Continued from Tuesday.
- CFPB/RESPA regulations resulting from the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act of 2010 could turn out to be costly for real estate professionals not in compliance (there has been little or no effective enforcement thus far).
- Big brokerages could become vulnerable to paper brokerages, undermining and possibly leading to massive changes in the IDX and MLS system.
- Multiple, conflicting data sources could erode consumer confidence, leading to widespread industry changes to data creation, compilation, distribution, and the search process itself.
- New business models, such as technology powered, agent-centric, flat or transaction based fee, salaried, or auctioneering models, could go mainstream, such as the interdependent/team models of the 1990s and 2000s.
- Portals, which have already triggered a transformation of the brokerage business model, could undermine brokerages when it comes to lead generation for agents.
- The runaway train of technology may make it increasingly difficult for small real estate entrepreneurs to remain competitive against mega-corps, such as publicly funded technology companies.
- Courtesy of apps and technology, FSBO could develop into a DIY model, costing real estate professionals billions in commissions.
- A large, non-industry company could swoop in and take over the MLS.
- The current MLS-centered era could come to an end in favor of new ways for real estate professionals to gain back control of listings and syndication, such as Project Upstream.
- A consolidated, national MLS could become a reality, making obsolete today’s multitudinous local and small MLSs.
- The low-level security of the MLS could fall victim to a cyber-attack, particularly those MLSs whose information is outsourced to third-party providers.
- Off-MLS listings may further unravel the MLS and create legal risks as well.
- Industry infighting between various brokerage sizes/styles regarding the future of the MLS.
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