Real Estate syndication websites
Let’s break this down for those of you who are not in the Real Estate business.
Back to the late 1990’s the MLS, Multiple Listing Service, was the warehouse that held the real estate listings that the Realtors listed for sale.
Back at that time, a Realtor needed to fill out an “Entry” sheet for the MLS and submit that to the board of realtors. They could fax it, or before that, have it delivered via messenger to the Board of Realtors for input.
It was a good system, but it was not on the technological level we have today.
Soon after – in the early 2000’s and 1999ish – the agent could use a MSdos driven engine and enter in the MLS listing via a system called “Broker Load”.
That was better – but still not the bee’s knees.
The next evolution was publishing the real estate listings online. You may remember AOL Real Estate? One of the first online warehouses that had the listings they gleaned from the MLS, via the Board of Realtors.
After this went on, the data that was published by AOL and other “real estate syndication website companies” started to be questioned as to it’s validity due to not having proper permissions to publish it.
Heck, the “proper permissions” had not been developed at that time and needed to be discussed.
We can all AGREE that Realtor is a trademarked term. A very powerful lobby and something where membership is necessary to do the best job when it comes to representing buyers and sellers of real estate.
Real Estate is a large investment/purchase, there should be something controlling that mechanism.
Someone got the bright idea to start a system that was bigger than the one the National Association of Realtors had developed. During the .com crunch – we observed the development of sites like Zillow and Trulia.
Today, both of those sites are Real Estate syndication websites, very well known and the number one visited real estate websites in the world. As of August 24, 2015 (that could change quickly)
But what about permissions? Do they have the proper permissions to have all of the MLS and Board of Realtor based listings on their websites?
No, they do not.
While they have been developing “work arounds”, saddling up with the brokerages behind their real estate agents backs – and while they have been striking deals with agent’s themselves, there are still Brokerages and Realtors that do not allow their listings to appear on their sites!
It’s a choice that the specific agent has, and if violated heads could roll 🙂
If I were searching for real estate, and If I had found this to be the case, I would want to use a local Realtor Website that has all of the permissions to publish the actual real estate inventory for sale!
We have our clients, very often, call, text or email us to find out if a “listing” they found on a Real Estate syndication website is actually for sale or not. 99% of the time I get the call, it turns out the listing is not actually for sale. It has either sold, is currently under contract, or isn’t even in the Board of Realtors system.
Our own worst enemy – we are that! Realtors can cause themselves their own fair share of issues. That is why the sales game is a crooked path. Some feel as if they have to break the rules in order to hit home runs. Others have it figured out the correct way, they can treat everyone in the best, most honest way, and score touch down after touch down.
I am in agreement with doing real state the “right way”.
Be safe – thanks for taking the time to read a bit about the “why and how” of real estate syndication websites.
Finally – I always tell our clients not to exclude those systems from their search. But to know what they are about. They are going to sell your personal and private information to real estate agents willing to pay for it. So, just know whatever information you give up on those systems in the search for real estate or what your home is worth, you will be called by about a bazillion real estate agents and emailed into the abyss!