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New Listing Platform That Could Potentially Overthrow Portal Sites

 

Admittedly, there have been numerous strides and changes being effected in the real estate industry over the past couple of years. Most of which have been favorable to a vast majority of the industry players if not all. And just when we get all comfortable and think that we have seen it all and nothing could possibly dazzle us anymore, something new and better springs up and sweeps us off our feet yet again. One such momentous change is no doubt the new listing platform that is set to be launched anytime in the third quarter of this year.    

For quite some time now, the national listings have to some agents been a forte to use as a promotion tool while for others it has been an endeavor and a necessary evil to pick their pockets. Whichever the case, one thing is definitely for sure, we cannot simply rule out the value of the national listings and the significant role that they play in the industry at the end of the day. The beauty of this new platform is that it could possibly be a game changer as in regards to how brokerages and agents interact with the portal.

The new platform dubbed upstream, will among many things provide a single location to upload an agent's listings and then feed each of the 800 nationwide multiple listing services. This means that agents and brokerages will have an option of opting out of working with specific vendors and if enough agents and brokerages opt out we could be in for a treat with a game changing scenario in the industry.

Among the many benefits of this project is the fact that it provides people with things that they hold dear including a cleaner, faster interface and distribution control over the listings. According to the Upstream Ceo, it is the broker’s fiduciary when the house is listed and granting them distribution control is something that is very key to them. This explains why players are so excited about it.

At this point, you're probably asking yourself who came up with this project. Well, the long and short of it is that the project was instigated by large brokerages in quest of simplifying the way listing data was entered and give brokerages control over where the data ultimately goes.

The Value of Exchange

In reality, different agents seem to have different distinct feelings in as far as the portal sites are concerned. However, there has been a somewhat strong inclination towards the Zillow Premier Agent program because it allows its participants the luxury of displaying their contact information and photos alongside their listings in specific Zip codes for a fee. However, on the flip side, this is in a way restricting because it is only applicable to premier agents. This means that to advertise and still stay ahead in the game and have a chance to get your client maximum exposure you have to become a premier agent.

Basically speaking if Upstream becomes successful, it could strain the relationship between the portals and the agents who use them. This means that vendors will have to cooperate with individual broker’s using upstream. And with monopoly and arrogance out of the picture and brokers and vendors manage the exchange value, then it would be feasible for them to share exactly what they want to share.



 

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Toronto Real Estate Board - IDX Last Updated: 10/21/2017 7:27:43 PM