Official “Buyer Search-MLS” Announced
In an ever evolving quest to provide it’s members with innovative tools and systems, the National Association announced the nation wide roll out of their mandatory Buyer Search-Multiple Listing Service.
The new system will provide buyers and buyers agents all the same protections, conveniences and broadcast benefits that property sellers and listing agents have enjoyed for decades.
The rules of engagement for Buyers Search-MLS will require members to adhere to the same strict Code of Conduct currently in force. Per policy and procedures with Active Listings, when working with buyers, all members must have an executed Exclusive Agency Buyers Representation Agreement and submit the Buyer Profile Data to their BS-MLS within 5 days.
Powered By Your Local Association and GWHIZ
The National Association, in concert with State and Local Associations, also announced sketchy details of their lifetime service contract with Google.
This shiny new service will be dubbed GWHIZ – Google Worldwide Home Information Zenith.
Google will provide a suite of borg like powerhouse services, including these innovative tools:
- Google Wave
- Google Docs
- Google Voice
- Google Maps/Earth
- Google Android
- Google Search
- Google Chat
- All Google tools will integrate seamlessly with Twitter, Facebook, Youtube and WordPress.
Like the Homes-For-Sale MLS allows prospective buyers to browse, dream, research, collaboratively locate and buy real estate, GWHIZ will allow sellers to browse and collaboratively contact registered buyers.
Service benefits include:
- More selection, more opportunity. Unlisted home owners (seller prospects) can identify prospective buyers and buyers enjoy previously invisible selection opportunities.
- More transaction volume. Interested unlisted seller prospects can contact their favorite real estate agent or the buyer’s agent for additional buyer client details, arrange appropriate showings and coordinate purchases.
- Save time. Google’s research reveals that many unlisted home owners would be interested in selling their properties, if they didn’t have to slog through the laborious and inconvenient process of marketings, bothersome showings and Days On Market.
- Consumers save money. Google’s research indicates that the transactional real estate commission fees cost of purchase will shrink by 13% or more.
- Agents and brokers enjoy increased transactional volume. Google’s research indicates that transactional volume will increase due to 1., 2., 3. and 4. above. It’s projected that the increase in transactional volume will hopefully offset the reduced transactional revenue.
How It Works.
When listing a Buyer, members may will input buyer profile details into the GWHIZ system. In addition to common profile/search information, members will enjoy the unlimited upload of extremely granular detail. For example, in addition to bedrooms, baths, square footage, price range etc., listed buyers and their agents, in any language (Google translator enabled), can describe their dream home scenario in high definition detail.
For (in plain English) Example:
I want to the live in the Pine Cone Park neighborhood of The Woodlands TX. It has to be on the street facing the pond. On Clover Park Circle, that’s the street name. White cabinetry is a must. Floors of grey slate. Mirrored closet doors and a fireplace in the downstairs master bedroom. I’m looking for a home built by Life Forms, I especially like the Florence floor plan. It’d be great if there was a play set in the backyard for the kids. [You get the picture, the more plain English detail the better.]
A saucy-sister search site will be launched to globally broadcast listed buyer needs and desires. The new BS-MLS/GWHIZ site will be searchable by all human beings.
Check it out: https://www.Gwhiz.Google.com
The new partnership provides free GWHIZ services to all National, State and Local Members. This ground breaking partnership will include revenue sharing. Google will sell ads to pay for the service (Financial analysts project 2010 ad revenue at $75,000,000.) and National, State and Local Associations will enjoy and share 30% of the net profit. Additionally, Google has negotiated a Go-Forward-Option to power and revenue share with all existing Local and National Listing MLS services. A national MLS system for both buyer and seller registration will be in place by January 1st, 2011. It’s anticipated that National, State and Local Associations will become wealthy, current MLS providers, 3rd Party Poachers Partners (Truia, Zillow, Realtor.com, Home Gain, etc.) will go broke and Google will dominate everything on planet earth, including real estate.
The impact on brokers and agents will be positive significant as well. As stated above, while it’s anticipated that broker/agent per transaction revenue will decline slightly, the hoped for increase in transactional volume may ease the financial shortfall and provide even more magnificent opportunities going forward. National, State and Local Associations recognize the key role feet-on-the-street agents, play in providing the data that drives their money machine Google partnership, effective immediately all Board and Association dues will be slashed by 50% and MLS subscription dues will be eliminated.
Seriously Friends. I Just Made This Up, But…
Why don’t we have an Association Home Buyer MLS. If it works well for sellers, why not buyers too?
I know, It’s sorta like playing with a chrome platted pistol, it’s a radically disruptive and destructive to the status quo. Other than that, why not?
My personal opinion, this would be a valuable service (for buyers, sellers and real estate agents), IF it included all represented buyers and IF brokers and Association leadership DID NOT commit self-suicide and choose to foolishly provide this rich new data to 3rd parties or allow the opt-in participation of unlisted buyers.
Yes, I’m aware of National Buyers Listing Service. In this post, I’m not talking about a system with voluntary entry, unlisted-buyer opt-in or ownership and control by 3rd parties. I am talking about a Board/MLS policy that enforces mandatory entry of all Represented Buyers AND Sellers, does not allow unlisted-buyer opt-in and strictly controls the data. I don’t care who the Association hires to power the system, as long as it’s gee-whiz-cool and simple.
What’s Your Personal Opinion?
Do We Need One? Why? Why Not?
What would the $ impact be on per transaction brokerage fees?
Would this increase transactional/unit volume?
Would this impact home values?
If the current system works for sellers, why wouldn’t it work for buyers?
Would this be positive for consumers?
Would this be positive for you?
Is there a Board or Association working on this now?
If not now, when do you think it will happen?