From the Wall Street Journal (paywall)
NAR, Real Estate’s Biggest Trade Group, Sued Over Pocket Listings Policy
“TAN, launched in 2010, is a members-only networking and communication platform for real-estate agents who can show that they are in the top 10% of producers in their geographic area, according to founder David Faudman. Its roughly 10,000 members, who pay between $475 and $675 in annual dues, frequently use the platform to share information about off-market listings, which are for sale but not in the MLS. That function is now against NAR rules, said Mr. Faudman. “We’re concerned that this could put a huge damper on TAN, to the point that it destroys the business,” he said.”
In other words, “Ever since they made discrimination illegal, it’s been bad for the discrimination business.”
And then there’s this gem.
“In addition to threatening his business model, Mr. Faudman said the new policy harms home sellers because it prevents them from choosing to market their homes privately if they wish. “There are plenty of times, certainly on the celebrity level, where they don’t want to go into the multiple listing service,” he said.”
Seriously? We are going to allow abuses in fair housing because of Kim Kardashian? ????♂️
We can do better than this people.
Am I wrong, or do I see a great business opportunity for licensed agents who are not members of NAR, and hence are not members of the local Association and do not have access to an MLS, to confidentially market homes for these celebrities or billionaires who do not want to publicly list their home?
I’m all for maintaining fair housing, but there are very real celebrity issues that us normal folk don’t understand/prioritize. I happen to think being famous would be terrible… people traipsing through your life and sh*t every chance they got? Every newspaper/magazine covering it? Paparazzi hanging on the corner? No thanks.
As long as sellers that list/market privately do so knowing that they are not maximizing sale price, I don’t have a problem with them doing that.
The other option is mandating that every property that changes hands be put on the MLS with a licensed agent. We all know that won’t happen. Family members sell to other family members, etc.
Yes, the profit-maximizing route is putting properties on the MLS. But that doesn’t mean every seller should be required to.
Drew, celebrities still have many private listing options. Office exclusives, to be specific, continue to be allowed. They don’t have to be on the internet at all.
Sam,
Well, if office exclusives remain… Compass (or another franchise) should just buy TAN and offer it to its own agents/brokers… and no one could do anything about it? If that’s true, this does seem to be an attack to wipe out TAN & other competitors rather than being about being a win for the sellers.
What am I missing?