A major barrier to MLSs supporting home builders, commercial real estate, and property management has been the offer of compensation. Now that the offer of compensation is removed, the focus of the MLS is on the development of a timely, comprehensive, and accurate cooperative marketplace for shelter.
BuildersUpdate.com announced this week that they have partnered with Omni MLS and collaborate with over 84 regional MLS associations today. This network now connects more than 761,000 national and international real estate agents with new construction properties for sale.
Now that the offer of compensation is not a barrier to builders, the biggest risk to Builders Update would be MLSs inviting builders to enter properties into the MLS directly, rather than keeping them segmented in a siloed application like Builders Update.
BuildersUpdate.com, a platform for new construction listings, has unveiled a suite of enhanced features aimed at bolstering support for buyer agents for new homes. This development follows the recent settlement with the National Association of REALTORS® (NAR) and underscores Builders Update commitment to fostering robust relationships between agents and builders.
One of BuildersUpdate.com’s core commitments is to support buyer agents by featuring builders who acknowledge agents as the procuring cause. This ensures that agents are recognized and rewarded for their efforts in connecting clients with trusted builders. BuildersUpdate.com’s patented electronic buyer registration system further enhances this support by allowing agents to seamlessly connect clients with builders, while safeguarding their role in the transaction.
This buyer registration system is interesting – similar to Percy.ai (formerly Buyside). In the wake of the offer of compensation settlement, home-buyers are of equal value to home-sellers. Developing a database of homebuyers is of equal importance to a database of listings in a marketplace.
If your MLS is planning its strategic planning for 2025, be sure to contact WAV Group for a proposal. Change management is our expertise, and with the Offer of Compensation going by the wayside, and Clear Cooperation becoming an optional policy of NAR affiliated MLSs, change is here. How you react as an MLS may very well determine whether you thrive by expanding your marketplace, or wither away with the loss of agents that so many have forecasted, or some come-along disrupter.
All of us at WAV Group are bullish on the role of the MLS and its ability to reach new heights by leveraging the strengths of the most powerful real estate marketplace in the world.
