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Sign into your accountHave Home Sellers Lost Their Status to Real Estate Portals?
April 28 2015
The large real estate portals giveth opportunity, but do they also taketh away the rights of home sellers and their agents?
The hot topic in real estate used to be the marketing, buying and selling of homes and property. It seems as though the buzz has been replaced with debates and discussion on data feeds, real estate portals and syndication. It is reminiscent of the old days when there were issues of procuring cause and the like. I guess it's always a to-do when it is about money.
Procuring cause debates are normally between real estate agents and brokerages while data feed/syndication discussions can fall unknowingly on the property owners themselves.
When a homeowner signs a listing contract with a real estate brokerage, there is an understanding between the parties. This understanding is the foundation of the contract and includes things like fees for services (commission), contract length and marketing plan. The factors that make up the contract are often based on rules, regulations and guidelines relating to the laws and ethics of the real estate industry in the governing municipality where the property lies.
The listing contract often allows the home seller to opt-out of any online marketing. The seller may choose to opt-out of the online marketing world because they do not want their property to be subject to an Automated Value Model (AVM) such as the famous Zestimate®. The seller may want to only be in the local multi-list, but not on the national syndication sites. There may even be more personal reasons they do not want the mass syndication. It is also possible that Mr. and/or Mrs. Home Seller simply want their home information to be as correct as it can be and only trust their real estate agent and the agent's website to do so. After all, it is the brokerage and agent who they trusted and hired to sell the property, right? Whatever the reason for opting-out, choice is the issue here.
So what happens when the home seller and their agent make the choice to opt-out? While I cannot be sure what happens in every case, I can tell you what happened with a property that I opted-out of the MLS data feed. The address of that home is 20 Beech Rd, Mohnton, PA 19540. (Yes, I am exposing the address and you will soon understand why.)