The editors of the real estate news site Inman News have introduced a list of 10 suggested reforms for residential real estate. I happen to think these are all very interesting, but of course those who've learned to game the system in their favor are already writing in with howls of protests. There are LOTS of things to be fixed in this country, and I think it's courageous of Inman, which depends on tens of thousands of subscriptions from real estate brokers' Web sites, to at least start a dialogue.
From an editor's note: Inman News has compiled a list of 10 reforms for the real estate industry. The list incorporates ideas shared by readers in our Roadmap to Recovery project, in which we asked you for your input. We were overwhelmed with the response. The compilation below is our best effort to summarize these reforms.
The suggested reforms are listed below -- in order to read the full posting you need to have a subscription to the site:
1. Create a more effective regulatory framework for real estate and mortgage professionals.
2. Reform the mortgage origination process.
3. Promote a more efficient real estate industry, reducing costs and promoting services that favor the consumer.
4. Ensure competition and transparency in the way real estate agents are compensated.
5. Consolidate MLS information into a single national database.
6. Real estate professionals should provide buyers and sellers with vastly improved market analytics.
7. Reform the mortgage securitization process.
8. Reduce settlement services costs, regulate bundling of services to prevent price gouging.
9. Ensure affordable housing, smart development.
10. Remove barriers to alternative business models.
