Change is a good thing in Real Estate....

Presented with the facts, the National Association of REALTORS®' board of directors saw past personal issues and fears, making a historic decision to enable realtor.com® to compete more directly with third-party aggregators, particularly Zillow and Trulia.

The board recommended amending restrictions to the agreement that governs the site’s operation in order to enable realtor.com® to:

• Display unlisted new homes and new-home communities.
• Display unlisted rentals.
• Obtain listings from entities that are not REALTOR®-owned and controlled, as well as from brokers who are not REALTORS®.
• Identify properties where a notice of default has been recorded, auctions of distressed properties, short sales, foreclosures, and bank-owned properties. (Listing brokers will have the option to opt out by calling the realtor.com® customer care center.)

Individual consumer for sale by owner properties remain precluded from the site, and the changes will be implemented in a way that preserves realtor.com®’s accuracy advantage, according to Move executives.

There was no shortage of unease about the changes, particularly those that would allow listings from brokers who are not REALTORS®. But when NAR and realtor.com® executives presented a comprehensive look at the history of the site and the inroads third-party aggregators had been making since 2010, the recommendations passed overwhelmingly on a voice vote.

Of note, 1999 NAR President Sharon Millett, who was “there at the creation” of realtor.com®, spoke persuasively in favor of all the requested changes. “There was a time when restricting the site to only REALTOR® listings was appropriate,” she said, “but that time has passed.” Now, it’s time to compete head-to-head and give consumers what they clearly want: an accurate, comprehensive site, she said.

Wowza, now this is a shot across the bow to Zillow, Trulia and all the other 3rd party sites that realtor.com® will not change with the times. To see 625 people get together in a room and make that change is incredible. This should allow better sharing of listings and information, as an open platform fosters more creativity!

Jack