On episode 66 of Industry Relations, Rob and Greg discussed the potential repercussions of ending mandatory compensation. And Rob asserted that without cooperation and compensation, the value of the MLS lies solely in its data and technology tools.
How did those comments sit with MLS leaders?
Justin Landon is the CEO of the Lexington-Bluegrass Association of REALTORS, a 4,000-member MLS based in Lexington, Kentucky. Ryan Castle serves as CEO of the Cape Cod & Islands Association of REALTORS, a 3,000-member MLS serving Cape Cod, Martha's Vineyard, and Nantucket. On this episode of Industry Relations, Justin and Ryan join Rob and Greg to share their argument against the assertion that the value of the MLS is tied solely to buyer’s compensation.
Justin and Ryan describe the work they do to ensure that listing agents follow data compliance guidelines, explaining how the MLS has evolved to become a catalyst for the adoption of technology and a distribution mechanism among agents and consumers. Listen in for insight on why compensation is usually offered even when it’s not required and learn about the MLS’s role in building technology that facilitates cooperation.
What’s Discussed:
Justin & Ryan’s argument against the assertion that the value of the MLS is tied solely to buyer’s compensation
The work MLSs do to ensure that listing agents follow data compliance guidelines
Why MLS teams need to know the areas they’re serving
How the MLS has evolved to become a distribution mechanism among agents and consumers
Why Rob suggests that MLSs need to invest in developing their own technology if compensation ends
The MLS as a technology provider vs. catalyst for the adoption of technology
Why compensation is usually offered even when it’s not required
The relationship between compensation and the steering problem in real estate
The potential to add reverse auto prospecting and rental data to the MLS
How NAR’s focus on the distribution of data provides an opportunity for MLSs
The MLS’s role in building technology that facilitates cooperation
What we need to do to prevent the government from making the MLS a public utility
Connect with Justin:
Lexington-Bluegrass Association of REALTORS
Connect with Ryan:
Cape Cod & Islands Association of REALTORS
Connect with Rob and Greg:
Resources:
What if Mandatory Compensation Goes Away? on Industry Relations EP066
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