April 2009 - Posts

MLS 5.0-The MLS of the Future

 Internet Strategies by Saul Klein, Part 1

RISMEDIA, What will be required to build on the current solid foundation of today’s MLS? Here is part of the MLS 5.0 whitepaper, a vision that attempts to answer the question and creates a basis for an industry discussion. Open and frank discussion is essential to creating the tools and organizations that will position Realtors to provide services to meet the expectations of future buyers and sellers. This paper is a vision and not a roadmap. MLS in the broad, generic sense needs to be redefined in the age of information proliferation and online participatory environments. MLS is more than an offer of compensation and cooperation, but how much more? That decision is up to you.

Concept

The real estate industry has the opportunity to “take back its future.” For a number of reasons, it has appeared over the last few years that forces, out of our control, were at work to reshape the real estate industry-from technology, to the Internet, to the U.S. Department of Justice, to new business models that are the darlings of Wall Street, to the press, to the divergence of the different generations, and to economic conditions. It is now time to fight back, and in doing so, all concerned will be winners, Realtors and consumers alike.

It is upon this theme that the concept of MLS 5.0 is introduced, as the “MLS of the Future.” It is time to look at what MLS seemingly has “always done,” and bring it into the new millennium. This will require bold initiatives. To get the most out of this paper, you may need to suspend your skepticism and step into the future. Ask yourself: “What is the value a real estate professional brings to consumers when information about everything, including real estate, is so abundant on the Web? MLS 5.0 should provide the tools to enable the real estate professional to deliver value, part of which will be to put the information available into context for the consumer.

Today, MLS is not the only way to gain exposure for listings. Yahoo!, Google, Zillow, Trulia, Craigslist, VAST, Point2Homes, Realtor.com and many more have the potential to expose listings to more potential buyers than ever before-and for a fraction of the cost of traditional advertising. If you were a consumer selling your home, wouldn’t you want it marketed everywhere? In the age of information, consumers and Realtors are becoming more comfortable using these new tools and new databases, and will become even more comfortable as the concepts of Web 2.0 become better appreciated and understood. MLS must reflect the new realities.

Many Realtors are not acquainted or familiar with some of these realities. It will take more than vision to bring the ideas and concepts of MLS 5.0 into reality. It will take courage and leadership, as old paradigms, territorial rights, politics, potential job loss by MLS executives and staff, and fear will undoubtedly create obstacles to successfully altering the mission of MLS. And that is what we are talking about-altering the mission-and with a new vision for MLS. Objections-real and imaginary-will be heard in abundance. Be prepared to field them.

In a follow-up article next month, we will aim to answer the big question pertaining to what the Future MLS would look like, if we were to build one from scratch today.

What’s your opinion? Please write to thefutureofmls@point2.com.

Saul Klein is CEO of InternetCrusade and Point2 Technologies Inc.

 

Zap negativity, tap distribution


Inman News

Need help building your online business? Check out what real estate's leading women had to share at the recent AFIRE (Awesome Females in Real Estate) conference in Savannah, Ga.

1. Distribution trumps destination
Jennifer Anderson of Point2Agent explained how "distribution trumps destination." In other words, it is more important to have your listings appear on multiple sites rather than two or three sites with high traffic. Since consumers search on multiple Web portals, it's imperative that your listings appear in as many places as possible. Point2's syndication service reaches 40 different major real estate portals and more than 200,000 agents in 100-plus countries.

Janet Case of Proxio.com explained how her company helps agents reach clients all over the world. Her service allows agents to have their listings posted in multiple languages in multiple countries. The Proxio platform can also be used in other countries where they lack a multiple listing service. For example, the Philippines just adopted the Proxio platform to run their first-ever Multiple Listing Service.

Anne St. Dennis from the Quebec Federation of Real Estate Boards and the Greater Montreal Real Estate Board Service shared how her boards are meeting the challenge of serving both French- and English-speaking clientele. Dennis explained how they set up their own television station and produce their own videos to reach both the public and their members with important information. For example, they interviewed Bob Hale, CEO of the Houston Association of Realtors and Inman Innovator of the Year for 2008. They tried using subtitles but found that did not appeal to their client base. Consequently, they now dub all of their video so people can listen in their native language rather than reading subtitles.

