Regarding CREA proposed rule to force exclusives onto MLS.
Comments by Gary Nusca, CCIM, CIPS, Realtor, Broker 48 years to Consider
110% supporter of MLS but NOT the new proposed rule that would force property owners to put exclusives onto MLS, or you can lose your CREA membership.
Most choose MLS; however, it should be the property owners who have the right to say whether they want MLS. Maybe they don’t want 32 groups of people going through their home. That should be their choice.
And up to the real estate professional who advises them.
The rights of the owner should trump the rights of the buyers.
Something new for the industry that many do not know about. We are a 100% supporter of an ILS information listing service see https://www.ils.realestate which includes confidentially networking exclusive information AND broker members SHARING the information and the public.
Brokers agree to allow their exclusive listings to appear on each other’s websites in IDX links.
Another criticism by proponents of forcing exclusives onto MLS was the fact that exclusive listing opportunities are not shared like MLS.
NOW THERE IS SHARING WITH ICIWorld Association of Real Estate Brokers and Salespeople. We envision all real estate boards and associations in the world to provide it someday.
Both kinds of information can and have been working side by side here on ICIWorld since 1994.
My opinion is they should both be allowed, and we are against CREA proposed rule to prohibit brokers and the owners of natural choice from networking exclusive estate on the ICIWorld Association of Real Estate Brokers and Salespeople website.
The number one criticism of exclusives, they say, is not sharing. We share exclusive opportunities, something the industry does not realize is being done daily. Member brokers are sharing opportunities and have been doing it successfully since 1994 on the Internet! See Widgets.
Although they say it does not apply to commercial real estate, there is much residential that is commercial. i.e., a residential home in commercial zoning, five homes that are residential but are an infill site for significant development, a triplex which is an investment, income-producing, apartments we consider in ICI real estate, industrial, commercial and INVESTMENT.
Real estate brokers and salespeople should handle all of this, making it available through an information service.
We can serve the public better and share exclusive opportunities with an information listing service.
And what is the definition of exclusive?
For purposes of ICIWorld, we say anything that is not on MLS for one reason or another. I.e., you can not get a signed listing.
You can not put that on MLS, but there is a way to put it on ICIWorld properly, competently and professionally, and we have been doing that since 1994.
We call it networking, and it is helping buyers with more choices. Helping owners achieve the highest and best prices and terms because we are advertising the opportunities globally to an audience of people from 150 countries.
And it is beneficial for the public because brokers protect the public. After all, they are trained in consumer protection.
Prohibiting exclusives forces the public to deal on their own.
The owners of real estate have the rights and should trump the rights of buyers. They should have the choice not to put it on MLS or to put it on MLS, which the majority do!
And there are important reasons in the discussion For and Against.
One reason out of many is that some people (knowing full well the benefits of MLS) do not want 32 people going through their homes!
Professionals do evaluations daily; if they get the listing price exclusively or on MLS, it should be their choice.
And it is not just money. It is terms, conditions, security, confidentiality, privacy, and more. There are cases where the closing date is perfect closing in two weeks or options to extend with notice anytime and they take less money.
Freedom to do what they want should be up to the owners of real estate and the professional Realtor if they choose. In many cases, companies have higher codes of ethics, and they are the ones who manage their sales team. If Realtors are not living up to the rules, regulations, and code of ethics, let them be called up on the carpet.
The sharing of exclusive information has never been done before like ICIWorld has designed it for a whole industry worldwide and has been working successfully since 1994.
From my unique position helping brokers daily network exclusive real estate information since 1994.
One main criticism by proponents of the proposed CREA rule to prevent exclusives and force them onto MLS is that exclusive listings are not shared with other brokers, salespeople, and the public.
When NAR passed the rule in the USA at the Washington NAR conference, I attended as an observer and could not speak.
With the new technology today and the way information technology can share information, proven on ICIWorld; we believe it can and should become an industry-wide service to share exclusives but confidentially. This makes it available to all, which is what MLS is about.
The audience at this NAR convention was unaware that exclusive information could be shared by networking opportunities globally, such as on ICIWorld. We do it confidentially without the address or identifying the property.
Find and qualify an interested party. Then put an agreement in place to show it and do a transaction. Or tell people you will put them on a list, and when a listing is signed, you will call them.
It is working on ICIWorld, developing since 1994 as a networking of exclusive type information service tried, tested, and proven and available for real estate boards, associations, companies, brokers and salespeople to implement it.
For purposes of ICIWorld, our definition of exclusive is any real estate Have or Want opportunity or listing that is not on MLS. It could be because you can not get a signed listing or a FSBO (for sale by owner). Yet, they are opportunities for brokers to do business that you cannot put on MLS, but you can place them on ICIWorld competently and professionally.
It could be because the owner says bring me in a buyer, and I will pay you a commission, but I do not want to give you a listing now. We call this information the gold on the Internet because it can make a lot of money and help buyers and sellers transact.
Some exclusive opportunities and listings do lead to MLS listings later.
Networking opportunities are shared today on ICIWorld, making brokers and salespeople tens of thousands, hundreds of thousands of dollars, and now one broker over 1 Million dollars and sales exceeding $50M+. Indeed there were offers from fourteen other brokers who belong to MLS, but two brokers who were members of real estate boards on ICIWorld did that transaction.
Thousands of owners would like to network their opportunities confidentially if they could. Now they can! We have built services ready to accept information from brokers and salespeople. Examples. www.ils.realestate www.worldrealestatenetwork.com www.realestatehavesandwants.com www.nationalrealestateinformationlistingservice.com and all powered by ICIWorld.com first real estate service on the Internet since 1994.
The reach of ICIWorld is enormous. It is global. It is tIt Internet! You can now see broker network opportunities at ICIWorld.com that we can call exclusive. In one respect, it is similar to classified ads but controlled by real estate brokers and salespeople and provided to the public for free.
Find an interested buyer directly or from another broker, then qualify the buyers and sign a listing agreement to show it. The exclusive information is public on ICIWorld and shared on each other brokers’ websites with exclusive IDX links.
Just an excellent service for the public. They are opportunities in real estate not on MLS, yet information managed by real estate professionals who protect the public. Otherwise, the public is left to fend for themselves on the Internet.
Brokers are trained in consumer protection. We appeal to the leading real estate professionals to consider implementing an information networking service to serve the public. Everyone seems too busy to give it the consideration it deserves properly. We think there should be networking information services provided by real estate boards and associations with appropriate legal qualifiers similar to MLS that it is networking, not necessarily signed listings.
MLS has been the best service since being invented in the late 1800s. But it is not the only way to sell real estate.
This proposed rule will kill these information networking services. Less choice for the public. Less protection for the public because brokers will not be involved. Forcing people onto Kijiji, social media and other services where the public advertises directly to the public and all the problems that can arise for the various parties.
Brokers have a chance to network all this information on a service like ICIWorld.com. So we have the experience to help develop it for the profession. We have been perfecting things since 1994.
- What do you do when an owner says, “I do not want to give you a listing at this time, but bring me in a buyer, and I will pay you a commission.” FSBOs, for instance, are like that. Many transactions by real estate brokers and salespeople on ICIWorld are started by networking the information without an address, finding an interested party, then putting listing agreements in place, showing the property and doing business.
- Secondly, in the past, when NAR proposed this in the USA, there was not a service that shared exclusive information like ICIWorld. This is information technology that was not available. . But on ICIWorld, the opportunities are shared but in a confidential manner. The listing agreements are put in place. If you restrict this, you eliminate one major significant transaction that can be started with information technology and networking worldwide.