From Inman News:
New Jersey MLS tosses restrictions for display of listings
The New Jersey Multiple Listing Service, a regional MLS in Northern New Jersey that is owned and operated by two local Realtor organizations, has withdrawn a policy that prevented some property listings from reaching Realtor.com and several other home-search Web sites.
While New Jersey MLS officials were reportedly contacted by representatives for the U.S. Federal Trade Commission — an agency that has been investigating similar policies at more than a dozen other MLSs across the country — MLS officials stated in a communication to members this month that the decision to rescind the rule was in response to the practices of neighboring MLSs.
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In March 2005, the New Jersey MLS announced in a newsletter that “exclusive agency” property listings would no longer be sent to public home-search Web sites, including NJMLS.com and Realtor.com, as of April 1, 2005.
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In exclusive agency listing agreements, home sellers are not obligated to pay their agent if they locate a buyer on their own, and sellers can actively market their own properties. The MLS did not place similar restrictions on the more common “exclusive right to sell” property-listing agreement, which provides that a seller must pay the agent or broker who listed the property even if the seller personally located the buyer for the property.
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Eisenberg said that he believes there is another motive for such policies — to make exclusive agency listings less appealing to sellers. “It’s a bad-spirited rule,” he said of the New Jersey MLS policy, adding that it may have led some brokers to place exclusive agency property listings in other MLSs to avoid the New Jersey MLS restrictions and get the listings onto the Realtor.com site.
MBA Mortgage Purchase Application Index at it’s lowest since February of 2003. Calculated Risk, as always, does a wonderful job with the data:
MBA: 30-Year Fixed Rate Declines
Next on the MLS agenda should be to prohibit “relisting”.
jb
Next on the MLS agenda should be to prohibit “relisting”.
I really don’t think that one is going to happen.
SAS
A number of MLS systems nationwide have attempted to either clamp down on the behavior or have implemented compensating controls that reduce the benefits of relisting (cumulative DOM by property).
jb
I have worked in Business Brokerage before, and I tell you most Business owners wan’t the ability to sell on their own even though they may list with Brokers. In today’s age, Internet has made it much easier for seller to also do things on their own.
It’s high time Realtor industry allows for Open listing. Basically, Realtor gets commission only if they bring the buyer. Seller should be free to sell on their own.
MLS should be open source and national.
Realtors should be paid on a fee-for-service method. $X for showing, $x for sprucing up properties, $x for assisting with paperwork and so on. A consultancy method would be much fairer and really 100% more professional.
Maybe the crash (and lack of commissions) will encourage some innovation in this field.
I have a question for anybody who can give me some input. I am not a realtor and is there any way I can get the MLS listings from any of the services? if so how? Any input would be appreciated.
ahs,
What are you looking for?
jb
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