Multiple Listing Service

Redfin Offers Method To Modernize IDX

by Victor Lund on September 19, 2017

“Let’s modernize IDX by linking to the listing broker!” IDX or Internet Data Exchange is a thesis that was developed by the collaboration between Brokers and MLSs that outlines a set of display rules for listings on broker websites. The idea behind IDX is that of cooperation among brokers. Fundamentally, the IDX policy states that a broker allows all other brokers participating in an MLS to display their listings on any broker (and usually Agent) website. Over the years, the IDX policy has evolved. And today, Redfin CEO, Glenn Kelman suggests a radical new change. Kelman would like the IDX policy to require that every display of IDX listings provide a link to the listing broker’s website. As the screenshot illustrates, the National Association of REALTORS® MLS Policy on IDX requires the Broker to be identified as shown here. Displaying the listing agent is a local election and sometimes required. In the illustration below, everything is static. The big idea is to add a requirement to include a hyperlink to the broker/agent website (canonical source of information). Kelman goes further in the development of his concept to suggest that the broker name and link be prominently displayed above the fold (top of the page before you scroll). WAV Group joins Redfin in the belief that this would massively increase the traffic to listing brokers’ websites form search engines. Having hundreds of real estate websites link to the listing brokerage for each listing should completely re-orient search rankings. Search Engines are always looking for the most authoritative source of information – including real estate information. Kelman has strong beliefs and enormous respect for the listing firm. “The listing broker is the one who pays for, reviews and uploads all the photos. The listing broker updates and validates all the data about the property, and writes the marketing description. The home-buying consumer should be able to find her way to the full listing on the listing broker’s site, where she may also be able to see virtual tours, three-dimensional scans, and additional marketing materials about the listing, not to mention details on how to ask a question about the home or even arrange a tour with another agent at the listing brokerage if that’s what she prefers.” WAV Group’s research and analytics team finds that Redfin is, by a factor of two or three, the most popular brokerage website today. The leading […]

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Announcing WAV Group’s 2017 MLS Services and Support Survey

by Marilyn Wilson on September 6, 2017

WAV Logo

It is critical that every MLS continually evaluate its technology service offerings and support provided.  WAV Group would like to provide a FREE service to the industry to evaluate the current state of MLS services and support available today. WAV Group would like to invite our readers to participate in our upcoming nationwide MLS Services and Support Survey.  As in past years, the WAV Group survey will measure awareness, adoption and attitudes about the services and support offered by MLS organizations throughout the United States. As in past years, the WAV Group annual survey will measure the attitudes of MLS leadership and staff as well as daily practitioners and users of MLS services.  We believe that it is critical to understand the feedback and insights of both of these important groups. Results of the FREE Survey will be shared with the industry. Individual market results will also be shared with participating MLS organizations as requested. If you would like to participate in the survey, please register here and we’ll contact you with the details. Thanks so much for your participation! CLICK HERE to register:

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Want Raving Fans? 5 Gotta Haves for your 2018 MLS Budget

by Marilyn Wilson on September 5, 2017

Budget

WAV Group conducts more subscriber satisfaction research for MLSs than anyone else in the country.  We have a depth of understanding of the key drivers of satisfaction and perceived relevance for MLS organizations. Here’s the 5 key opportunities for improving your MLS’ satisfaction and relevance as you move into 2018: Go TO your Members Create a Field Support/Training Team There is NOTHING that drives up customer engagement and satisfaction for MLSs more than a team of customer servants that go out into the field, attending office meetings, broker events and community events.  These valuable team members can help educate subscribers on the technology and tools offered to drive up adoption and perceived value of the MLS fees. They can also gather input on ways to improve technology, service and support for your customers.  On every survey that we field, satisfaction numbers are off the charts with those that have attended sessions with MLS customer servants. Marketing Make Promotion a Priority    All of our MLS clients wish they could get every one of their subscribers to take full advantage of the tools, support and training they offer, yet,  according to the 2017 CMLS Best Practices Survey, just 18% of MLSs have full-time marketing staff.   In order for your members to take full advantage of the services you offer they need to understand the practical, tangible benefits that will help them succeed in real estate.  2018 is the year to think about hiring a marketing person, contract with an outside resource or a combination of both. Prepare for the Future Strategic Planning Our industry has never moved faster than it is right now. It’s time for every MLS to question every assumption and take a fundamental look at the company’s role, relevance and reason for being.  It’s time to think about important new ways to anticipate the needs of your customers and find new ways to help them be more successful without levelling the playing field. How do you know if you are addressing the needs of your brokers?  As part of the preparations for the strategic plan, you interview your largest brokers to be sure you are getting the whole truth so you can address their needs. Sometimes brokers are more willing to speak to outsides than their own team.  You will get unfettered access to the best ways you can improve your working relationship and value with your brokers. It’s […]

