There has recently been a huge buzz in the real estate world over a minor player with a really stupid name that has chosen to extrapolate agent production data from MLS IDX services and use it as a MARKETING tool for their own underused services,
Many say it is illegal while others say it is unethical.
Whether or not either of those accusations holds up under scrutiny in the different jurisdictions across North America is up to the courts and arbitration panels to decide.
But it certainly violates the spirit of MLS cooperation.
Multiple listing services were founded on the principle that working TOGETHER was better for both the broker and the client or customer. In a commission driven system it created both opportunity for additional exposure for both sellers and buyers, plus governing guidelines for those that choose to be members that clearly defined how the information is to be used.
There is NOTHING cooperative about exploiting production data for one’s own misguided embellishment.
And to claim that “transparency” is better for the consumer doesn’t fly in this obvious and blatant act of self-promotion.
If this privately held company wants transparency, then let us have a look at your P&L statement.
My guess is that the venture capitalists are going to be digging DEEPER into their pockets over the next few months trying to defend this unscrupulous practice.
Serves them right.
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