we dismantle it.
Industry Relations 