Reforming Real Estate

Inman News has opened the conversation on a list of reforms for the real estate industry (see "Reforming real estate.")

For the benefit of those who aren't Inman Premium members and can't access the archive of the full article, here is a summary of the list:

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.

The release of the list has ignited a range of commentary, and we welcome continued discussions with you in refining this list.

In just the first day of the list's release, we've heard comments ranging from, "This is insane" and "would be the demise of our industry" to "we have been given some very important dialogue that needs to be evaluated in the future to find a successful model that might help to bring our industry back to where it needs to be."

This is a collaborative work -- tell us where you see fatal flaws and suggest additions and subtractions. 

If you want, you can even send us your own version of the "10 Points List" or related commentary to future@inman.com.