Zillow ‘humbled’ by real estate industry

[Fearful]

[quote=sdrealtor]What you dont understand about running an MLS is that it is not just a database. That part is cheap. Its all the other things that go on behind that which are expensive.
[/quote]

I am curious. What are some of those things?

[Fearful]

[quote=sdrealtor]What you dont understand about running an MLS is that it is not just a database. That part is cheap. Its all the other things that go on behind that which are expensive.
[/quote]

I am curious. What are some of those things?

[sdrealtor]

Real Estate is very dynamic and the needs of the MLS are constantly changing. Here is one example, short sales created a whole set of challenges that had never been dealt with before. Rules had to be established, a new status had to be agreed upon, legal issues regarding compensation being up to the lenders had to disclosed etc. There is the constant policing of these listings that needs to be addressed. What is disclosed in the MLS creates legal liability and the $’s at stake are obviously very significant. The language you put in a listing is subject to Federal Fair Housing laws. You can get fined significant amounts for violating and there is also the potential for jail time if you use certain discriminatory language.

What is contained in the MLS listings is not a simple matter of telling people about houses. The legal burdens are enormous and must be complied with.

There are plenty of other issues and I am far from an expert on these matters. I just follow the rules they lay out for me.

[sdrealtor]

Real Estate is very dynamic and the needs of the MLS are constantly changing. Here is one example, short sales created a whole set of challenges that had never been dealt with before. Rules had to be established, a new status had to be agreed upon, legal issues regarding compensation being up to the lenders had to disclosed etc. There is the constant policing of these listings that needs to be addressed. What is disclosed in the MLS creates legal liability and the $’s at stake are obviously very significant. The language you put in a listing is subject to Federal Fair Housing laws. You can get fined significant amounts for violating and there is also the potential for jail time if you use certain discriminatory language.

What is contained in the MLS listings is not a simple matter of telling people about houses. The legal burdens are enormous and must be complied with.

There are plenty of other issues and I am far from an expert on these matters. I just follow the rules they lay out for me.

[sdrealtor]

Real Estate is very dynamic and the needs of the MLS are constantly changing. Here is one example, short sales created a whole set of challenges that had never been dealt with before. Rules had to be established, a new status had to be agreed upon, legal issues regarding compensation being up to the lenders had to disclosed etc. There is the constant policing of these listings that needs to be addressed. What is disclosed in the MLS creates legal liability and the $’s at stake are obviously very significant. The language you put in a listing is subject to Federal Fair Housing laws. You can get fined significant amounts for violating and there is also the potential for jail time if you use certain discriminatory language.

What is contained in the MLS listings is not a simple matter of telling people about houses. The legal burdens are enormous and must be complied with.

There are plenty of other issues and I am far from an expert on these matters. I just follow the rules they lay out for me.

[sdrealtor]

Real Estate is very dynamic and the needs of the MLS are constantly changing. Here is one example, short sales created a whole set of challenges that had never been dealt with before. Rules had to be established, a new status had to be agreed upon, legal issues regarding compensation being up to the lenders had to disclosed etc. There is the constant policing of these listings that needs to be addressed. What is disclosed in the MLS creates legal liability and the $’s at stake are obviously very significant. The language you put in a listing is subject to Federal Fair Housing laws. You can get fined significant amounts for violating and there is also the potential for jail time if you use certain discriminatory language.

What is contained in the MLS listings is not a simple matter of telling people about houses. The legal burdens are enormous and must be complied with.

There are plenty of other issues and I am far from an expert on these matters. I just follow the rules they lay out for me.

[sdrealtor]

Real Estate is very dynamic and the needs of the MLS are constantly changing. Here is one example, short sales created a whole set of challenges that had never been dealt with before. Rules had to be established, a new status had to be agreed upon, legal issues regarding compensation being up to the lenders had to disclosed etc. There is the constant policing of these listings that needs to be addressed. What is disclosed in the MLS creates legal liability and the $’s at stake are obviously very significant. The language you put in a listing is subject to Federal Fair Housing laws. You can get fined significant amounts for violating and there is also the potential for jail time if you use certain discriminatory language.

What is contained in the MLS listings is not a simple matter of telling people about houses. The legal burdens are enormous and must be complied with.

There are plenty of other issues and I am far from an expert on these matters. I just follow the rules they lay out for me.

[backintown]

What a bunch of bull…

If there are legal burdens, those have been designed/created (by the brokers themselves) with the sole purpose of enabling them to justify the current MLS setup so that they can continue to suppress competition and overcharge consumers for their services. They set up the barriers in order to sell the access.

Pass along any legal risks to the actual people making the postings like so many websites do and case closed.

I’m doubtful this will ever change though, given the RE industry’s grip on congress. Why else would the government decide that renters (on average poorer) should provide a subsidy (mortgage interest deduction) to homeowners (on average much richer)? No other respectable developed country does that.

[backintown]

What a bunch of bull…

If there are legal burdens, those have been designed/created (by the brokers themselves) with the sole purpose of enabling them to justify the current MLS setup so that they can continue to suppress competition and overcharge consumers for their services. They set up the barriers in order to sell the access.

Pass along any legal risks to the actual people making the postings like so many websites do and case closed.

I’m doubtful this will ever change though, given the RE industry’s grip on congress. Why else would the government decide that renters (on average poorer) should provide a subsidy (mortgage interest deduction) to homeowners (on average much richer)? No other respectable developed country does that.

