Industry Headlines (a rant): This week, the New York Times issued a headline "More Brokerages Leave Powerful Realtor® Group" on the heels of Redfin making a public announcement of their position on NAR membership and several Broker firms revealing terms of settlement agreements in the ongoing commission lawsuits. In light of this and other sensationalized headlines, let's insert some pertinent facts.
Redfin's letter clearly stated that their objections are to NAR, not to the local Associations, however the membership requirements currently require resignation from all - in those markets where they can still obtain MLS services. The letter also falsely identifed several markets as requiring REALTOR® membership to obtain MLS Services, including the Dallas market. NTREIS Rules do NOT require REALTOR® membership for MLS services; however, each of our Associations may make their own requirements for onboarding MLS Participants and Subscribers and some of our Association partners require membership and others do not. Many areas of the U.S. are required to allow non-member Participants as part of two different District Court rulings some two decades ago.
The NYTimes claim that Brokers have left NAR is not an accurate statement. Many of the settlement agreements include provisions stating that the national brand will no longer require local Brokers to join an Association, but I am not aware of any that are proposing that they will require Brokers to drop membership. More importantly, no settlement agreements have been finalized - they are proposed and will require approval by the court hearing the case(s). The Department of Justice has already filed an objection in a proposed Broker-owned MLS settlement and may file in others.
The REALTOR® Association provides significant value to Real Estate professionals and are not simply an avenue to subscribe to MLS services. There is much conversation around lobbying regulators to make changes to government backed lenders to allow more flexibility in how a buyer may compensate their own representation - that type of pressure comes from the strength in numbers of a "Powerful REALTOR® Group". Likewise, State and Local organizations work tirelessly on local regulations protecting the consumer's ability to purchase homes and to provide networking and educational opportunities to the industry.
Regardless of any potential changes to offers of compensation, the collaboration and cooperation provided by the MLS as a marketplace of competitors does not change - it continues to be the most efficient means for a seller to expose their listing to the largest market and for buyers to have access to the widest inventory of homes.
The Sitzer et al, v. NAR et al case is set to go to trial beginning October 16. The Moehrl case is scheduled for early 2024.
New Matrix Search Now Available On Tuesday the new interface for Matrix search was made visible to all users. User can select the new search from the list or click the "Try New Search" Buttom.
The landing page is "three panel" - on mobile, this is three pages and makes the search much more mobile friendly.
Once the search criteria is entered, that panel can be collapsed to view just the map and the list or gallery view.
When training, I would suggest using the gallery view and expanding that panel up over the map next to the search - it is a very appealing (IMO) view and they can always collapse the gallery to view the map.
The Matrix 11 Quick Start Guide is in the Matrix "Help" which includes the new search layout features. Also in the Help are new videos (visible only to staff, but we will turn these on for all next week):
