Estate agents would sell 90% instead of 50% of the homes they list if the UK embraced the US’s Multi-Listing System (MLS) , a leading American realtor has claimed.
Matt Fetick has made the claim in an interview as challenger portal OpenBrix prepares to launch a UK version of the MLS and arguably knows what he is talking about – his Keller Williams business in Delaware and Maryland sold property worth $2 billion last year.
OpenBrix is hoping to convert UK agents to the MLS model, and Fetick says on his patch 95% of agents us it and 98% of transactions are placed via an MLS.
Claimed benefits of the MLS include better conversion of homes appraisals into listings, more referrals and higher fees.
“Put me and our model up against any experienced agent over there. I’ll jump on the next plane and I guarantee I’ll win any instruction’ says Fetick (left).
Adam Pigott, CEO of OpenBrix says: “The revelation that UK agents are leaving so much money on the table because they are not embracing MLS to the benefit of both the customer and themselves, is particularly exasperating given the revenue uncertainties that the industry may face in a post-stamp duty holiday world.
“Our proposition is unique and designed to help agents directly – helping them earn more and not just taking from them as may be familiar where other portals are concerned.”
How does the MLS work in the US?
The MLS in the US is a network of more than 800 platforms through which brokers share information on properties they have listed and invite other brokers to cooperate in their sale in exchange for compensation if they produce the buyer.
Sellers benefit by increased exposure to their property. Buyers benefit because they can obtain information about all MLS-listed properties while working with only one broker.