Earnest Money

5 MUST HAVES for your 2017 MLS Budget

by Marilyn Wilson on September 28, 2016


We’re getting to budget time again and  starting to think about what products and services that MLS’s should offer their members in 2017 and beyond. MLSs, of course, need to continue to offer their core MLS system, but there are a few other areas to consider as you move into your next budget planning cycle that will help your members.  WAV Group believes you should offer products and services that are designed to address a core need of your subscribers.  No MLS should offer a technology just because it’s exciting or new. They ALL need to address a fundamental challenge or create new opportunities for your subscribers.  There are five key needs that we believe are vital to the success of any MLS organization that need to be considered in 2017.  We have outlined the strategies and the proposed solutions below: Making Earnest Money Collection Safer Providing Broader Data Access Helping your Members Succeed with Technology Keeping your Subscribers Safe Making it Easy for Brokers to Leverage MLS data Making Earnest Money Collection Safer Our industry has done a good job of bringing the transition process online.  We now have great methods for filling out, signing and distributing disclosures and forms online via a myriad of document management, transaction management and electronic signature solutions. We haven’t yet addressed the final mile though.  Today, agents are still driving all over town to collect and deposit earnest money checks.  There is more risk within this part of the process than any other yet we as an industry have ignored.  Read this interesting case study about how Northstar MLS is addressing this problem very effectively. Providing Broader Data Access The core job of the MLS is to provide comprehensive, accurate and up to date real estate information that every REALTOR can leverage in their business.   Brokers continue to be frustrated by their inability to get one regional source of data for their websites, back office tools and mobile solutions.  MLSs will be doing their members a great service by finding ways to get them broader data access beyond JUST their local MLS.  While consolidation is the ultimate way to accomplish this task, many regions just can’t get beyond the politics. In the meantime, you can look at a variety of FREE and paid methods for accomplishing broader data access with data sharing efforts. I recently published a white paper on the topic entitled […]