2 ways to think about potential real estate changes: A.) "The end of the blanket offer of compensation is a huge problem that may reduce agent compensation levels, lead to brokerage bankruptcies, and weaken the MLS." B.) "The blanket offer of compensation lulled many solid agents into complacency, helped keep hundreds of thousands of sub-professional agents in the game, and caused widespread MLS self-satisfaction — may we give thanks if we are lucky enough to be liberated from this benumbing system." What do you choose (or do you have an option C)?
Diego Sanchez
8mo
Lean towards B, but am concerned about first-time homebuyers, VA buyers, and FHA buyers. Will these buyers get quality representation from a buyer’s agent if they need to pay for that representation themselves?
Lindy Chapman
7mo
Option B -- but ultimately, I don't think it will look anything like what how the RE industry has operated for decades. It's like trying to explain to a Video Store owner why offering 2 for 1 videos or free soda and candy at the cash register isn't going to keep customers coming into the store. Buyers and sellers have long wanted something different but have been confined to operating under a business model that couldn't afford to evolve with today's consumer or technology's ability to create a more consumer-centric experience. Let the games begin!
Paul Reid
8mo
All of the above.
C) creative destruction that restores trust. MLS helps to make transparent sell and buy side markets for all real estate products, agents gets paid for borrower content capture, brokers monetize rights to all the data, consumers get tangible best value from their trusted advisor, risk is priced using much better information, capital markets become more liquid and far less dependent on the taxpayer.