Jeff Corbett the XBroker on Divorcing Real Estate Commissions
“Second, the three class-action suits ostensibly have an end game in mind: Divorcing real estate commissions,meaning that a home seller should negotiate listing commissions with a listing agent while a home buyer should negotiate buy-side commissions directly with a buyer’s agent. While this seems like an awfully commonsensical thing to do, the implications for the real estate sales industry would facilitate more transformative change than any technology-based innovation. “
If you’re like me you read about these lawsuits and you’re not sure if you should be overly concerned or not. Jeff does an excellent job of walking us down the path of what may or may not be the future in a world where buy-side commission rates are brought into the sunlight. SPF 2.5 anyone?
I think that if you are a supporter of MLS, or an MLS Executive, you should be concerned. I have been an MLS advocate for years, and I believe the era of the MLS as we know it may be coming to an end. What is an MLS anyway? Can its functionality be reproduced or improved in a new real property inventory environment? I am beginning to think that it is a likely possibility.