2016 has been a great year for real estate. On many levels we see the entire industry rethinking. Giving credit where credit is due – this is an initiative that was powered by the National Association of REALTORS® – but morphed into many other things. Consolidation 2016 saw the most rapid consolidation of MLSs and Associations in history. WAV Group worked on many of them. The common drive is the notion that there are “too many MLSs and Associations.” But what we learned from deeper investigation through services reviews and satisfaction reviews is that there were “too many ineffective MLSs and Associations.” As Californian’s often remark, there are not too many winemakers in California, there are too many that make bad wine. In 2017 and beyond, organizations need to take broker and agent satisfaction more seriously. Associations and MLSs that put a bad wine on the table and expect their members and subscribers to drink will quickly learn that they are obsolete. The real estate industry is at war with well funded outside companies that intend to disrupt it. Areas of the country that do not provide outstanding services to brokers and agents will see disruption first. Consolidation 2.0 – it is worth mentioning the largest consolidation effort in America – Bright MLS – the new company founded by the bundling of Trend MLS, MRIS, and about eight others to create the Nation’s largest MLS. In this case of consolidation (and there are many other examples), a number of great MLSs with exceptional services and subscriber satisfaction are joining together to reimagine how they can serve brokers and agents even better. It is not just the approach of economies of scale – as you will see in the coming year – its about providing an MLS service that is far different, and far better than any other. This is a group that is highly strategic and highly skilled. Their future is indeed, Bright. RESO – Real Estate Standards Organization Perhaps the leading indicator of failing MLSs in America is RESO Data Dictionary compliance. To pass compliance, the MLS must format a data feed that uses an industry standard for the fields and field names. This is not hard folks. Out of more than 720 MLSs, there are still 50 that are not in compliance. These organizations had two years to plan and implement. And now they are more than a […]
Zillow Group announced the purchase of Bridge Interactive, making them the provider of listing input in a number of MLSs, and the data distribution manager in many others. In some ways, Bridge Interactive is like Upstream, but not a competitor. Bridge is about helping brokers solve data problems and may become a conduit that more easily permits Upstream to allow brokers to deliver listing content to MLSs. Throughout the process of developing the Request for Proposal for Project Upstream, the technology workgroup evaluated many technology offerings. At the end of the day, there were three pieces to the Upstream puzzle that needed to be put together – Listing Input and Management; Data Repository; and Listing Distribution. Listing input and management is the hardest par, as is it includes the ability to handle the sophistication of an MLS system. Many technology firms have ample Data Repositories so that is not the hard part. Listing distribution is pretty common and not hard either. A stand-alone solution for listing input is rare, most MLS systems have this component baked in. Atlanta-based Bridge Interactive developed a specific application to solve the problem of overlapping market disorder for MLSs, whereby a single listing would go into two or more MLSs. As a case in point, the Atlanta, GA area has two MLS offerings – FMLS and Georgia MLS. Bridge Interactive allows brokers to enter a listing once into Bridge Interactive and publish it in both MLSs, as well as capture additional fields required by the broker. The hard part is supporting the business rules of an MLS or multiple MLSs and resolving them into a single user interface. Zillow Group has had the pieces to Upstream with the combination of Postlets for listing input, their massive data repository, and listing distribution, through both Postlets and Retsly. I would expect that their data repository is equal to or greater than most any data repository in our industry. It certainly is massive and seems to have no trouble with the largest concurrent real estate load in the world. But Postlets was developed for a simpler type of data input – namely input for syndication. Today, Postlets has been re-deployed as the Zillow Rentals Manager and is no longer used for listing input. With Bridge Interactive, Zillow Group has improved their capabilities in listing input significantly. Moreover, they have acquired the team from Bridge, who are among the sharpest in our […]
SAN FRANCISCO, July 28, 2016 /PRNewswire/– Reflecting the strategic and operational importance of eSignature and Digital Transaction Management (DTM) across the real estate, property management and mortgage industries, thought-leaders Alex Lange from UpstreamRE, Bob Goldberg from National Association of REALTORS®, and Jeremy Crawford from the Real Estate Standards Organization (RESO) today added their expertise to the xDTM Standard Association’s advisory board. The xDTM Standard provides in-depth guidelines and best practices that Digital Transaction Management vendors should address to create a trusted online environment for their customers, including data ownership, transparency, security and the ability for data integration across applications. This is especially important in the real estate industry, given the standard includes requirements that personal information is used only for the purpose it was intended. This aligns directly with brokers’ and agents’ priority that the data collected be used appropriately and only in a manner to which brokers and agents have consented. “Standards are integral to the health of the real estate industry – they lay the foundation for improved collaboration between parties and promote efficiency in real estate transactions,” said Jeremy Crawford, Executive Director at the Real Estate Standards Organization (RESO). “We’re pleased to bring our real estate expertise to the xDTM Standard advisory board, and we’re looking forward to working with the group to ensure the right levels of privacy, validity and security are in place for all our members who use eSignature technologies.” The appointment of these new members is testament to the real estate industry’s importance as one of the