This is definitely a touchy subject for me. If you have been or currently are a seller and there is an offer deadline put into the MLS as part of entering your home in the MLS, you could be leaving
RedFin Leaving NAR
Dated: October 3 2023
Views: 2401
Well, there is SO MUCH CHATTER about RedFin leaving the National Association of Realtors. I would write my opinions about this but the owner of NextHome Realty, James Dwiggins has eloquently unpacked what happened and honestly, I could not have written anything better. Here is the pasted words from James:
I've gotten countless texts and emails about Redfin cutting ties with NAR, so here are my quick thoughts:
1.) This is really a nothing-burger. It's more a publicity stunt and about opportunity. NAR is weak right now, and certainly doing this gets everyone's attention and puts more pressure on the leadership at NAR to listen. Problem is, nobody in leadership positions at NAR probably care about Redfin's opinions because of their business model and pissing the industry off the past 15-20 years.
2.) For years, Redfin has been lobbying NAR to remove the requirement of fees for the buyer's agent in the MLS. It's already $1.00, and will soon be at $0 based upon the MLS's taking things into their own hands. Remember - NAR governs a majority of the MLS's in the country. This decision has and would benefit their rebate business model that they've struggled with for a long time. Again - opportunity.
3.) Since 2017, "according to Redfin" they've spent $17M in dues to NAR and don't want to be required to join NAR to be a member of the MLS's it needs for data. Redfin has been losing money for a very long time and have significant financial problems ahead if the market continues the way it has - which is likely. Their cash runway is getting shorter with each quarter, so shaving off another $2.5M annually will help. To be clear, I'm using their reported dues number - no verification if this is true.
4.) Redfin has a serious identity crisis. They do more business through their referral network than their own agents and rumors are swirling they might just shut down their salaried agent portion altogether and just become a full blown portal like Zillow, Realtor, etc, expanding their referral network and making money off referral fees. Certainly a lot less overhead than the current way they're doing things with salaried agents and all.
5.) Finally, I think this is also Glenn Kelman being Glenn Kelman. I've heard him speak countless times and he is very passionate about social issues and doing what's right. It's one of the things I absolutely admire about him. He's not afraid to speak his mind even if 50% of the audience won't agree with his views. He's a man of principal and I'm sure that's certainly part of his feelings and decision with all the sexual harassment issues at NAR and lack of accountability, so this doesn't surprise me that he's taken this position at all. If anyone was going to do it, he would.
Having said all that, this all really boils down to local MLS policy as each one can choose whether non association members will or will not be permitted to participate and be a member of the MLS. And unless decoupling continues at the local level, not much is going to change - certainly at association owned MLS's. Only if a major "Traditional" player does this, it would start to have an impact. You need massive agent count / membership dues going away to affect this change. Think Re/Max, Anywhere, Keller Williams, etc.
https://www.realestatenews.com/.../redfin-leaves-nar...
https://www.realestatenews.com/2023/10/02/redfin-leaves-nar-enough-is-enough?fbclid=iwar05mtjpowoxo3mjxllpuxojtn2cwexm_zpkhntvrcktf-c1_w74elr2t9a","dossierUrl":"https://www.realestatenews.com/2023/10/02/redfin-leaves-nar-enough-is-enough?fbclid=iwar05mtjpowoxo3mjxllpuxojtn2cwexm_zpkhntvrcktf-c1_w74elr2t9a"}" waprocessedid="apg2k" style="font-family: 'Segoe UI Historic', 'Segoe UI', Helvetica, Arial, sans-serif; color: #050505; font-size: 15px; background-color: #ffffff; cursor: default; display: inline-block; float: none; padding: 0px 0px 0px 4px; position: relative; top: 2px; z-index: 1;">
Quincy Clayton
Clayton & Associates was founded in 2014, led by seasoned real estate professional Quincy Clayton, who has been serving buyers, sellers, and tenants full-time since 2001. With more than two decades in....
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