Industry Relations Meltdown: Is the End Near?
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Jul 24, 2024 With the August 17th deadline approaching, experts dive into the potential shake-up in real estate associations and compensation models. They discuss buyer agent commissions and the need for agents to demonstrate value in a changing landscape. Frustration brews over NAR's communication with local leaders, while new buyer-agent agreements create tension around upfront negotiations. The importance of innovative leadership and community engagement in real estate shines through, alongside reflections on the sustainability of MLS and associations amidst emerging trends.
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MLS's Future
- Many predict the MLS will disappear, replaced by platforms like Zillow with self-uploaded listings.
- This sentiment, though increasingly common, seems unrealistic given the MLS's central role.
Association Value
- Associations have relied on MLS access as their main draw for members.
- Without the MLS, their value proposition weakens, especially regarding training, education, and lobbying.
Compensation Outside MLS
- A poll showed 44% of listing agents plan to offer buyer compensation outside the MLS.
- This raises questions about the effectiveness of concessions as a workaround.