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BuyHomes Blogger

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BuyHomes.com LLC

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Midwestern real estate discount broker (and proud of it), Technology Entrepreneur (working on it), student of History (let's all try not to repeat it) and extremely opinionated (usually correct) novice-economist following the 'Austrian School' of Economics.

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My Comments

  • Brokers should always be
    By November 24, 2009 - 10:01pm

    Brokers should always be allowed to display their Seller's direct name and contact information on the MLS system (with the seller's permission of course) to avoid complications when setting appointments. Public websites are an entirely different subject where existing custom & disclosures may need to be re-evaluated from a free-market as well as a consumer perspective if the MLS concept is to remain viable.

  • Brevard MLS: we do all of
    By June 18, 2009 - 10:44am

    Brevard MLS: we do all of this and more "market the properties (take photos, do proper narratives, take measurements or ensure disclosures are filled out" Kristin Noll-Marsh, You may not be able to tell from some of the quotes in the article, I am essentially a free-marketer, and also a consumer-advocate. Shorewest does have a business 'right' to hide the limited-service and exclusive-agency listings of smaller brokers. I am in no way arguing that they are required to display all the available MLS listings... The argument is over the disclosure issue. As you stated: "I agree that it should be disclosed that not all listings are shown. But that won't help anything, because ALL broker sites will have to post the same disclaimer." What you describe is very VERY deceptive! If the "same disclaimer" can be used, confusing and vague, does NOT accurately identify when a broker "removes" listings from the IDX compilation, then it is absolutely essential for consumers that the government regulate this industry on the proper use of disclosures as it would appear that we as Realtors cannot regulate ourselves effectively. I hope that is not true and what you describe is not the path taken by those who are involved. 10101010101010101010101010101010101 Consumer 101 - MLS - IDX - NAR - and Why Your Home Search Matters! Dear Real Estate Consumers, Here is a quick breakdown of how listings get from the MLS to your computer screen: Thousands of agents and brokers participate in a Multiple Listing Service (MLS) which is typically owned or controlled by the local Realtors Association, and governed by a Board of Directors made up primarily by the most powerful companies in the area. The MLS sends property information to other brokers in one of two ways... 1) the private MLS for agents only or 2) thru a 'sharing' program called Internet Data Exchange (IDX). The National Association of Realtors (NAR) has approved the ability of individual brokers to remove listings 'by objective criteria' on their public website. The local MLS Board of Directors must approve the use of their data and the rules regulating mandatory disclosures. What this means to you, the real estate Home Buyer: 1) The brokerage site you are using to look for MLS listings does not contain all available properties since some sellers or brokers may have opted-out of participation in the broker-sharing program. This could mean you are searching 99.5% of the "full" amount. compilation. An MLS may mandate disclaimers such as the name of the listing broker and use of the term "MLS". Because not 100% of the properties may be in an IDX search, brokers should display "Disclosure Level 1". 2) As in the case of Shorewest.com, a broker removes additional listings "by type" such as Limited Service listings. The broker has made a free-market business decision to limit the display of competitors listings which discourages potential home sellers from attempting to sell thru a Limited-Service broker, which is their right to do so because IT IS THEIR WEBSITE. There needs to be a clear disclosure on the website which indicates the broker removes one or more listings from the IDX data collection, which we will call "Disclosure Level 2". Currently, such a disclosure may not appear on public websites of brokers, so you will be forced to do your own research to make sure you are not missing your dream home. 3) To get ALL the MLS listings you as a homebuyer will need to do one or more of the following: 1) search multiple websites or 2) work with a Realtor who utilizes the Full MLS search, that is only available to dues-paying MLS member agents/brokers. You may need to sign a Buyer Agency agreement and become a client to get this level of representation where all the homes are shown to you. Ask a Realtor (member of the NAR) if you are getting all available properties including the ones not shown on some brokerage websites, and they are OBLIGATED to answer honestly as all Realtors follow a Code of Ethics.

  • If our Realtor Code of
    By June 17, 2009 - 12:06pm

    If our Realtor Code of Ethics is not cause to voluntarily provide such disclosures to consumers then what is the purpose of such a code? The public perception is that a broker's MLS search contains "all available" properties. The public is mistaken in this prime example where up to 15% of all listings are removed from shorewest.com, however the onus is upon that Realtor to make this fact clear to their web site visitors and those getting the emails thru their agents (or they could face a lawsuit from a consumer who misses their dream home?) When Realtors fail to adhere to the spirit of the Code of Ethics, and the law, then Regulatory Agencies have a duty to ensure that consumers are not harmed by 'a business decision' from a broker who knowingly encourages these 'acts of omission'. The MLS board of directors made a big mistake when it allowed brokers to 'make their own decision' without requiring proper disclosure in all Advertising utilizing their Data. This entire issue is easily solved by making the proper disclosures in an upfront manner on public sites and emails to consumers *with language that is not unclear.* Should such disclosures be vague, there is again a proper role for regulators. A benefit of the broker who voluntarily makes such an honest disclosure is that it becomes an *opportunity* for the broker to offer their Buyer Agency services to buyers who wish to see 'all' listings. Make it a Win-Win!