In this episode of Industry Relations, Rob and Greg explore the evolving definition of an “open market” in real estate. They discuss how consumer expectations, technology shifts, and the dominance of platforms like Zillow are reshaping what it means for a listing to be considered publicly available. The conversation also covers the historical role of the MLS, comparisons to other industries, and whether the industry should rethink its terminology to focus on “fair marketplaces” instead of “open marketplaces.”

Key Takeaways

 

• Definition of Open Market – Rob and Greg discuss the historical and modern interpretations of what constitutes an open market for real estate listings.

• MLS vs. Portals – Analysis of how MLS participation historically defined an open market and how that has shifted with the rise of Zillow and other portals.

• Consumer Behavior and Technology – Exploration of how changes in consumer behavior and technology have influenced the industry’s definition of market openness.

• Fair Market vs. Open Market – Debate over whether “fair marketplace” would be a more accurate and useful term moving forward.

• Risks of Portal Dominance – Discussion on the risks associated with defining the open market based on a single platform’s dominance.

Connect with Rob and Greg

Rob’s Website https://notoriousrob.substack.com/

Greg’s Website https://www.vendoralley.com/about-2/

Our Sponsors:

Cotality https://www.cotality.com/

Notorious VIP https://notoriousrob.substack.com

The Giant Steps Job Board https://vendoralley.jobboard.io/

 

Production and Editing Services by Sunbound Studios