The state government wades into the private listing battle: the download
The debate over public versus private listings is shifting from dueling op-eds to the Washington statehouse with a new bill that seeks to limit the practice.
The back-and-forth between public and private mentions has been played out 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 consumers.
Washington Realtors has spoken out in favor of legislation in the state that would restrict the use of private listing networks. The bill, SB 6091was filed last week and would change state law to require real estate agents to sell properties to the public, rather than to “a limited or exclusive group of potential buyers.”
The bill makes a provision for private listing networks as long as “the property is also simultaneously marketed to the general public and other real estate agents, except as reasonably necessary to protect the health or safety of the owner or occupant.”
“Ultimately, we feel that using private listing networks is contrary to our goal of being the most consumer-friendly state in the country for buying and selling real estate,” said Ryan Beckett, president of Washington Realtors. said in a member update video.
EXTRA: Redfin’s Kelman on List Access: ‘You Shouldn’t Have to Know the Secret
Private listings aren’t the only place where the government and the real estate industry are at loggerheads. Institutional investors who buy single-family homes have been targeted by a proposed crackdown at the federal level, a move backed by Bill Pultedirector of the Federal Housing Financing Agency (FHFA).
Whether you work with investor clients, invest for your own retirement or simply work with listings in your market, it is essential to understand how government policy seeks to shape (and reshape) real estate. That’s why Inman’s contributors provide real-world, real-time insights on all the controversies and changes, along with the strategies you need to succeed.
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The Download is a column in which Inman’s Christy Murdock digs deeper into the best-read stories of the past week to give you what you need to meet Monday head-on.
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