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.