BrokerageIndustry News

What’s wrong with the MLS

Part 1: The MLS in crisis

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Editor's note: The MLS is in crisis, say many large brokers, agents and industry observers. The cooperative organization plays an essential role in the U.S. housing market, matching buyers and sellers through the assistance of a Realtor. But cooperation has been replaced by acrimony, litigation and an uneasy migration to the Internet. In this three-part series, we look at some underlying problems causing concern for MLS members, what's working and what's not working. (See Part 2: Chicago case study for MLS reform and Part 3: Nirvana: Centralized MLS.) "If it is broken, do fix it," say industry experts, calling for changes in the multiple listing service in the years to come, including standardization, consolidation and new technology for the MLS of the future. The MLS plays a central role in housing markets and the real estate business and will continue to do so in the future, industry figures agree. They also agree though that changes need to happen. "The purpose of the MLS goe...