earliest adopters of eSignature and DTM technology. And it comes at a time when the xDTM Standard Association is seeing increased interest from the sector to ensure improvements in technology can benefit brokers, agents, buyers, sellers and everyone involved in the complete transaction – from listing to close. “All digital transactions – especially real estate transactions, which contain some of the most sensitive and time-sensitive information – will benefit from the xDTM Standard,” said Alex Lange, CEO, UpstreamRE. “UpstreamRE is thrilled to join the xDTM Standard Association advisory board and further the work of the body to foster trusted digital transaction environments that allow for choice, privacy, flexibility, security and control – critical elements for brokers, agents and their clients.” More than 300 companies already endorse the xDTM Standard – with several prominent Board of Governors including individuals from SAP, BASF, Dow Jones, News Corp, Visa, Intel, Hewlett Packard, FedEx, NBC Universal, DocuSign, the United States Postal Service, BuckleySandler, […]
Many assume that Upstream is only about listings. In fact, there are six database categories that are contemplated for the application that solve a lot of problems for brokers of any size. The Need For A Single Agent Record Depending on the brokerage, the Agent Record – their office address, office phone, bio, headshot, cell number, social media profile, et. al. Agent Records are used in a lot of applications across the brokerage. Here is a partial list, but a common list for a brokerage of 1 agent in 1 MLS market. Broker Website/Agent Website MLS MLS Consumer Site Mobile App Virtual tour CMA Flyer/Marketing Accounting System Realtor.com/Zillow Group et al Newspaper/Magazine et al Drip Marketing Lead Management Buyer Listing Notifications Franchise/Network Agent Ratings Contact Management System Transaction Management Document Management Digital Signatures For an agent to update their profile across all of these systems is cumbersome. For a brokerage to try to manage the identity of their agents in all of these applications is even worse. Consider the added complexity of multiple offices, multiple MLSs, and in many cases, multiple marketing solutions. Brokers and agents die the death of a thousand cuts when it comes to managing disparate databases. It is equally problematic for technology vendors who want to launch or migrate users. With Upstream, any broker can add/edit their data in one system – and permit any vendor to access their data records from one system. It’s simple, elegant, and necessary. This solution will be available in Q1 for certain Alpha markets. If you are a vendor who is interested in getting access to the Upstream API as it becomes available, please send an email to Victor Lund – email@example.com. We are beginning the process of developing application requirements. If you want to get an overview of Upstream – download our Upstream Report here.
As many of you know, WAV Group has been working with a group of brokers and franchises for more than a year on a project called Upstream. Today, Upstream is a corporation with one of the strongest board of directors in our industry. It has been an honor to work with the board along with the CIOs and CTOs of their corporations to define the Upstream application and talk to enterprise level technology firms who have the capacity to deliver such an enormous solution. Until now, very little information has been shared openly across the industry. Until the company’s governance was established, the application specified, and a vendor sourced – there was little to say. Upstream has been theoretical. It is about to become operational. We have created a report onUpstream that you can download and share. Please feel free to contact me with any questions. firstname.lastname@example.org Download the complete report on Upstream here.
For a few years now, industry leaders have been working together to address data problems, producing almost two years ago a solution concept called “Upstream.” Not long after that, the WAV Group was asked to consult on the technical side of the development of the project. Our non-disclosure agreement has prevented us from saying much about it. However, now we are very pleased to be allowed finally to share some information about the concept. In an announcement this week, UpstreamRE, LLC, the standalone company that will direct the effort, announced that it is deep into serious negotiations with the National Association of REALTORS, exploring ways to leverage the significant assets and capabilities of NAR’sRealtor Property Resource unit to support key components of Upstream’s functionality. At the NAR Midyear meetings, the NAR Board of Directors approved $12 Million in funding to support Upstream and AMP development projects for Realtors Property Resource. UpstreamRE, LLC will now consider using some RPR services combined with other vendor services for the project. Upstream is not an MLS! Real estate firms across America have obstreperous data management problems. Three of those problems include the disorderly replication of add/edit; the replication and inconsistency of data formats; and the challenge of perfecting Copyright. These challenges that face firms are interrelated in many ways. [ Definition: Obstreperous – noisy, difficult to control, unruly, unmanageable, disorderly, undisciplined, rowdy, disruptive. ] The Solution for Duplicate Add-Edit When a firm acquires a listing, there are many actions that often take place before that listing is placed in the MLS. For example, firms likely create a transaction in their back office system that allows expenses such as sign services, photography service, staging, or other expenditures to be ordered and tracked. Franchise firms are also required to enter the listing into the franchise system for accounting. Although some of the larger MLSs have created a new status for tracking this pre-listing data management need, most do not. The duplication of add/edit in multiple databases is problematic. Nobody wants to experience the repetitive data entry for a variety of reasons. Chiefly, duplication of add-edit causes increased labor expenses and is prone to errors. Moreover, managing edits in multiple systems requires significant training and support. The very best add-edit solution in the industry has been developed by MLSs. WAV Group supported project Upstream by creating a specification for an MLS quality add-edit solution. It includes usability […]