The Coming Soon Feed Controversy
Does everyone get equal information? No. Not even when you have Buyer Agency or a subscription to the MLS through your broker. Your coming soon property feed is a manual feature that has to be monitored hourly. Unlike ACTIVE status listings that come automatically to your inbox uniformly through the MLS - the COMING SOON STATUS Properties are a restricted feed that need to be pushed by each buyer’s and seller’s agents manually for consumers to receive all the information.
All brokerages currently have a coming soon feed that only features their coming soon properties. However in 2016, powersrealty.com was able to transmit every coming soon property listed in the Multiple Listing Service (MLS) to the public giving credit to every broker who had a Coming Soon Property, following the guidelines of our local board. After we had an enormous amount of lead generation off our website, sometime prior to 2018 unbeknownst to us, our feed was restricted. I never knew why this occurred until we launched our new website this last Sunday and now I am left with so many questions.
In the dynamic world of Wisconsin real estate, where information is key, recent events surrounding the Coming Soon Feed have ignited a spirited debate within the industry in the last 24 hours.
I want to bring attention to a practice that has recently raised a lot of eyebrows – the restriction of the Coming Soon Feed to consumers. Powersrealty.com, the first Web API feed website in the State, had its Coming Soon Feed operational for a mere 36 hours before being abruptly shut down. This blog delves into the intricacies of this practice and explores its potential implications for both real estate professionals and the clients they serve.
The Importance of Transparency:
At the heart of the matter lies the principle of transparency. Why is information that should be accessible to the public not freely transmitted as soon as it is listed on the MLS? The query is simple yet profound: Does restricting information about Coming Soon properties benefit consumers, or does it primarily serve the interests of larger brokerages? The blog seeks to unravel the layers of this controversy and assess its impact on the real estate landscape in Wisconsin.
Powers Realty Group took a bold step by attempting to streamline the Coming Soon process and credit every broker for their Delayed Status Properties. This move aimed to foster a fair and level playing field among all real estate professionals. However, our attempt was met with resistance, leading to the shutdown of our new Web API Coming Soon Feed.
The Consumer's Perspective:
Consumers might not be fully aware of the restrictions imposed on the information flow of Coming Soon listings. The inconvenience of having to visit individual broker websites to find Delayed Status listings raises concerns about transparency and accessibility. We need to think about the potential impact on sellers who may not fully understand how their homes are being marketed in this restricted environment. It prompts a critical examination of whether consumers are receiving the information they deserve when making significant real estate decisions.
Under the current Internet Data Exchange (IDX) rules upheld by the MLS, Brokerages are only allowed to display their own Coming Soon listings. This rule benefits the largest brokerages who have hundreds of agents and listings. Powers Realty Group is not aiming to take credit for the listings of other brokerages, proper credit is always given. Our only goal is to give consumers an equal opportunity to find ALL listings in one convenient place.
Equality in Business:
Equality is a cornerstone principle in business, and Powers Realty Group emphasizes its importance within the real estate industry. It is important to question the current policy on Delayed Status and Coming Soon listings and whether they adhere to the principles of fairness and equal representation for all consumers. The suspicion that larger brokerages might gain a disproportionate advantage under the existing system prompts a deeper dive into the policies governing information dissemination.
The controversy surrounding the restriction of Milwaukee’s Coming Soon Feed to consumers raises vital questions about transparency, equal access, and the interests served by current practices. As real estate professionals and consumers navigate these uncharted waters, it becomes imperative to assess the balance between providing valuable information to buyers and sellers and ensuring fair competition among brokerages. I believe these revelations have sparked a crucial conversation that may reshape the future of Coming Soon listings in Wisconsin, urging the industry to reconsider the principles that guide information dissemination and consumer representation.
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