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Sign into your accountThird Parties Making Money from Disorganized Real Estate
July 22 2010
WAV Group has been pretty outspoken about third party listing websites. They exist because brokers, MLSs, and Associations have not elevated their thinking about listing syndication. I think that it is time for CMLS, NAR, Realty Alliance, or some mutual benefit organization to step up and harness listing distribution and revenues from listing distribution to return revenue to its rightful owner - the brokers.
Here are the problems
1. Data that appears on third party listing websites is grossly inaccurate - as high as 40% in some markets. Inaccurate data leads to bad leads, irritated home buyers and sellers, and throws egg on the agents and brokers face.
2. Third party listing websites are deriving significant revenue and (moreover) consumer trust on the backs of broker listings. Without the broker’s listing, they would not have a website.
3. Terms of Use for third party listing websites extend too many rights. In most cases, the third party listing website has the right to reuse, repurpose, and re-syndicate the listing information in any way they wish.