This is the first and last time that I will address this topic, until circumstances change. I know it’s controversial, but well, to quote Omar Little, “A man must have a code.” I have just canceled a planned speaking engagement at a major industry conference because I have learned that the conference instituted a policy … Read more
We return to exploring blockchain technology in real estate with a man whose name was the most often mentioned when I asked my audience for who to speak to. Eric Bryant is a longtime real estate coach and his day job is as the national account director at First American. But he is also the … Read more
The busy season continues, as I just got off the road and am getting back on it come Monday. But I did find time to edit and upload this conversation with Peter Lohmann of Owner Occupied podcast. In this episode, I speak with Peter Lohmann of the Owner Occupied podcast (link below) about problems with … Read more
In a few years, we’ll look back on 2Q/2021 and think that it was an important turning point for Zillow and the industry. Or it might be yet another step forward in the slow march towards the transformation of housing into e-commerce. But either way, looking at 2Q/2021 performance and the investor’s reaction to it, … Read more
It’s Friday afternoon, and posting has been very light as I’ve been non-stop traveling. But I wanted to get this out because it came up in conversation earlier today with an MLS executive, and thought that many of you probably were wondering the same thing. In light of yet another intervention in a private lawsuit … Read more
I’m busier than a one-legged man at a butt-kicking contest… but I wanted to get this post up as the folks over at BrightMLS (Thank you, Rene! Thank you, Elliot!) were kind enough to chat with me on Friday. It will necessarily be short… well… short for me. In case you missed it, BrightMLS recently … Read more
I’ve been very busy with a couple of projects, so haven’t had the time to finish writing on a number of things. They’re coming. 🙂 But I did record a fascinating podcast with Wendy Gilch of Sellinglater.com, based on a presentation she gave to Customer Commons on the real problem of real estate. In her … Read more
The Blockchain and Real Estate series continues. I speak with John DiMichele, CEO of Toronto Regional Real Estate Board, the largest REALTOR Association as well as the largest single-Association MLS in North America, about their efforts to include blockchain technology in the MLS. As John has long been one of the biggest proponents of this technology … Read more
In Part 1, I speculated on the obvious first-order regulations headed our way as an industry, as well as the need for further regulation and enforcement mechanisms that those top-level regulations will create. In particular, I thought that the government (whether FTC or someone else) will need to figure out how to get information and data from the industry and provide oversight:
However I think these things through, I can’t escape the fact that any government regulation of these rules and policies requires if not regulation of the MLS, at least direct oversight of the MLS. At a minimum, it requires data collection and/or reporting from the MLS to whatever enforcement agency to make sure that the rules and regulations are being followed appropriately.
Just like mortgage banks and health insurance companies are required to submit information and reports to regulators, the MLS will have to be required to submit information and reports to regulators. And that’s at a minimum. At the maximum is total government control, a government-operated listings exchange.
The reality, I thought, was somewhere in between minimal reporting requirements and government-operated listing exchanges.
Turns out, there is a model already existing, already successful, and already operating that fits rather perfectly: FINRA, or the Financial Industry Regulatory Authority. A RINRA, or the Realty Industry Regulatory Authority, would accomplish almost everything the government wants to accomplish, win support from huge segments of the industry, as well as garner support from the think tanks, media, influencers and the various nonprofits that want to see the real estate industry change.