Listing Syndication - Be Sure to Read the Fine Print
Brokers are Giving Away Rights to Their Listings Without Knowing It!
Posted by: RET Staff
Listing Syndication is a great method for attracting new sellers and increasing exposure for your listings. It is important to know what rights you are giving up when working with each of the online property search portals however. During the Council of MLS conference this year there was a groundswell of discussion about the rights brokers are giving up when they send their listings to third party websites. WAV Group went to school on the terms and conditions of several of the leading third party websites. We were specifically focused on the rights to display, distribute and maintain listing data.
We learned that in some cases the broker is transferring the irrevocable, perpetual, non-exclusive, fully paid, royalty-free license to use, retain, transmit, copy, create derivative work of, sell, or distribute the broker’s listing data to other parties or sub-licensees. Bottomline, brokers are giving away rights to their listings they may not be aware of.
We also learned that all third party listing sites are NOT created equal.
WAV Group has researched this issue and produced a white paper on the topic that has been designed to help brokers ask the right questions before they syndicate their listings. Click here to download.
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