A pocket listing startup suing the National Association of REALTORS® (NAR) is seeking to push forward with its claims that the Clear Cooperation policy violates antitrust laws, asserting that its business model addresses a “superfluity of ineffective agents” in a case with potential impacts beyond the NAR settlement.
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I’m not sure agents have been properly trained on Clear Cooperation. I saw it as a win for Sellers. Here is what would go on in the Tampa Bay market – the popularity of “coming soon” listings as offered through Zillow created a problem. 1) sellers would ask for them thinking that coming soon would build anticipation ..the only thing it did was give more listings for Zillow to sell advertising on 2) It became a sneaky way for agents to try and double side deals …they would put a coming soon in Zillow, and offer an open house on the weekend. The problem with this is that the property is not exposed to the entire population of buyers — especially when attempting to sell during an open house; all the agents set up with searches for their clients for a home would not even know about the listing bc it was not in the MLS 3) listing sells after open house and a) never is entered into MLS which can affect appraisals and comps or b) entered as stats only …so did those particular homes sell for market value? When you market your listing to just a small population (this goes for offices exclusives also), it does nothing but serve the agents and brokerage interests looking for double sides (exclusivity is marketed to a seller as a premium showcase for their home to exclusive buyers blah blah…benefits the broker to have homes that force people to go to that broker to see — thats anticompetitive ..and anti-cooperative ….although clear cooperation still allows for that — the seller is excited for a quick sale but is not informed …I’ve seen this happen at least 15 times in the year heading up to when Clear Cooperation was launched …the mass public marketing for properties not available to be shown by cooperating agents was BS … We can do better and NAR and the brokers need to do a better job of explaining this to the courts, general public and companies seeking exclusivity ..I have 20 yrs in the business and have watched data manipulation happen. I also discovered foreclosure firms advertising on Zillow like it was their listing WHILE the property was being marketed by a broker (buyers see 2 active listings ….hurts potential for exclusive right to sell listing to sell for top price) . the customer had been served a lis pendens but had substantial equity and a long time frame. These listings were used as lead generators for those firms to attract investors and Zillow could slap advertising on it. In low inventory years we have seen quite a few unethical practices develop. Or maybe I’m wrong about the whole thing ….
Sonny you are so very correct in your message!
I’m appalled that my over 50 years of experience as a Realtor, Broker, and Licensed Real Estate Instructor, we have not successfully explained our roll in being an advocate for consumer awareness and protection, when they are buying and selling real property!
With the on set of AI we need to be keenly aware that fraud can and will occur, because the information, not vetted, will be shared in all forms of media & marketing!
We must have resources that offer education about our services to consumers, so they’re aware of what can happen!
Most of all, our own profession needs to do better educating and controlling the chaos!
Clear cooperation is really up to a well informed seller. Absent offers of compensation it is no longer a viable policy. But it is also a restraint of trade for a seller that should have the choice to use a realtor and market the home
Widely but not in an MLS. Long run NAR of gone.