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Deconstructing MLS

Written by Posted On Saturday, 17 August 2019 05:00

...and some things you never knew about MLS...even if you believe you are an MLS expert :-)

This video is an indepth conversation about Agency Relationships and MLS between John Reilly​ and I.

Can buyers be represented in real estate transactions?

At one time, not that long ago, the answer was no...not without great difficulty, and even attorneys were not sure how to do it!

Why was MLS set up as a Unilateral Offer of Subagency in the first place?

Keep in mind that a prime mover in the creation of MLS early in the last century was the desire by the founders to raise the level of professionalism in a business with a very bad public reputation, and no licensing laws to protect the population from the unscrupulous.

The one thing that other "professions" had that real estate practitioners did not have, were fiduciary duties. Ageny relationships brought with them fiduciary duties, and hopefully, the upgrading of the reputation of real estate practitioners.=, so it was included in the early MLS concepts.

MLS is one of the greatest inventions of all time, facilitating the building of wealth for hundreds of millions of Americans over the years, with only the seller due agency duties from licensees.


Read 2481 times Last modified on Monday, 19 August 2019 09:32
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Saul Klein

In 1948, doctors told my father that his life aboard submarines on war patrol in the South Pacific and the depth charging he experienced had rendered him sterile. Although controversial and not widely applied, he was treated with an Ayurvedic therapy called “shivambu.” If you are unfamiliar with this term, I recommend you Google it because against all odds, I came to exist.

That was a loony segue into my life but is a fitting precursor to a career that would be just as incredible.

Like my father, I joined the Navy. However, due to a medical inconvenience, I was honorably discharged after 6 years of commissioned service, all on Sea Duty. This was an opportune misfortune that led me down the path to a successful career in real estate. Both my father and grandfather flirted in real estate brokering and flipping part-time, and I followed suit but making a lifelong career out of it.

With over 40 years in real estate, it is impossible to talk about my experiences in this small window. But I can proudly say that I am well-recognized as an industry pioneer, especially in real estate syndication and education, and one of the few luminaries that paved the way for real estate’s transition to the online world.

Some highlights of my life’s work:
● Co-created ePRO, technology certification course that certified 70,000 students
● Created the first online communities for real estate professionals to network, learn, and sell
● Created "Opt Out" Listing Syndication, aggregating over 1.4 Million Listings in 18 months
● Built the #2 National Listing Syndication Service, Point2 Technologies, sold to Yardi in 2010
● Founder of the California Association of Buyer’s Agents
● Member of the first Team, pre-IPO, responsible for obtaining first 500,000 listings
● Helped Zillow and Trulia build up their MLS data inventory

Today I continue to lead efforts that bring new technologies to the real estate industry. Feel free to reach out and learn more.

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