See you in Scottsdale! #MLSReset
The stage is set
“What is an MLS?” Part 2
I wanted to follow up on a previous post I wrote where I asked,
What would you say if someone asked, “What is an MLS?”
At that time I wrote:
“I’m struck by how difficult this question is to answer—even for myself, someone who writes a blog and co-produces a couple of podcasts in the industry. Part of the challenge, I think, stems from the recent settlement changes; we’re still working to define and understand the evolving role of the MLS.”
I received great feedback from the post, some of which I summarized in this Google Doc.
I then took those responses and fed them in to Chat GPT and asked for a two sentence response and a short paragraph. Here’s what it fed back:
“Two-Sentence Definition
An MLS (Multiple Listing Service) is a professional network where real estate agents and brokers share detailed property information to connect buyers and sellers. It ensures accurate, up-to-date listings and promotes fairness and efficiency in the home-buying process.
Short Paragraph Definition
A Multiple Listing Service, or MLS, is a trusted platform where real estate professionals collaborate to share accurate property details and market data. It acts as a centralized hub, allowing agents and brokers to connect buyers with homes and sellers with qualified buyers. By fostering transparency, fairness, and efficiency, the MLS streamlines the often complex process of buying and selling homes, making it easier for everyone involved.”
I then asked Chat GPT what it thought a Multiple Listing Service (MLS) not taking in to account the prompt I just fed it. Here’s what it said:
“A Multiple Listing Service, or MLS, is a trusted platform where real estate professionals collaborate to share accurate, up-to-date property listings. It connects buyers, sellers, and agents efficiently, ensuring transparency and fairness in the home-buying and selling process.”
I think the last one is my favorite of them all. What do you think?
Waco Association of REALTORS® joins NTREIS
NTREIS Expands Reach in North Central Texas with Addition of Waco Association of REALTORS
“Integrating the Waco market into NTREIS will deliver increased exposure for agents, enhanced listing inventory, and access to richer market data. For professionals in the Waco area, this collaboration brings greater visibility for their clients’ listings and buyers’ needs, along with cutting-edge technology tools designed to support their business success.
“Joining forces with the Waco Association of REALTORS® aligns perfectly with our mission to empower real estate professionals with the best technology and resources available,” said Kristi Davis, President, NTREIS. “This partnership strengthens our commitment to providing top-tier services to the consumer while broadening market opportunities for our members.”
Congratulations to Chip and Joanna on your new MLS!
New Mexico MLS to require floor plans on all listings
New Mexico Multiple Listing Service: Floor Plans Now Required for New Mexico Real Estate Listings
“At NMMLS, we are committed to delivering the highest quality data and media to consumers, and this initiative is a major step forward in achieving that goal. Requiring floor plans on listings ensures that every buyer in New Mexico has access to the tools they need to make better decisions. This move also ensures our brokers remain on the cutting edge, delivering a superior listing experience for their clients. NMMLS is proud to be a leader in this space and excited to set a new standard for our industry.”
Rad! I spoke about this back at CMLS in Seattle (which Vendor Alley sponsor and NMMLS partner CubiCasa have been promoting) and have been advocating for this for many years now. Great leadership is being shown here by Megan McFarlane and NMMLS.
Being the first to take this step is always the hardest, and I’m sure there will be challenges ahead. But it’s crucial that someone had the courage to lead the way. My hope is that this will be the domino that pushes the entire industry forward.
Congrats to Megan and NMMLS!
Going to Inman Connect NYC? Have you heard about The Real Estate Exchange?
Just wanted to pass along that the Intercontinental Exchanges (ICE) is hosting an exclusive event at the New York Stock Exchange (NYSE) for the real estate industry’s top movers and shakers (MLS leaders, brokers and technology leaders).
They’ll discuss the state of the real estate industry with CNBC contributor Andy Walden, and highlight the latest technology, data and analytics solutions that serve to fast-track deals and minimize friction during the real estate transaction. They’ll also examine how technology, data and analytics can support the needs of the real estate industry tomorrow. Following the event attendees will enjoy a signature cocktail reception in the revered halls of the NYSE. If you’re interested in attending
REGISTER HERE. Space is extremely limited so RSVP soon to reserve your spot.
Where: The New York Stock Exchange | 11 Wall St.
When: January 21, 2025 | 3:00PM
RSVP: REGISTER HERE
See you there!
What is an MLS?
Organizations around the country are navigating the question of “what’s next?” in the real estate industry. We’ve been exploring that by reflecting on the past and examining where we stand today. One of the questions we frequently ask is:
What would you say if someone asked, “What is an MLS?”
I’m struck by how difficult this question is to answer—even for myself, someone who writes a blog and co-produces a couple of podcasts in the industry. Part of the challenge, I think, stems from the recent settlement changes; we’re still working to define and understand the evolving role of the MLS.
