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Sign into your accountMajor Changes In Real Estate
April 30 2015
Behold, changes are taking place in real estate. We are seeing significant efforts like Project Upstream, RPR AMP, Broker Public Portal, Fair Display Guidelines, and RESO mandates that are shaping the future of our industry. It makes you wonder what is driving this explosive cocktail of industry wide initiatives.
At the heart of many of these developments are brokers. When they survey the world around them, they rue the existence of poor data management and profit taking by others.
Poor Data Management
I believe that it was MRIS CEO David Charron who coined the term "Overlapping Market Disorder." He was referring to situations where MLS areas overlap. It is a condition that causes brokers and agents to participate in more than one MLS and struggle to keep data clean and abide by different regulations. MLSs have long established unique data schema and rules to "differentiate" themselves from a neighboring MLS. MLS of choice caused this. And in many ways, association of choice amplified it. Today, nearly every MLS supplies brokerages with different IDX and VOW data feeds. For the broker and their vendor, maintaining these different types of feeds and rules is time consuming and painful.
The Real Estate Standards Organization seeks to make it better. They are doing an excellent job, and the Data Dictionary--the effort to normalize field names and attributes--will see the day of light by the end of this year and into 2016. It will be a slow transition, but brokers will finally be able to get a data feed that is normalized across multiple markets. At least we are optimistic. The lever to cause the data dictionary to be adopted is the NAR MLS Policy Committee. Technically, MLSs not adopting the standard would be subject to penalties from NAR for non-compliance. We will see how seriously NAR and MLSs take this requirement.
For its part, the MLS Policy Committee has done an excellent job of evolving the MLS model rules. For example, last year they standardized rules relating to the access and display of sold property data in the IDX model rules.