The debate around public vs. private listings is moving from dueling op-eds to the Washington statehouse with a new bill seeking to limit the practice.
The back-and-forth around public vs. private listings has been fought in the media, on stages and in the courts. Now, it’s moving to the statehouse, with Washington becoming the first state to weigh in on whether private marketing is good or bad for the consumer.
Washington Realtors has come out in favor of legislation in the state that would restrict the use of private listing networks. The bill, SB 6091, was filed last week and would amend state law to require real estate brokers to market properties to the public, instead of to “a limited or exclusive group of prospective buyers.”
The bill makes a provision for private listing networks as long as “the residential property is also concurrently marketed to the general public and other real estate brokers, except as reasonably necessary to protect the health or safety of the owner or occupant.”
“Ultimately, we feel like the use of private listing networks is at odds with our goal of being the most consumer-friendly state in the nation to buy and sell real property,” Ryan Beckett, president of Washington Realtors, said in a member update video.
EXTRA: Redfin’s Kelman on listing access: ‘You shouldn’t have to know the secret
Private listings aren’t the only place where government and the real estate industry are locking horns. Institutional investors who buy single-family homes have become the target of a proposed crackdown at the federal level, a move that was seconded by Bill Pulte, director of the Federal Housing Finance Agency (FHFA).
Whether you’re working with investor clients, investing for your own retirement or simply working with listings in your market, it’s vital to understand how governmental policy is seeking to shape — and reshape — real estate. That’s why Inman contributors provide real-world, real-time insights on all of the controversies and changes, along with the strategies you need to succeed.
Portfolio expansion: A practical process to help your clients scale
If you’re working with investors, your job isn’t just to find properties, America Foy writes. It’s to identify investment strategies that are built to weather market cycles.
Trump’s proposed institutional investor ban is not a real
Although Trump is attempting to respond to legitimate frustrations in the housing market, the proposed ban won’t increase supply, Derek Carlson writes.
5 ways to stop listing anxiety from wrecking your price, process,
Managing anxiety around the home sale process can preserve deals and ensure more effective decision-making for you and your clients, Josh Ries writes.
The Download is a column in which Inman’s Christy Murdock takes a deeper look at the top-read stories of the past week to give you what you’ll need to meet Monday head-on.