[backintown]

What a bunch of bull…

If there are legal burdens, those have been designed/created (by the brokers themselves) with the sole purpose of enabling them to justify the current MLS setup so that they can continue to suppress competition and overcharge consumers for their services. They set up the barriers in order to sell the access.

Pass along any legal risks to the actual people making the postings like so many websites do and case closed.

I’m doubtful this will ever change though, given the RE industry’s grip on congress. Why else would the government decide that renters (on average poorer) should provide a subsidy (mortgage interest deduction) to homeowners (on average much richer)? No other respectable developed country does that.

[backintown]

What a bunch of bull…

If there are legal burdens, those have been designed/created (by the brokers themselves) with the sole purpose of enabling them to justify the current MLS setup so that they can continue to suppress competition and overcharge consumers for their services. They set up the barriers in order to sell the access.

Pass along any legal risks to the actual people making the postings like so many websites do and case closed.

I’m doubtful this will ever change though, given the RE industry’s grip on congress. Why else would the government decide that renters (on average poorer) should provide a subsidy (mortgage interest deduction) to homeowners (on average much richer)? No other respectable developed country does that.

[backintown]

What a bunch of bull…

If there are legal burdens, those have been designed/created (by the brokers themselves) with the sole purpose of enabling them to justify the current MLS setup so that they can continue to suppress competition and overcharge consumers for their services. They set up the barriers in order to sell the access.

Pass along any legal risks to the actual people making the postings like so many websites do and case closed.

I’m doubtful this will ever change though, given the RE industry’s grip on congress. Why else would the government decide that renters (on average poorer) should provide a subsidy (mortgage interest deduction) to homeowners (on average much richer)? No other respectable developed country does that.

[UCGal]

[quote=sdrealtor]Real Estate is very dynamic and the needs of the MLS are constantly changing. Here is one example, short sales created a whole set of challenges that had never been dealt with before. Rules had to be established, a new status had to be agreed upon, legal issues regarding compensation being up to the lenders had to disclosed etc. There is the constant policing of these listings that needs to be addressed. What is disclosed in the MLS creates legal liability and the $’s at stake are obviously very significant. The language you put in a listing is subject to Federal Fair Housing laws. You can get fined significant amounts for violating and there is also the potential for jail time if you use certain discriminatory language.

What is contained in the MLS listings is not a simple matter of telling people about houses. The legal burdens are enormous and must be complied with.

There are plenty of other issues and I am far from an expert on these matters. I just follow the rules they lay out for me.[/quote]

Are these rules set out by the MLS – or by the various regulations imposed by the state, fed, NAR, CAR, Sandicor?

In other words – could a software developer examine the laws and regulations and design a software database and interface that complied with the laws/regs that was in competition to the MLS?

also – you mention the legalese that must be complied with for listing descriptions. Is that up to the listing agent to comply – or are there active filters in the MLS software to make sure the laws are complied with?

[UCGal]

[quote=sdrealtor]Real Estate is very dynamic and the needs of the MLS are constantly changing. Here is one example, short sales created a whole set of challenges that had never been dealt with before. Rules had to be established, a new status had to be agreed upon, legal issues regarding compensation being up to the lenders had to disclosed etc. There is the constant policing of these listings that needs to be addressed. What is disclosed in the MLS creates legal liability and the $’s at stake are obviously very significant. The language you put in a listing is subject to Federal Fair Housing laws. You can get fined significant amounts for violating and there is also the potential for jail time if you use certain discriminatory language.

What is contained in the MLS listings is not a simple matter of telling people about houses. The legal burdens are enormous and must be complied with.

There are plenty of other issues and I am far from an expert on these matters. I just follow the rules they lay out for me.[/quote]

Are these rules set out by the MLS – or by the various regulations imposed by the state, fed, NAR, CAR, Sandicor?

In other words – could a software developer examine the laws and regulations and design a software database and interface that complied with the laws/regs that was in competition to the MLS?

also – you mention the legalese that must be complied with for listing descriptions. Is that up to the listing agent to comply – or are there active filters in the MLS software to make sure the laws are complied with?

[UCGal]

[quote=sdrealtor]Real Estate is very dynamic and the needs of the MLS are constantly changing. Here is one example, short sales created a whole set of challenges that had never been dealt with before. Rules had to be established, a new status had to be agreed upon, legal issues regarding compensation being up to the lenders had to disclosed etc. There is the constant policing of these listings that needs to be addressed. What is disclosed in the MLS creates legal liability and the $’s at stake are obviously very significant. The language you put in a listing is subject to Federal Fair Housing laws. You can get fined significant amounts for violating and there is also the potential for jail time if you use certain discriminatory language.

What is contained in the MLS listings is not a simple matter of telling people about houses. The legal burdens are enormous and must be complied with.

There are plenty of other issues and I am far from an expert on these matters. I just follow the rules they lay out for me.[/quote]

Are these rules set out by the MLS – or by the various regulations imposed by the state, fed, NAR, CAR, Sandicor?

In other words – could a software developer examine the laws and regulations and design a software database and interface that complied with the laws/regs that was in competition to the MLS?

also – you mention the legalese that must be complied with for listing descriptions. Is that up to the listing agent to comply – or are there active filters in the MLS software to make sure the laws are complied with?

[Author]

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