Industry Relations I don't think that word means what you think it means...
May 1, 2025
Rob and Greg dive into the shifting definitions of an 'open market' in real estate, spotlighting the impact of platforms like Zillow. They analyze how consumer behavior and technology are redefining this space and discuss the historical role of the MLS. The conversation humorously contrasts 'fair marketplaces' with 'open marketplaces,' questioning whether the terminology should evolve. Additionally, they explore the implications of portal dominance and the risks it poses to market fairness, all while keeping the tone lively and engaging.
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Defining Open vs Closed Markets
- An open market is where listings are transparently available to the public on accessible platforms.
- Closed markets restrict access to selected groups, limiting transparency and exposure.
VW Bus Market Example
- Greg illustrates open market through the example of classic VW buses and their buying practices.
- He points out that openness involves transparency about vehicle condition and history, with exposure via platforms like Samba.com.
MLS as Historical Open Market
- Traditionally, an open market in real estate meant listing the property in the MLS.
- The rise of the internet and portals like Zillow has challenged and shifted that definition.