The argument for opening up MLS
An interesting opinion piece in Real Estate Magazine, brought into light the battle going on between the Competition Bureau and organized real estate in our country. The Competition Bureau is pleading for MLS to be opened up to the public.
The Bureau claims: “the overwhelming majority of real estate transactions in Canada are brokered through the MLS system. Realtors must agree to comply with CREA’s restrictions on the service options they provide to Canadian consumers …(the bureau) wants these anti-competitive rules removed so that consumers can benefit from greater choice.”
While some may argue this is not a good move for REALTORS, the author of the REM article, Chris Seepe (commercial real estate broker), offers up some real benefits to having this done:
- “If the MLS was opened up, the public would quickly learn the hard way about the true value of using a REALTOR. It would also substantially raise the bar of skill, duty and professionalism of REALTORS” — having access to the MLS information doesn’t give someone the skill and expertise needed to make real estate decisions
- The public would benefit from fiercer competition between REALTORS, forcing those licensed who don’t take their practice seriously, to gain more education/training/knowledge.
- “Canadian MLS systems are antiquated. Their functionality, presentation, technology and performance are akin to using a slide rule in a world of computers. Opening the MLS to the public and adopting an appropriate, proven 21st-century business model.” — Everyone would benefit from an advancement in logistics and technology there.
- “Opening the MLS would mean organized real estate would have to re-invent itself but it should not give up ownership or control of the MLS.”
This opens up a great discussion for all real estate professionals, so I’d like to hear from you. Share your opinion on this with me on Facebook or Twitter.
