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Advances in Real Estate Brokerage
Before modern technology there was only one way to buy or sell a house . Today, real estate professionals use websites to gather leads on potential customers, display detailed listings and use the Internet to match buyers and sellers.
Many have added to the "menu" of services they're offering. More and more, consumers can choose between a "fee per service" basis and the traditional complement of services. Technology and increased competition has lead to more choices, specific services for buyers and sellers and a range of fees.
Chronology (Some dates are the most pertinent date in a range of dates.)
1908 -- Beginning of Organized Real Estate
National Association of Real Estate Exchanges was founded in Chicago, IL with 120 members. The Exchanges' objective was "to unite the real estate men of America for the purpose of effectively exerting a combined influence upon matters affecting real estate interests."
1916 -- Exchange Name Changed
The Exchange changed its name to The National Association of Real Estate Boards (NAREB). In the same year they adopted the term "REALTOR" to identify members of the National Association.
1940 -- Published Commission Rates
Local Realty Boars or chapters started publishing commission rates in the 1940's. In 1950, the U.S. Supreme Court declared that fixing rates violated antitrust laws. The Realty Board started publishing "suggested" rates. This was also declared a violation in the 1970s.
1972 -- NAR and the Realtor Logo
NAREB changed its name to the National Association of Realtors® (NAR). The following year they adopted the block "R" logo.
1981 PC computer
The first such desktop-size system specifically designed for personal use appeared in 1974; it was offered by Micro Instrumentation Telemetry Systems (MITS).
Early in 1977, Jobs and Wozniak founded Apple Computer, Inc., and in April of that year introduced the Apple II, the world's first personal computer.
In 1981, IBM introduced its own microcomputer model, the IBM PC. Although it did not make use of the most recent computer technology, the PC was a milestone in this burgeoning field.
1990 -- Buyer Agency
Buyer started to retain agents who would represent their best interests. It was not until 2008 that the first national company to provide this service, The Buyer's Agent, Inc., was started.
1990 -- Regional MLS
With the advent of computers it became cost effective to merge many small local listing services into County or regional services. Access to these services was through the office PC and dial-up direct connection to the MLS service. Although easier then shuffling papers around, the systems were slow and expensive. Offices had to print out lists of new properties then copy them for each agent.
1995 -- Internet
The Internet began as a computer network (ARPAnet) in 1981 linking computer networks at several universities and research laboratories in the United States.
The World Wide Web was developed in 1989 by English computer scientist Timothy Berners-Lee for the European Organization for Nuclear Research (CERN).
Internet service providers (ISPs) began to emerge in the late 1980s and 1990s. The ARPANET was decommissioned in 1990. The Internet was commercialized in 1995
1995 -- Cell phone
In December 1971, AT&T submitted a proposal for cellular service to the Federal Communications Commission. The proposal was approved in 1982. Two years later Bell Labs developed modern commercial cellular technology. In the 1990s, the "second generation" (2G) mobile phone systems was introduced . This generation used digital instead of analog transmission.
1995 -- Restraint of trade Ruling.
November 17, 1995 The Federal Trade Commission gave final approval to a consent agreement with Port Washington Real Estate Board (the Board), settling allegations that it restrained competition. Under the final order, the Board was prohibited from restricting the use of exclusive agency listings, fixing commission splits and excluding from membership brokers who do not operate a full-time office in the territory served by the Board's multiple listing service.
1996 -- Flat Fee Brokerage
Flat fee brokers offer a variety of marketing services at a flat fee. Various versions of the practice have been around for a long time hover it was not until the early 2000s that flat fee listings were allowed into multiple listing services. A flat fee broker lists the property for sale in the local Multiple Listing Service (MLS). Then automatically submits the listing to Internet services such as Google Trulia and Yahoo. They may also list the property on their own web site. They generally do not make appointments, show the property or negotiate.
Buyer's brokers show the property, submit their buyer's offer and negotiate the sale. Buyer's brokers still collect one half of a full commission.
1997 -- Information Data Exchanges
Through a complicated arrangement, the National Association of Realtors (NAR) sets the policies for most of the Multiple Listings Services and, in the late 1990s with the growth of the internet, NAR evolved regulations allowing Information Data Exchanges (IDX) whereby brokers would allow a portion of their data to be seen on the internet via brokers' or agents' websites.
1998 -- Yahoo Real Estate
Yahoo launched its' real estate site in June 1998 with the mission to provide home buyers, sellers and renters with the most relevant and comprehensive set of information and tools. With access to over three million homes for sale and apartments for rent, Yahoo! Real estate provides one of the most comprehensive listings search experiences on the web. Beyond listings search, Yahoo! Real Estate also provides users with various real estate tools and products.
2005 The FTC and the Department of Justice
In 2005, Missouri Legislature passed a bill setting minimum standards of service by real estate brokers. The FTC and the Department of Justice immediately objected:
Because the proposed amendment states that real estate professionals entering exclusive brokerage agreements with their customers "shall provide, at a minimum" the services enumerated above, the proposed amendment effectively prohibits a real estate professional from contracting with the customer to provide less than the enumerated services, such as only placing the property listing on the local MLS.
2005 Department of Justice Antitrust suit
In September 2005 The U.S. Department of Justice filed an antitrust lawsuit against the National Association of Realtors over NAR's policy which allowed brokers to restrict access to their MLS information from appearing on the websites brokers which operate solely on the web.
2007 -- Department of Justice launches website
The United States Department of Justice Antitrust Division announced the launch of a new website to "educate consumers and policymakers about the potential benefits that competition can bring to consumers of real estate brokerage services and the barriers that inhibit that competition. Among other findings, they report that certain new sales models can reduce consumer home sales costs "by thousands of dollars.
2009 -- Federal Trade Commission (FTC) Publication
Competition in the Real Estate Marketplace
"There used to be only one way to buy or sell a house. But today's real estate professionals are changing the way they do business: offering potential buyers the chance to view detailed listings online, using websites to gather leads on potential customers, and using the Internet to match buyers and sellers.
And some are changing the "menu" of services they're offering. More and more, consumers can choose among real estate professionals who do business on a "fee per service" basis and others who provide the full complement of services. There's no doubt about it: Increased competition in any industry -- including real estate -- leads to more choices, better prices, and stepped-up service for buyers and sellers.
The Federal Trade Commission works for a competitive marketplace, protecting healthy competition so that consumers have access to a wider variety of goods and services and businesses have a chance to compete on the merits of their work. As part of this program, the FTC enforces laws against individuals or companies that try to stifle competition. This website offers information for consumers, real estate professionals, attorneys, advocates, and legislators on the FTC's recent initiatives to encourage competition in the real estate industry. "
Source http://www.ftc.gov/bc/realestate/
Last Updated: Wednesday, July 8, 2009 1:00 PM
Copyright 2011 Delphi Communication
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