On February 10, Zillow announced they have entered into an agreement to acquire ShowingTime. ShowingTime is not a product offered as a member benefit of the MIBOR BLC, however, over 90% of our brokerages use this product and MIBOR has an integration built into Matrix and on the BLC Dashboard to ease members’ use of the product.
In this acquisition Zillow states they will continue to operate ShowingTime as an open platform for the entire real estate industry. Much like their acquisitions of dotloop, Bridge Interactive, and Retsly, Zillow states Showingtime will operate independent of Zillow Group and will remain accountable to the data privacy and restrictions required in existing agreements
MIBOR REALTOR® Association understands this acquisition creates concern for many of our members. As we gather the facts, it is important to remember a few things.
- Zillow is an independent company and as with the operation of any other of our members’ businesses, neither NAR nor MIBOR can offer input into their business decisions.
- Zillow is a REALTOR® member. Our Code of Ethics is clear about how we are to speak of competitors and peers. Let's keep this central as we discuss these changes in our meetings and in public, including social media.
- Before approval, this acquisition will be rigorously investigated by anti-trust regulators.
- As a real estate broker, you choose independently which products and services, including showing services, to use.
- Regardless of business model, each brokerage must follow the same set of guidelines as Indiana licensees, MIBOR members, and BLC® subscribers. All licensed real estate brokers and brokerages must adhere to Indiana license law, all MIBOR members must abide by the Code of Ethics, and all BLC® participants and subscribers must follow BLC® rules and regulations.
- Members should never engage in activities that could be construed as a violation of antitrust laws which are designed to promote vigorous competition and protect consumers from anticompetitive business practices. [Click here for MLS Antitrust Compliance Policy]
It is important to remember that listing data and data decisions are made at the broker level, however MIBOR believes that market efficiency may be created through a universal showing system. For this reason, as a part of our current lockbox contract negotiations, MIBOR has been reviewing SentriLock’s SentriKey® Showing Service as a possible membership benefit. You can learn more about it here. Sentrilock has served MIBOR members for many years and is an organization that is 100% owned by NAR.
Any industry change can cause unrest and insecurity. MIBOR encourages all members to be prepared for an ever-evolving industry in order to compete in this marketplace. MIBOR offers extensive educational offerings, committee involvement and several other opportunities to get involved. MIBOR's focus is on ensuring an efficient marketplace, strengthening our communities, promoting professionalism and providing the technology resources through the MIBOR BLC® listing service that enables members to best serve their clients. For more information on education offerings or ways to get involved, visit www.mibor.com.