The MLS is the Phonebook

The MLS system held way more value prior to the Internet. Back then, if you can imagine this, the MLS was an actual book. It was printed in black and white, displaying only one picture of each home and only the most basic information that could fit in a few inches of copy space. The printout was updated every two weeks as a tool for agents so they had access to the most accurate list of available homes for sale in their local market.

Home buyers had only one option. You hired an agent who would allow you to look at this book and then drive you around town (for hours) to look at homes that could be a fit. Today, there is no “book”. Agents still tout the importance of the MLS, but in reality the MLS no longer holds value. Agents publish their homes on public-facing websites where buyers can find them without having to look at the book, or enlisting a buyer agent.

Home sellers utilizing traditional agents sign a cooperating broker agreement, committing the seller to pay the commission of their own real estate agent but also the commission of their buyer's agent. Sellers are literally paying thousands of dollars for the representation on the other side of the transaction whose sole purpose is to negotiate against them! Most people would call this stupid but in real estate, it's somehow ok.

The entire concept of the MLS is outdated and unnecessary, but agents still “sell” it to attract new clients and lock them into brokerage contracts that are not in their best interest.

The Real Estate Exchange is the way selling a home should be. Buyers and sellers can connect without all the exorbitant traditional agent commissions… and without all the hassle.