The Role of Mega-Agencies in the Evolving Real Estate Landscape: A Closer Look
— by Vanessa Saunders
The recent International MLS Forum (IMLS), spearheaded by Realtyna’s Giselle Abadi in collaboration with the Real Estate Standards Organization (RESO) and the European Association of Real Estate Professions (CEPI), gathered industry leaders from over 30 countries. This event was a crucial step toward fostering global collaboration in real estate, focusing on data-sharing and standardization to enhance transparency and efficiency across markets. The forum signaled a push to adopt aspects of the U.S. Multiple Listing Service (MLS) model, which has been a backbone of the real estate industry in North America
At the same time, Realtors in the USA are grappling with the fallout from the NAR settlement, feeling as though their governing body, the National Association of Realtors (NAR), and NAR-owned MLSs have effectively thrown them under the proverbial Zillow bus. This sentiment of betrayal runs deep as Realtors contend with a legal and business environment that appears increasingly favorable to large tech platforms like Zillow. In fact, a conspiracy theory circulating at the IMLS forum suggested that Zillow may have instigated the Sitzer/Burnett lawsuit, a claim that underscores the growing distrust of how major players influence industry dynamics.
The presence of mega-agencies like eXp Realty at the IMLS was particularly interesting. eXp, an innovator in virtual brokerage models, was held in high regard by many MLS organizations at the forum. However, this raises an important question: Why are these organizations—accused in the U.S. of sidelining Realtors—aligning themselves so closely with companies like eXp? Is this simply about embracing innovation, or is it a calculated move by eXp to further embed itself into the global real estate infrastructure, potentially consolidating power over data and transactions?
As a friend from Bulgaria pointed out during the forum, for years Europe looked to the U.S. model as the gold standard of real estate practice. But after the recent NAR settlement, there’s a growing belief that maybe the U.S. had it wrong all along. This shift in perception is significant, especially as mega-agencies and tech giants push for greater control over the industry under the guise of transparency and innovation.
eXp’s rumored development of a proprietary portal mirrors Zillow’s approach and further fuels concerns that mega-agencies are not just reshaping the industry—they are looking to monopolize it. While eXp’s influence grows, many wonder if the company is positioning itself as a “Trojan horse” within organizations like IMLS and NAR Global, embedding itself in the very systems meant to protect agents and clients alike.
In light of these developments, it’s critical to ask: Who really benefits from the growing influence of mega-agencies? Are these changes designed to support agents and consumers, or are they paving the way for corporations to dominate the future of real estate? The industry is undoubtedly shifting, but the question remains—will it be for the better?
These are important conversations we need to have as real estate continues to evolve, particularly when the promise of innovation is so closely intertwined with the centralization of power in the hands of a few large players.
ABOUT THE AUTHOR
Vanessa L. Saunders, MBA MIMC Founder, CEO, and Principal Broker of Global Property Systems
Vanessa is recognized internationally for her expertise in blockchain, frequently teaching and presenting on its use in real estate. This October 7 and 8, Vanessa spoke at the 2d Annual MLS International Forum in Milan, Italy. https://mlsforum.org/
For more information or to connect with Vanessa, visit Global Property Systems
One Response
Vanessa, this is an important conversation, and although some are willing to have it, some are not. I agree that you ignore this at your peril. Is a monopoly ever good for the consumer? It may assure them of a certain quality (i.e. Amazon delivery and availability, etc.), but what would competition and value do? How do we stop price gouging, which seems gradually inevitable with no competition, and as a result, focuses on the agent and brokerage instead of the client’s needs? We must acknowledge a smaller, connected world. Does that mean one size fits all and a global brand takeover?