2. Have a plan and be patient
One of the questions posed to Joeann Fossland of Advantage Solutions and to technology speaker and trainer Amy Chorew, was "What kinds of behaviors work well on social media sites and what doesn't work?" Both agreed that you needed a plan for social networking and that it will probably take 12 to 18 months before it yields results. Since many social networking solutions require your time to succeed, Chorew proposed that Realtors need to address both ROI (return on investment) and ROT (return on time).

Both Chorew and Fossland also emphasized how important it is to track your results. Without tracking, you will never know what works and what doesn't work. For example, Fossland shared a story about the winner of the Inman/Active Rain blogging competition in 2007, Mary Pope-Handy. When Pope-Handy first started blogging, she was frustrated by the lack of results. Due to personal issues, Pope-Handy had to recently cut how much she was blogging. Surprisingly, her leads continued to flow due to the posts she did during 2007 and 2008. The point is to stick with whatever you're doing long enough for it to yield results.

3. What to avoid online
Keynote speaker Marilyn Naylor called the negative energy that many people encounter online "splinter energy." Responding to those who are highly negative will result only in escalating the situation. You won't be able to change the other party. Unfortunately, when you grab a stick with splinters you're the one who gets stuck.

While it's common for people to engage in online sniping, the best approach is to avoid online battles and confrontations. It's also smart to avoid flaming your boss, your clients or your company

For example, one new hire at a major technology company complained about the choice between the fat paycheck vs. the long drive and the stupid work. It took only a few minutes for the message to reach the top levels of his company. Needless to say, he was fired.

Another common mistake is to use social media to "pitch, pitch, pitch." Last century's marketing messages are no longer effective in today's social networking environment. Instead, people expect you to engage in the online conversation as a person, not as a real estate agent trying to drum up business.

4. How to handle negative posts
One of the challenges that almost everyone faces is what to do when someone posts something negative about you. Marilyn Wilson of the WAV Group and Darity Wesley of PrivacyGurus.com recommended using Google Alerts to monitor what is being posted about you or your company online.

When someone does a negative post, not engaging may be the best policy. To lessen the impact of that post, be aggressive about getting testimonials from past clients. Wilson suggested going through the Quality Service Certification as a means to control your online reputation.

There is also a new program from MyFrontSteps.com that can assist you in pushing negative comments to the back pages of a Google or Yahoo search. Wilson suggested that agents and brokers sign up for the "Step Rep" program, which allows you to monitor, manage and build your online reputation through social networking. Step Rep tracks posts on all major social networks, along with video content and photo tags. Step Rep allows you to categorize what you want posted and what you want to bury. They also provide a widget that lets you publish positive information across the Web with a single click.

When it comes to implementing new technology, take it one step at a time. The key is to discover what you will do on a regular basis. Even more importantly, be yourself, contribute to the conversation, and remember what your mother used to say, "If you can't say something nice, then don't say anything."

Internet Search, Standardized Data Fields, and the Changing Role

by Saul Klein
CEO, Point2 Technologies Inc. 

Today, if you want to find out anything about anything, where do you go? There is a high probability that you go to Google. So ingrained in our culture is the power of Google search, that Google has become a verb. On a daily basis, many of us “google” one thing or another. As smart phone applications become more ubiquitous and as wireless hot spots continue to pop up in public places, the power of Google to change the world will grow stronger, and at an accelerated pace. Also consider that the more search that takes place on Google, the “smarter” Google becomes.


What does this have to do with MLS and REALTORS®? Simply put, Google may be the change agent that revolutionizes the real estate industry and could play a role
in the reconstruction of MLS technologies and the age old battle of data standards. This does not make Google the enemy…but Google _ what it does, how it does it, and how
it continues to creep into the daily life of people of all generations _ must be considered by those who are building MLS 5.0, the MLS of the future.

Search:
Searching the Internet today is easy. While there are techniques that can be applied to narrow search results, even the novice searcher is capable, with no training, of finding just about anything he or she may be interested in on the Internet. What does that have to do with real estate? In the future, sellers may advertise their home for sale on any number of Web sites, including maybe their own site or on a “public access” site provided by Internet providers as part of their subscription for connectivity. Homeowners will likely use plain language (and not the diverse system of abbreviations that have been devised and localized by MLSs and MLS Committees over the years) to describe their home and the features that are the “standards” (bedrooms, baths, etc.) and the features that are important to them. Properties could be described in a paragraph instead of the grid format many of us are currently using and seeing. Or a piece of software could be made available to consumers that allows the homeowner to build their own grid, adding or taking away fields at their discretion.

