NAR Directors Take Action to Enhance REALTOR.com
Last month, the National Association of REALTORS® Board of Directors met in special session to discuss the effectiveness of REALTOR.com and consider enhancements aimed at improving the site’s ability to compete with popular third-party listing aggregators like Trulia and Zillow. Acting decisively in a near unanimous vote, the NAR Directors approved a series of recommendations that will enable REALTOR.com site operator Move Inc. to build a more comprehensive site and provide a higher level of consumer engagement for those in the market to purchase a home. Specifically, the NAR Directors authorized three revisions to the REALTOR.com operating agreement that will: (1) permit Move Inc. to obtain and display listings from entities that are not REALTOR®-owned and controlled and from brokers who are not REALTORS®; (2) allow the display of unlisted new homes and new home communities as well as the display of unlisted properties for rent; and (3) amend a current provision which requires a listing broker’s consent for the foreclosure status of a listing to be displayed by allowing the identification of foreclosures, short sales, REO properties, auctions of distressed properties, and properties where notice of default has been recorded, unless the listing broker objects. Importantly, individual FSBO properties will still be prohibited from display on REALTOR.com. To learn more about the actions of the NAR Board of Directors and the changes designed to enrich the consumer experience and make REALTOR.com more competitive, read the FAQs and the article published by REALTOR® Magazine.