A little over a week after Zillow sought to clarify its discussions with Chicago-based Midwest Real Estate Data (MRED) over restrictions on private listings, the MLS appears to be digging in, as this week MRED CEO Rebecca Jensen sent an emotional open letter to members defending its private listing network against a “one-size-fits-all model.” With…
In a legal filing Nov. 12 in New York’s U.S. District Court ahead of a high-stakes hearing starting Nov. 18 to address Compass’s preliminary injunction motion, Zillow defended its new rules around private listings amid its ongoing court battle with Compass. The standards, which took effect in June, prohibit listings on Zillow that are publicly…
The National Association of Realtors® (NAR) has faced significant criticism following the events of the Burnett trial and settlement, leaving many still dissatisfied with how the organization has responded to issues the association, and the real estate industry at large, continue to face. In response to ongoing concerns involving NAR, a group of 15 industry…
Zillow is facing a second proposed class-action lawsuit in as many months, as lawyers seeking to represent Zillow mortgage customers allege that referrals to Zillow Home Loans are a “coercive scheme,” violating RESPA and other state and federal laws. Filed late last week in federal district court in Washington, the lawsuit adds another angle to…
There is no quantitative, universally recognized definition of a “buyer’s market” or a “seller’s market.” But that shouldn’t stop real estate professionals from recognizing or calling out when the balance of power has shifted—as it seemingly has in recent months. According to RISMedia’s most recent Broker Confidence Index (BCI) survey, most brokers feel their markets…
When Zillow announced its new rules restricting certain private listings, one MLS was quickly thrown into the spotlight—Midwest Real Estate Data, or MRED, in the Chicago region. That’s because for almost a decade, MRED has hosted an internal private listing service—properties shared within the MLS, but not necessarily to anyone else. While Zillow didn’t immediately…
In a relatively short time, the power dynamics in residential real estate have shifted dramatically. The National Association of Realtors® (NAR) sits alongside portal giant Zillow on one side, and on the other is New York-based venture capital-backed Compass, a new behemoth that has consolidated a huge brokerage empire and appears ready to use its…
They’re the opposite ends of the home-buying spectrum. One phrase lights up a potential owner’s face, while the other forces a frown. The former is a no-brainer for you, the agent, while the latter can test your ability to keep a client in check. It’s plug-and-play versus quasi-fixer-upper. It is easy to accentuate the positives,…
As people continuously rely on digital platforms in the age of social media, new careers have found their way into the market. These new careers have ramifications in real estate, as it opens up new avenues for home shopping—and new ways for agents to build their business. Digital platforms designed to share and spread content…
For decades, the real estate transaction—with full-service agents and relatively stable commission rates—has been one of the most consistent fixtures of the American housing market. Sellers built it into their expectations, buyers believed in it, and agents themselves defended both the fees and the model as pro-consumer. But now, the traditional real estate agent structure—and…
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