BrokerageIndustry News

The nitty gritty of real estate data deals

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Some brokers and MLSs are rushing to distribute property information for display on popular third-party real estate Web sites, and a paper released this week by a Minneapolis law firm encourages a thorough review and negotiation of terms to help ensure that the deals properly protect industry interests. Brian Larson, a Minneapolis lawyer who works with dozens of Realtor associations and multiple listing services, said the paper was prompted by an industry trend to broaden online distribution channels for property information by working with a range of Web sites. His firm began seeing contracts regarding this syndication of listings last year, and some industry participants "were just signing them without negotiating them," Larson said. That prompted the production of the research paper to serve as a guide for other industry participants that are considering such agreements. Within the past couple of months, brokerage giants Realogy and Prudential Real Estate Affil...