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InmanMLSPocket ListingsReal Estate Agent

Pocket Listings: $5,000 Fine Begins 1 Feb 202010567

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DanSmigrod private msg quote post Address this user
Inman (26 November 2019) Bright MLS delays pocket listing rule penalties: Agents who violated the MLS's new pocket listing ban had been set to face $5,000 fines beginning next week

Hi All,

Once all Multiple Listing Services adopt stiff fines for keeping a listing private - so called Pocket Listing because it stays in the agent's pocket – there may be more residential listings that need Matterport 3D Tours.

According to Inman:

"...Bright MLS announced Monday that it is postponing until February plans to impose $5,000 penalties on agents who market properties without putting them in the multiple listing service (MLS). The postponement comes about a month after the company — which has nearly 100,000 subscribers in the Mid-Atlantic area — debuted a new rule requiring agents to add their listings to the MLS within 24 hours of publicizing them."

"The rule thus effectively banned pocket and off-market listings, which are sometimes shared for days or weeks without becoming universally available to all agents in the MLS."

Source: Inman

Your thoughts on pocket listings and how this affects Matterport Service Providers?

Dan

P.S. Save $20 on an Inman subscription with this Inman Subscription Coupon Code
Post 1 IP   flag post
GETMYVR private msg quote post Address this user
I see a class action lawsuit in the making and possibly the end of Bright? This MLS monopoly across all boards has to be grinded to pieces.
Post 2 IP   flag post
3rd Party
Service
AerialLook private msg quote post Address this user
Pocketlisting.io
Post 3 IP   flag post
Changesin3d private msg quote post Address this user
This is largely over blown. And what if a client does not want his home in the MLS for privacy? Realtors being Realtors is how I view this.
Post 4 IP   flag post
GETMYVR private msg quote post Address this user
https://www.housingwire.com/articles/nar-bans-pocket-listings/
Post 5 IP   flag post
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Member
bryanhscott private msg quote post Address this user
@DanSmigrod @AerialLook I am fairly sure that the pocket listing issue referenced in the Inman article is very different from the offerings of Pocketlisting.io.

One is against MLS and Real Estate Commission rules in nearly every state (or all), because they do not serve the seller or the public interest, which those entities are trying to protect. The other is just a different way to represent a property seller (via Pocketlisting.io).

Pocketlisting.io, from their website, appears to be a listing enhancement service, which helps owners/sellers get their properties properly showcased with immersive media and exposed in all sorts of venues, then listed in the local MLS at a discount. They also attempt to attract buyer's for those listings and offer a commission rebate for doing so, although this brings up another "gotcha" related to dual representation (double-ending commissions), which is not allowed in most states (same broker, same property).

As all MLS's require licensed agent membership (Realtor and/or Non-Realtor depending on your state), I presume they have created affiliate relationships with local, licensed agents in the locations they serve, which right now appears to be very limited - FL, NC, VA and Wash DC.

Having just looked at their media examples, it appears they use a white label version of Matterport for their 3D/360 tours. The example of their community/subdivision video is very professional as well.
Post 6 IP   flag post
GETMYVR private msg quote post Address this user
Wow, that's a lot of money.
Post 7 IP   flag post
3rd Party
Service
AerialLook private msg quote post Address this user
Thank you, @bryanhscott!

Your explanation is spot on!

We do plan to reduce commissions to 0% utilizing our AI, Galia, and real estate concierge.

Our plan is to remove the need for realtors and the MLS to empower consumers to transact real estate amongst themselves.

We are utilizing the traditional brokerage model, at a discount, to generate revenue to continue our business and technology development until we can accomplish 0% commissions and no reliance on the MLS or realtors.
Post 8 IP   flag post
63712 8 8
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