When I checked Wikipedia, I found the first sentence to be completely wrong:
“A multiple listing service (MLS, also multiple listing system or multiple listings service) is an organization with a suite of services that real estate brokers use to establish contractual offers of cooperation and compensation (among brokers) and accumulate and disseminate information to enable appraisals.”
“Cooperation and compensation”? Uh, yeah, no.
Sam DeBord addressed this very question in his excellent three-part series, “What Every Real Estate Professional Needs to Know About the MLS,” on Real Estate News. If you haven’t read it (or if it’s been a while), I highly recommend revisiting it. Additionally, CMLS, in partnership with 1000watt, has done a phenomenal job with their “Making the Market Work” campaign. Both are worth a read—or re-read—because they provide insightful perspectives on the MLS.
But what I’m really looking for here is something shorter—a true elevator pitch. As a copywriter, I want something punchy, something that people can visualize and “get” immediately.
Here’s my first attempt (and I hope to refine this further):
“The MLS is a professional network of real estate brokers, agents, and other professionals that help people buy and sell homes.”
Now it’s your turn—share your version in the comments!
John Holley
“Since Holley assumed his role in 2005, NTREIS has expanded from 19,000 to over 53,000 subscribers, supporting 15 Realtor Associations across 44 counties in North Texas and parts of Louisiana. Under his leadership, NTREIS adapted to an era of rapid technological advancement, enhancing service offerings and ensuring subscribers could access superior, cutting-edge tools to succeed in a competitive real estate market. Known for his forward-thinking approach and dedication to serving the real estate community, Holley has left an indelible mark on the organization and the industry.”
John, in my eyes, has always been a true gentleman in every sense of the word. He has been incredibly kind to me over the many years we have known each other. I first met John when he was working at the MLS in San Diego. From my memory, there was always a bit of drama in the San Diego real estate market (and there still is today), but John was a steady voice amidst that drama. He saw something in our little company (IRIS, then selling Lightning – Easy MLS Access) and helped pave the way for us. He offered the same steady hand when he moved to Dallas to work at NTREIS, navigating this new market and its nuances with a “dedication to serving the real estate community.”
I’m not sure anyone truly understands the seismic shift the internet brought to the real estate industry (and especially the MLS) back in the day. MLS leaders of that era had to manage the fury of brokers and agents who had previously acted as gatekeepers to the data. Keeping the MLS industry alive and enabling it to grow was an enormous challenge. I often think about that today with the turmoil we face and wonder if the new generation of MLS leaders will be able to navigate these troubled times as successfully.
I’m going to miss getting together with John for a show or dinner at The Palm during Inman NYC. I will deeply miss this gentle-man who has done so much for our industry. However, I know that he and Cathy will thrive in this next chapter of their life together.
Happy Trails John
CRMLS and Bright MLS now allow “guest access”
“California Regional MLS (CRMLS), the nation’s most recognized multiple listing service, has teamed up with Bright MLS, the largest MLS on the east coast, to offer their users reciprocal data access (aka “guest access”) to each other’s listings. CRMLS currently has 127,000+ active listings while Bright MLS has 115,000+.”
To me, this is kind of a ‘proof of concept’ play—meaning, ‘let’s build this and see what happens,’ which is smart. I’m not sure how many referrals this will generate from people moving from the East Coast to the West Coast (and vice versa), but I’m betting they’ll learn something new—something we haven’t thought of. I also like the vibe of promoting further cooperation, which the MLS (especially in these times) needs to lean into more.”
Aligned Showings passes 2 millionth mark and introduces usage-based pricing
Aligned Showings Reaches 2 Millionth Showing and Introduces Usage-Based Pricing
“Having booked over 2 million showings across our MLS partners is a huge milestone for us. We continue to add new features to Aligned Showings, which has led to over 91% of active listings using the platform in RMLS alone,” stated Kurt von Wasmuth, CEO of RMLS in Portland, Oregon.”
Many MLS software solutions are bundled or provided at little or no cost. The drawback to these tethered solutions is that they limit choice and competition. Additionally, many of these vendors require licensing and terms that MLS organizations would rather not concede. As the saying goes, ‘When the product is free, you’re the product.’
With Aligned Showings usage-based pricing, MLS organizations can now offer more choice to their agents without surrendering unwanted or aggressive data usage rights.
Get your hotel room for MLS Reset
I’m still buzzing about MLS Reset. Having attended so many conferences in my career, being able to personally curate the content of an event is a dream come true. I can tell you that Staci, Amy, Chris, and I are swinging for the fences when it comes to speakers and content. We just booked a fantastic speaker that I think will be perfect to kick off the show.
While I can’t share specifics yet because we haven’t nailed down all the details, and we want to keep the content fresh for January, Amy has put together a brief list of some of the content plans. And please if you have any suggestions email me!
There are more updates coming and we are working on our website which will be launched soon.
Also, I was told by Amy to relay a couple things
- Early bird pricing end after on October 31st.
- The Scottsdale Plaza is notorious to filling up fast. So make sure you follow the separate link on the event sign up page to book your hotel room.
Get ready to push that reset button!
