Relate the role the multiple listing service had in defining which party brokers and salespersons represented in a real estate transaction.
Once upon a time, the competition between rival brokerages was so fierce that clients would suffer as a result. However, with the use of the real estate multiple listing services, this fierce type of competition is no longer prevalent in the real estate industry.
Furthermore, the real estate multiple listing services played a key role in the evolution of agency representation relationships. The real estate multiple listing services completely changed the way the real estate industry operates. Before this service, this industry was entirely different and much more competitive.
As a real estate professional, it is important that you understand how real estate agency representation evolved in response to this multiple listing services. Understanding how this service defines your agency representation relationship will give your profession a deeper meaning.
RealEstateCE.com wants to set you up for success! That is why we offer a real estate continuing education lesson on real estate multiple listing services.
Our lesson begins with a history lesson. Learning about this history will give you a deeper understanding about why the real estate industry had to evolve and adapt. Prior to the existence of the real estate multiple services, every brokerage operated under the open listing agreement. That is to say, it was every brokerage for itself.
Every broker was afraid to share information about a listing under their firm. For fear that, if they did share information, a competing brokerage would swoop in and sell that property to one of their buyers. This atmosphere fostered an extremely competitive environment. However, this competition did nothing to benefit the consumers.
Imagine you want to sell your home and buy a different one. Prior to the introduction of the multiple listing services, you would have to go to several brokerages to simply get exposure. This was a complicated process that gave consumers huge headaches.
Needless to say, the real estate industry was broken and it needed to be fixed. That is when the real estate multiple listing services came into creation.
After the introduction of the multiple listing services, the real estate industry became a much more efficient place. Agency relationships came to the forefront of client and broker relationships. This part of the real estate continuing education lesson explains how the multiple listing services shaped agency relationships.
This discussion of the evolution of agency representation relationships will give you a deeper understanding of your duties to your clients. Furthermore, you will better understand why agency representation relationships are incredibly important.
Finally, this lesson discusses in what ways the real estate multiple listing services changed the real estate industry.
Thanks to the real estate multiple listing services, it is uncommon for brokerages to operate under open listing agreements. Therefore, brokerages cooperate and collaborate which makes buying and selling property much easier for the consumer.
The real estate industry has evolved in response to the introduction of the multiple listing services. Learning about the history of the real estate industry can help give this history and a deeper understanding of your profession.
Take RealEstateCE.com's lesson, Relate the role the multiple listing service had in defining which party brokers and salespersons represented in a real estate transaction, today!