BOD Votes to Give realtor.com More Flexibility
In a nearly unanimous vote on July 24, the NAR Board of Directors approved recommendations that will help realtor.com compete head-to-head with third-party listing aggregators on building a comprehensive site, including more unlisted new homes and rentals. Although the realtor.com domain is owned by NAR, the site is operated by San Jose, Calif., based Move Inc. under an operating agreement between two subsidiary companies: NAR’s REALTORS® Information Network (RIN) and RealSelect, a subsidiary of Move. The site has been an undisputed leader in engaging consumers who are in the market for homes, but over the last several years, third-party sites such as Zillow and Trulia have drawn heavy attention from a wider range of consumers—from the merely curious to current homeowners looking to case their neighborhood for recent sold properties. As a result of today’s vote, the RIN board approved amending the operating agreement with RealSelect in three fundamental ways:
1. Amending the restriction that says Move may display only listings that have been sourced from REALTOR®-owned and controlled MLSs or from REALTORS®. Under the revised agreement, Move will be able to obtain listings from entities that are not REALTOR®- owned and controlled and from brokers who are not REALTORS®.
2. Amending the restriction on unlisted properties. The revised agreement will allow the display of unlisted new homes and new home communities and will allow the display of unlisted properties that are for rent. Individual consumer FSBOs remain precluded from the site.
3. Amending the requirement for listing broker’s consent for the foreclosure status of a listing to be displayed. Under the revised agreement, unless the listing broker objects, Move/RealSelect will have the ability to identify:
- Properties where notice of default has been recorded
- Auctions of distressed properties
- Short sales
- Bank-owned properties
The 673-member NAR board represents the nation’s 1 million REALTORS® and more than 600 attended the July 24 historic meeting in Chicago, the first special meeting of the board since 1996, when the original operating agreement was executed between RIN and RealSelect.Frequently Asked Questions