The Pending Death of the MLS?

Real Estate Agent with Fillmore Realty

About two months ago, I came across a piece written in The Real Deal , a very well put together and insightful publication with a focus on the New York City real estate market.  The piece was on a heated debate regarding tentative plans a local MLS service has to make their listings available to the general public via the Internet. Today, as I canvass the web to stay abreast of the industry, I came across another similar piece: A Free MLS Listing Service targeting FSBO's.  This is the second time I'm coming across something like this in the past couple months.  Have other experienced such news in their own local markets?  What impact is this likely to have on the industry and the agents that make it what it is?  I don't buy thier statistic that 800K of the 1.2 mil who go the FSBO route ends up being successful in this approach, but then again, they were their own source of this interesting stat....perhaps just my own bit of 'healthy scepticism'.  What do other agents think?

Comments (6)

David Smith
Fillmore Realty - Brooklyn, NY
I have to add, this is a brilliant strategy by Iggie's creators to capture a greater share of the market...they can make up the lost revenues by increasing sales....brilliant...for them that is, if they can pull off the marketing piece of it.
Apr 16, 2007 01:20 PM
Terry McDonald The McDonald Group, LLC - Charlotte, NC
Brokers NC/ SC
Our MLS is all over this and jealously guards their data... it can only be given up if we agents, or our Realtor boards give it up... Will they is the question? I think the consensus is no,despite a lot of wishful thinking on some people's part.  However, have you seen the Justice Department is hovering over the RE industry looking at restraint of trade issues?  This is definitely a shot across the bow, probably from our favorite banking lobbyists in DC. there are lots of people after our commissions. We need to pay the politicians more I guess!
Apr 16, 2007 01:55 PM
David Smith
Fillmore Realty - Brooklyn, NY

Hey Terry, thanks for the comment. 

Seems like some of the more insightful (or prudent depending on perspective) firms here in NYC are making their voices known: Biggest Firms Drop Out of Portal Plan.  With the run up in housing prices over the past couple years, it is only a matter of time before the efforts to grab some of our hard-earned commissions begin.  Now, it'll be up to our professional association to do some lobbying on the behalf of their constituency to ensure this remains financially feasible for many of us.

Apr 16, 2007 02:09 PM
Randal Keberlein
Weichert Realtors, Precision - Kenosha, WI
It seems to me that if we know this is going to end up happening, then there is tremendous opportunity available to those of us that stay ahead of the curve.
Apr 16, 2007 02:40 PM
David Smith
Fillmore Realty - Brooklyn, NY

Randal, this is true. It will be interesting to see what models end up being the most effective and whether this will benefit or hurt the 'agents on the ground'.  I look at sites like Trulia and StreetEasy and wonder 1. Who these proposed Public MLS's will compete and 2. How any of them plan to make any real money.  The models sited above I can live with as, at least the listing firms and agents are identified so the commission structure remains intact.

Apr 16, 2007 03:05 PM
"Tommy" Decebal
HomeSpector Inc. 516-851-5833 - Farmingdale, NY
Adamescu Long Island NY MASTER Home Inspector

Wish you a Merry Christmas and best wishes for a great year in 2008.

Tommy   New York Certified Home Inspector Long Island NY Nassau/Suffolk Home Inspections

Dec 24, 2007 06:05 PM