Panel & coming workshop (6/5/18) on barriers to money-saving innovations in real estate
Did anyone watch the LIVESTREAM of this event last week in Washington? Anyone want to watch the rebroadcast together OFFLINE, and use the DOJ & FTC hearing on June 5, 2018 to raise awareness of barriers to money-saving innovations in real estate? If you're working on a #REStartUp, or have dreams of using blockchain in real estate, the issues addressed in these forums will help inform your product development and ability to deliver BILLIONS in savings to consumers. (See related poll in right margin on Loomio).
Using Technology to Make Real Estate More Competitive
http://bit.ly/RECastITIF
From event description by host, Information, Technology & Innovation Foundation (ITIF)
"Technological innovation has made it cheaper, easier, and faster to buy and sell most products. However, the real estate industry has firmly resisted disruption, successfully lobbying for state laws banning commission rebates, preventing the public disclosure of residential sales prices, and requiring consumers to purchase real estate services that they may not want, as well as blocking third parties from accessing listing data. These practices have allowed the industry to preserve the long-standing fixed commissions for brokers even as home prices have climbed much faster than inflation.
In 2005, the U.S. Department of Justice brought an antitrust lawsuit against the National Association of Realtors for its anti-competitive policies that were designed to exclude lower-cost online real estate startups from competing with traditional brokers. This lawsuit resulted in a 10-year settlement that prohibited local MLSs from enacting rules that limit competition; however, this agreement expires this year."
To facilitate following the thread last week's event, the event host used the hashtag #ITIFrealestate. See tweetstream:
Poll Created Mon 9 Apr 2018 5:35PM
Deconstructing Menu of Anti-Competitive Real Estate Practices Closed Mon 16 Apr 2018 7:02PM
Should we gather OFFLINE in Boston to watch the video below together:
And begin deconstructing the topics identified by the DOJ / FTC? Which interest you most?
Results
| Results | Option | % of points | Points | Mean | Voters | ||
|---|---|---|---|---|---|---|---|
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Changes in traditional real estate broker, brokerage, and Multiple Listing Service (MLS) practices | 14.3% | 2 | 1.0 | 2 | ||
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Obstacles and catalysts to innovation in real estate fee structures and service models | 14.3% | 2 | 1.0 | 2 | ||
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Competitive impact of nontraditional real estate fee and service models | 14.3% | 2 | 1.0 | 2 | ||
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State licensing regimes relating to residential real estate transactions | 14.3% | 2 | 1.0 | 2 | ||
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Other: (ADD or comment in thread below) | 14.3% | 2 | 1.0 | 2 | ||
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Availability of listings information to consumers | 7.1% | 1 | 0.5 | 2 | ||
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Regulatory and competitive hurdles facing listings platforms | 7.1% | 1 | 0.5 | 2 | ||
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Effect of listings platforms on consumers’ use of real estate services | 7.1% | 1 | 0.5 | 2 | ||
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Emergence and growth of nontraditional fee and service models | 7.1% | 1 | 0.5 | 2 | ||
| Existing and emerging consumer-facing platforms for accessing listings information | 0.0% | 0 | 0.0 | 2 | |||
| Effect of antitrust enforcement actions and consent decrees on competition in the residential real estate industry | 0.0% | 0 | 0.0 | 2 | |||
| Undecided | 0% | 0 | 0 | 32 |
2 of 34 people have participated (5%)
Tom Wemett Tue 10 Apr 2018 12:11AM
| 1 - Other: (ADD or comment in thread below) | |
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| 1 - Emergence and growth of nontraditional fee and service models | |
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| 1 - Obstacles and catalysts to innovation in real estate fee structures and service models | |
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| 1 - Competitive impact of nontraditional real estate fee and service models | |
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| 1 - State licensing regimes relating to residential real estate transactions | |
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| 1 - Regulatory and competitive hurdles facing listings platforms | |
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| 1 - Changes in traditional real estate broker, brokerage, and Multiple Listing Service (MLS) practices | |
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| 0 - Availability of listings information to consumers | |
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| 0 - Existing and emerging consumer-facing platforms for accessing listings information | |
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| 0 - Effect of listings platforms on consumers’ use of real estate services | |
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| 0 - Effect of antitrust enforcement actions and consent decrees on competition in the residential real estate industry | |
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Decoupling of commissions. Sellers and listing agents should not have the power to determine a buyer agent's commission. That should be up to the buyer and their agent.
Bill Wendel · Wed 6 Jun 2018 2:05AM
Beside Corey at @buyhomes & Avery Caldwell (who's not joined RE2020 yet) who else watched LIVESTREAM from #realestateFTCDOJ today? Videos online soon; until then, here's the Tweetstream from the event -- retweets or comments invited:
Everyone's:
http://new.twazzup.com/?q=%23realestateFTCDOJ
RealEstateCafe Tweets:
https://twitter.com/RealEstateCafe/with_replies