NTREIS UPDATE: The NTREIS Board of Directors did not vote on the proposed agreement concerning Zillow at this week’s NTREIS Board Meeting. A motion was made, seconded and passed to create two President’s Task Forces (a) to review options for alternative input and data delivery technologies and (b) to review options for delivery of sold listings to third party portals. At this point NTREIS has not set a time frame for the two President’s Task Forces to report their findings.Approximately 3 years ago, NTREIS made the decision to facilitate a direct feed of active listings for any Broker that does not opt out from the Zillow feed. The reason for that decision was to ensure that the information provided to consumers would be provided by an accurate and trusted source for the listing data.
To this goal, The NTREIS Board of Directors is considering the inclusion of sold data in the already existing data feed.
What will this mean if approved by the NTREIS Board of Directors?
- The Zillow display for a recently sold property will reflect the accurate property status as “Recently Sold”, instead of “Not for Sale”.
- Proper credit for the sale of the property will be given to the listing broker and listing agent and to the selling broker and selling agent.
- Zillow is also requesting the sales price; however, the sales price will not be displayed to the public.
- Zillow will be prohibited from displaying the sales price, but would instead show a “range” in which sales price may fall. REALTOR.com is currently displaying sold listings for our market in this manner.
- Almost 50% of listings sold in our largest counties currently have a displayed sales price which has been provided to Zillow by an agent or homeowner involved in the transaction.
- Although Texas is a non-disclosure state, it is not illegal to display the sales price. Again, the proposal does not include a proposal to display the sales price. Zillow would only be authorized to show a “range” in which the sales price may fall.
Due to the agreement currently in place between Zillow and NTREIS:
- Zillow may not act as a broker in the NTREIS market area (which means the North Texas area).
- The listing agent is always the first agent listed on a listing displayed on Zillow.
Please note that this is not a MetroTex Association of REALTORS vote. This will be decided by the Board of Directors for NTREIS.