Your MLS, IRES MLS, has a conundrum. While NAR has announced a preliminary settlement, the clock technically has not started to tick. The settlement hasn’t been officially filed, much less approved by the court. New rules have not been created or approved by NAR to help us address the changes to MLS published offers of compensation driven by this settlement.
Many of you, our Subscribers, are busy in anticipation of this settlement refining how to communicate your value proposition to prepare for navigating the new world ahead.
A few of you have questioned the value of the MLS without an offer of compensation. To those questions, I would offer this.
The Value of the MLS
MLSs have been in existence since the late 1800s and have gone through a myriad of changes. We’ve come a long way. The MLS back then in no way resembled the system you and your clients rely on today.
Believe it or not, an MLS was once a list of property addresses and prices on a chalkboard, more like the stock exchange of the day. Today, most MLSs capture 300-400 data fields of information, as well as photos, virtual tours, pertinent documents, and much more for each listing. This is done while adhering to a combination of standards for national consistency as well as localized allowances specific to each market.
You may only see the part of the MLS that enables you to help your clients buy and sell a home. It’s easy to overlook the significance of having accurate, timely, and comprehensive market data all in one place.
An entire ecosystem of vendors and data consumers that includes brokerage IDX websites and national web portals who count on this data to be delivered in a common format. So do companies that produce CRMs, contract systems, accounting, back-office services, and transaction management systems. The consistency and accuracy of MLS data is what makes technology work for the tools you use every day. This is done at a significantly lower and reasonable price because vendors don’t have to reinvent the wheel every time.
Without consistent, timely, and accurate data, you would incur more costs and time whenever you want to adopt a new piece of technology to run your business.
What every real estate professional needs to know about the MLS (realestatenews.com)
Read the latest by Sam DeBord, on Real Estate News
What is an MLS?
An MLS is a cooperative of brokers who agree to contribute to make a marketplace. A marketplace with rules and consistent data that is the envy of the world. Don’t believe me? Check out this article: The North American MLS as a model for the world (realestatenews.com)
Changes are Coming, but Real Estate Professionals are Used to Change.
At IRES MLS (Information and Real Estate Services) we will be diligently communicating as we modify our system to satisfy the requirements of the new way of business. When changes in the MLS do start to happen, they will do so rather quickly.
Please let us know how we can best help you in the upcoming time of transition!
-Jeff Bosch, CEO
PS – if you have not signed up for your free subscription to realestatenews.com, courtesy of IRES, Active your Real Estate News subscription now!
IRES MLS: Come Home to Colorado 