Editor's note: This is part one of a three-part series discussing important issues organized real estate is facing and possible strategies for resolving them. The author argues that interbroker compensation should be done away with and in part one explains why this should be done right away. Part two will discuss how the world will work without interbroker compensation, and part three will look at the future of the MLS in that world. (Read Part 2 and Part 3.) "It's the end of the world as we know it, and I feel fine." - R.E.M. The real estate industry now operates multiple listing services that not only draw attacks for suppressing competition, but also have at their core a service that is obsolete and inefficient: the communication of interbroker compensation offers. The essence of the M...
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