Zillow and Redfin announce new rules: why you need a REALTOR® now more than ever
The real estate industry is buzzing with the recent responses of Zillow and Redfin to the National Association of Realtors® (NAR)'s updated listing policy. Under the new policy, home sellers will now have the option to instruct their brokers to market their properties without immediately listing them on the large-scale Multiple Listing Service (MLS) or Participant Listing Network (PLN) within the first 24 hours of marketing. The move allows Sellers to have more control and decision power in how their property is advertised, from both a privacy and strategy point of view. In a significant reaction, both Zillow and Redfin have announced that they will ban any listing that is ever advertised anywhere if it is not submitted to the large-scale MLS feeding to all real estate websites within 24-hours of any advertisement.
What does this pivotal change mean for the future of the real estate market, and more importantly, why is the expertise of a real estate agent more critical than ever?
Why real estate professionals are crucial amidst these changes
These recent platform bans underscore the fundamental importance of comprehensive MLS data. Without a complete view of all available properties, buyers who rely solely on popular self-search platforms may encounter an incomplete picture of the market. This is precisely where experienced real estate professionals–your trusted REALTORS®–step in. A knowledgeable agent can provide you with full access to properties are currently on the market, including those that might not yet (or ever) be visible on major online portals. The shift in how listings are disseminated is significant. Previously, properties listed in the PLN would typically appear on Zillow and Redfin once they were activated in the MLS. Now, according to the new policy and the subsequent response from Zillow and Redfin, if a property is marketed publicly for more than 24 hours before being entered into the MLS, even if it was initially in the PLN, it faces a permanent ban from these major platforms. This change creates a real possibility that buyers exclusively using public search portals might completely miss out on numerous available homes.
How the Zillow and Redfin ban affects home sellers
For home sellers, navigating this evolving landscape requires strategic guidance, and a trusted agent becomes an invaluable asset. An experienced real estate agent can advise you on the optimal strategy for marketing your property, from determining the right pricing and timing to deciding where and how it is best advertised amidst the changing online polices. With these new bans in effect, it's more critical than ever to have a professional who deeply understands how to navigate both traditional real estate marketing channels and the changes in real-time.
If your preference is to explore listing your property privately, an experienced agent can ensure your home is marketed effectively and discreetly, regardless of the ongoing changes in platform policies and MLS regulations. They can leverage their network and understanding of private real estate listings to connect you with potential buyers.
The real estate landscape is indeed shifting rapidly. With ongoing policy changes, platform bans impacting listing visibility, and potentially more properties being marketed behind the scenes, both homebuyers and sellers are in greater need of a skilled professional who can help them navigate this complex industry. Now, more than ever, the expertise and comprehensive market knowledge of a REALTOR® are essential to achieving your real estate goals.
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