Standard Fields:
Standard fields has been the “holy grail” for years. In the mid 1990s, NAR (National Association of Realtors®) worked on bringing technology to the real estate industry through the REALTORS® Information Network (RIN). The problem of matching data fields from MLS to MLS to create a searchable national database was tackled and the proposed solution was something called Data Exchange Method, or DxM. DxM was described as a “data dictionary” that, if implemented, would allow not only for greater access to more listings by REALTORS®, but more software choice as real estate business solution software at the time had to be customized from one MLS to another, limiting choice and increasing costs.
Of course RIN went the way of the Brontosaurus and the standard promoted today in the industry is RETS (Real Estate Transaction Standard), which is a great tool and a major improvement. With the power of search today, how important are so many different fields? Isn’t it time to consider the creation of a national standard of say 50 fields, and the rest of the characteristics of a property listed as remarks, capable of being found via advanced search technology?

As Gen X’s and Gen Y’s continue to make up a larger percentage of the homebuying and selling population (NAR statistics indicated that 78.8% of first-time homebuyers in 2007 were Gen X or Gen Y), and as this group grow to make up a larger percentage of the REALTOR® population, born and raised with Google and efficient, accurate search, standard fields may become less important while search takes on a much more important role. In addition, the ability to distribute one’s listing information to more destinations on the Internet, allowing “long tail” benefits, will be easier, and MLSs will become an ecosystem of innovation for software developers who will be able to deliver a wider choice of tools, and at lower cost.

Point2 Technologies Boosts Photo Upload Capacity on UsedIron.com and Manager Platform to 36 Per Listing

Upgrade Improves Consumer Experience Online – Positions Equipment Dealers for Higher Visibility and Impact with Buyers

Saskatoon, SK and Vancouver, BC,  – Point2 Technologies (“Point2”) today announced system upgrades to its global equipment search portal, UsedIron (www.UsedIron.com) and to Point2 Manager (www.Point2Manager.com), the industry leading inventory management, sales and marketing software platform.

The release represents close to a five fold increase in photo upload capacity on both systems.

“Our data indicates that listings with more photos engage more prospects longer, and generate significantly more leads,” said Zach Scott, Chief Operating Officer, Point2 Technologies. “With the majority of buyers doing their research on the Internet for both machinery and dealers, we are enabling our clients to capitalize on evolving online consumer expectations, without much effort and at no added cost to them.”

According to the Wells Fargo Construction Industry Forecast 2009 report, 73 percent of contractors and 89 percent of equipment distributors use the Internet to locate hard to find items. 66 percent and 86 percent state that they use the Web to research and to locate suppliers, respectively.
 
“Online buyers are skipping listings with few or no photos, and spending more time on listings with more to look at, especially in the used equipment category,” added Scott. “The segment is expected to benefit from a significant surge in purchasing budgets this year. Vendors positioned to capture more online buyer interest will stand to benefit from the trend, and we’re pleased to be in a position to facilitate such as opportunity for our clients.”
 
Representing a 140 percent increase versus 2008, the number of contractors who plan to purchase used equipment in 2009 grew to 48 percent, up from only 20 percent last year, according to the Wells Fargo Report.

Taking the hassle out of the photo upload process, Point2 Manager users can automatically resize and upload multiple photos for posting on UsedIron and other online marketplaces, with Point2’s unique, patented PUF (Photo Upload Facility) technology.

With a single click of the mouse, users can now also produce and issue professional looking quotes and equipment brochures that feature up to 36 photos, for maximum impact.

About Point2 Technologies

Point2 Technologies develops and markets web-based e-commerce and online marketing software solutions for the real estate and heavy equipment industries.

Point2 also owns and operates the real estate consumer portal, Point2 Homes, (www.Point2Homes.com) and the used heavy equipment marketplace, UsedIron (www.UsedIron.com). More information can be found at www.Point2.com. For ongoing news about Point2, please visit www.point2.com/news.asp.

Point2® is a trademark of Point2 Technologies Inc. All other company and product names may be trademarks of the respective companies with which they are associated.

Press Contact

Roger Noujeim
Point2 Technologies Inc.
Vice President of Public Relations
Toll Free: 1-888-955-7900 (U.S. and Canada)
E. rnoujeim@point2.com