Industry News

Listings pullout threatens real estate broker cooperation

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

NRT-owned Coldwell Banker's decision last week to pull the listings of 10 of its Chicago-area offices from Multiple Listing Service of Northern Illinois marks yet another instance of a big broker's preference for a private, broker-owned MLS instead of an association-owned MLS. Broker-owned MLSs are not an unheard of phenomenon. Other markets such as Boston and Atlanta operate with broker-owned MLSs. The Coldwell Banker offices will now post listings exclusively with MAP MLS, a smaller broker-owned operation based in nearby Palatine, Ill. A large real estate broker pulling its for-sale listings from the largest MLS in its region continues the debate over whether such choices threaten to crack the fundamentals of a single MLS realty market. Darcy Dougherty, CEO of the Chicago Association of Realtors, is concerned that if the trend continues, regional market data the MLS collects would be less accurate. That data is used to analyze the area's real estate market, create comparative m...