Its fair to say that the Real Estate industry is not renowned for being the pinnacle of ethics in selling As we all know real estate agents use real estate websites and that they, generally speaking, end up paying very large amounts to be on those sites
Its not usual dinner party conversation that agents not only totally depend on these sites but also actively lobby them to keep the publics own listings out. Its worthwhile to know that realtors and the real estate websites that they use have a vested interest in keeping the public off the sites.
This means there is a cartel designed to limit the exposure of fsbo property so as to make it difficult to sell a home privately
Right now a property portal in Australia has acted to go expand on this inequality between fsbo or agent assisted sales and regulation property sales.
Not content to prohibit private sales the market power website has sought to hinder a small company which helps fsbos via an agent assisted sale. With no possibility to prevent the extremely bad behaviour the PropertyNow Australian portal has sought the intercession of the industry watchdog which is the ACCC.
The acronym means Australian Consumer and Competition Commission. It is hoped and appears very likely that the market power will be found to have breached the law.
The obligations of companies are most compelling. There are massive fines and other remedies that come into effect if a company breaks the very demanding Anti-Competitive Laws.
It seems bizarre that an already secure company and one which is a famous would jeopardise its own business operations with the prospect of generating chaos on its site even if successful and one which in any case, can deliver so little real benefit.
It only needs a proof that the massive property site is in fact a Market Power, in order for the charges to stick a factual breach of law.
If so then the market value of the company could fall dramatically.
If there is anything like that sort of happeningthe appetite for the fight might pass very quickly. The decision to damage the tinier site may prove mightily disconcerting for the dominant portal.
The attempts by those who operate the agent onlyportals in order to keep fsbo listings as banned listings are destined to tank.
The designing of property portals to keep the minor players out of the game is one thing, but when it begins to hit sellers in the hip pocket, then its an entirely different scenario.
The doggedness of the realtor only websites, to exclude for sale by owner sellers will falter There will come a time when the portals and agents will need to accept the .
The regulatory principles will certainly accelerate the change.
The co-operating among real estate agent and industry affiliated websites in order to maintain the status quo is a national issue in in online property sales but slowly agents are gradually starting to lose their exclusive foothold and so fsbos are experiencing better sales figures.
PropertyNow is continuing its dispute with Domain and its worth reading more about this on the PropertyNow site. While you are over there I strongly encourage you to take a good look over their Home Loan software and finance resources.
This real estate comment was compiled by.
Neil Morgan.
under contract of.
Gospel Property Marketing. Your Marketing Evangelist.
Source: http://urban-1.com/real-estate-industry-shows-true-colors/
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