http://thenationalrealestatepost.com/cfpb-does-not-extend-trid/
http://www.trendmls.com/Guest/News/IndustryNewsShowDoc.aspx?InmanId=166357
Some Realtors are already choosing to move their listings out of MLS and to other systems. Their primary motivation is to avoid the Buyer's Agent fee.
If NAR and the local Board of Realtors do not become more responsive to the members needs, their MLS systems may be replaced by Zillo, Trulia, Redfin, etc. The local Boards may lose their "cash cow" MLS fees from the members.
The net result is the Comp data will be scattered over more places, more difficult to find and incorporate into an assignment. It will also be more difficult to analyze, i.e. how does a public listing in Zillo, Trulia, Redfin, etc compare to a private listing in an MLS. There is already a similar issue when there are several MLS's covering the same area and the different MLS's may impact the property's marketability depending on where the listing is placed. Some MLS's provide much more market exposure than other MLS's.
NAR dropped the ball on this one. NAR and the local Boards should have been more proactive to setup a single MLS with all the property listings and support their Members. The property listings should be publicly available for any potential buyer to view for maximum exposure. The Buyer's use of a Realtor is the Buyer's decision and their expense.
http://www.trendmls.com/Guest/News/IndustryNewsShowDoc.aspx?InmanId=166357
Some Realtors are already choosing to move their listings out of MLS and to other systems. Their primary motivation is to avoid the Buyer's Agent fee.
If NAR and the local Board of Realtors do not become more responsive to the members needs, their MLS systems may be replaced by Zillo, Trulia, Redfin, etc. The local Boards may lose their "cash cow" MLS fees from the members.
The net result is the Comp data will be scattered over more places, more difficult to find and incorporate into an assignment. It will also be more difficult to analyze, i.e. how does a public listing in Zillo, Trulia, Redfin, etc compare to a private listing in an MLS. There is already a similar issue when there are several MLS's covering the same area and the different MLS's may impact the property's marketability depending on where the listing is placed. Some MLS's provide much more market exposure than other MLS's.
NAR dropped the ball on this one. NAR and the local Boards should have been more proactive to setup a single MLS with all the property listings and support their Members. The property listings should be publicly available for any potential buyer to view for maximum exposure. The Buyer's use of a Realtor is the Buyer's decision and their expense.