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SmartMLS Hits the Ground Running

by Victor Lund on August 2, 2017

SmartMLS

WALLINGFORD, CT – SmartMLS, the Multiple Listing Service formed from the merger of The Connecticut Multiple Listing Service, Inc. (CTMLS), and the Greater Fairfield County CMLS (GFC CMLS), officially launched full, live operations to its members on August 1st, the company announced. SmartMLS represents over 17,000 real estate professionals and covers all eight Connecticut counties, making it among the top twenty largest MLSs in the country. Though the third smallest state, Connecticut has the highest per capita income in the United States, and boasts a massive $13 billion in real estate transactions annually. Led by co-CEOs Cameron Paine and Kathy Elson, SmartMLS is the product of merger discussions that began just seven months ago. It involved not only the physical merger of both MLS corporations and their back-end databases, products and services, but also a conversion to a new MLS system, CoreLogic’s Matrix 7 platform. “We committed ourselves to an aggressive timeline and we’ve been able to hit those benchmarks at every step along the way.” said co-CEO Kathy Elson, adding, “The speed in which this was all accomplished is a tremendous credit to our team, our Board of Directors and our vendors.  MMSI in particular, our membership management partner, had a huge role in making this happen for us.  They were tasked with handling the de-duplication of offices and members and combining of our member records.  We couldn’t have done it without them.” According to Co-CEO Cameron Paine, “It is generally accepted that the role of the MLS is to provide the most comprehensive, accurate, and timely data possible. However, many MLSs provide something far less than statewide data, which means they can only provide a fraction of a complete data set.  I’ll call this being a ‘Fractional MLS’.  The reason this merger came together so quickly is that we all recognized that being a Fractional MLS guarantees our irrelevance in the near future”. At launch, over 96 percent of the real estate professionals in Connecticut will be using MLS services provided by SmartMLS.  SmartMLS uses the new CoreLogic Matrix 7.0 platform, proudly endorses the Broker Public Portal and provides Homesnap as both the mobile app and public-facing portal for the MLS.  SmartMLS will introduce a new Membership Dashboard provided by MMSI and powered by Clareity’s SSO product. In addition, SmartMLS offers ShowingAssist, Realist, Instanet, and LisTrac products as part of the MLS subscribership. About SmartMLS The SmartMLS territory […]

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Empty Listing

‘Naked’ listings are a disservice to both buyers and sellers and WILL hurt your brokerage! When a listing hits the MLS and is syndicated to brokerage and portal websites — especially in 2017 — there are qualified, avid buyers who are waiting for that listing. They want to learn everything they can about their potential new home so they can decide whether it’s worth the asking price and whether they should spend some of their precious house-hunting time taking a tour.   Let me ask you something: How easy do you think that is to do without any listing photos? “Naked” listings are all too common in an era when there’s no excuse for it. Not everyone is a photographer — but everyone has a phone in their pocket with a high-resolution camera and five or ten minutes to read up on a few quick tips for how to shoot photos with that camera in an emergency (Google them — there’s an article for every phone model). Brokers, let’s be clear: Not having a single photo for the listing you are about to put into the MLS is an emergency. When that listing goes live, it sends the photo-less data to dozens of website within MINUTES. Your lack of attention to detail will be broadcast to hundreds of agents and potentially thousands of buyers with the click of a button.Just because your MLS doesn’t REQUIRE a photo to be included for one or more days  after the listing goes live doesn’t mean you shouldn’t include a photo. Your listing is going to be published on hundreds of IDX sites and third party sites literally within minutes of you hitting the “SAVE” button.  Why would you severely impact your ability to sell a property by not taking the time to build the most valuable marketing asset there is for a home – attractive photos? Think this is an exaggeration? This is what your listing looks like across the internet when you neglect to take at least one photo. Those bland street maps are really inviting to buyers, aren’t they? Franchise systems can also make it easy to forget about the photos, so agents should make sure they are uploading only complete listings to the MLS and to any franchise system that their brokerages use. Allowing your agents to upload listings to the MLS without at least one high-quality photo of the […]

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How Loyal Are YOUR Customers?

by Marilyn Wilson on June 6, 2017

It is critical for MLSs and Brokers to measure the relationships they have with their customers.  While most MLSs do not have DIRECT competition, they have tons of indirect competition.  MLSs compete against companies that generate leads for agents since that it one of their key roles. They compete against training companies providing CE credit and teaching about technologies. MLSs also compete. MLSs also compete with companies that provide ways to aggregate and distribute real estate listing information for the purposes of monetizes the information flow.  While MLSs have survived well in the real estate ecosystem, some are more well-regarded than others. Brokers, on the other hand have TONS of competition from their fellow brokers.  Understanding customer loyalty is even more critical for them. To really know how well you are doing in building and strengthening customer relationships, it is critical that MLSs measure customer satisfaction. There are two measures that WAV Group recommends for its clients – the Net Promoter Score® or NPS. Second is the Customer Effort Score or CEF®. What is a Net Promoter Score (NPS)? Net Promoter Score, or NPS is a customer experience metric developed by Fred Reichheld, aimed at determining the level of customer loyalty. NPS was introduced by Reichheld in his 2003 Harvard Business Review article “The One Number You Need to Grow“.  Net Promoter Score measures a customer’s willingness to recommend a brand’s product and services to their friends, family and colleagues. NPS is a simple metric, based on a single question that measures customer loyalty: “How likely is it that you would recommend our company’s product and services to a friend or colleague?” Respondents answer by choosing a number from 0-10, with 10 being the most likely to recommend.   While this question can work well for brokerages and technology companies where there are lots of competition in the marketplace, we have seen it not work as well for MLSs, mainly because in most markets REALTORS® do not have a CHOICE of MLSs organizations to work with. Sometimes it angers MLS subscribers and they will say things like “I have no choice so I would have no need to recommend my MLS to anyone. Depending on the score they give, customers are then classified as promoters (score 9-10), passives (score 7-8) and detractors (score 0-6).  The more 9 and 10 scores you receive the higher your Net Promoter Score will be. Those that […]

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