> This from the Chicago Trib: Should you buy or should you hold off?

> This from Inman: Realtors question Web site name restrictions, about concerns some are raising about a new Code of Ethics standard of practice that says REALTORS shall not “use URLs or domain names that present less than a true picture.” The new SOP, approved last November, is the result of the use, by some members, of domain names that suggest that the REALTOR is actually the MLS (for instance, a broker whose website is “VirginiaMLS.com”). Seems to me such usages are misleading at best…and therefore the new NAR SOP is appropriate. Or in other words, just because it’s legal and you own it doesn’t mean it’s ethical. What do you think?

At today’s MLS Forum, Michael Wurzer, of FBS (FlexML) characterizes the future of MLS as a “Perfect Storm” — with three storm fronts that are potentially shaping this future: Broker Consolidation, Web 2.0, and NAR vs DOJ.

(1) Broker Consolidation: Brokers are growing and consolidating, which is causing MLS’s to grow. Some MLS’s are consolidating, some are sharing data.

(2) Web 2.0: Key components of this movement include:

• universal accessibility of information
• open access to technology
• consumer choice and particpation
• independence, freedom and respect

Some companies that are involved (in varying degrees) in the Web 2.0 world are zillow, redfin, craigslist, google, point2, trulia, yahoo, and roost.

(3) NAR vs. DOJ: The basic accusation is that NAR is anti-consumer. Since NAR is Realtors, the syllogism is that Realtors are anti-consumer (fees are too high). Lawsuits create a status quo — no changes are made to make sure that the lawsuit isn’t complicated. This vacuum of innovation is being filled by many of Web 2.0 companies.

Is It Too Late?

Will the web run over the MLS? According to Michael, no. We define the web . . . and yet, at the same time, the web defines us. So . . . as Michael says, “The Future Is Now. ” We are defining our future today, by our decisions and actions — and the foundations are just being built. Some of the current trends include . . .

• Standards: Standards are being defined (in real estate and other areas) to provide broad and deep definitions. The Real Estate Transaction Standard (RETS) is defining a listing in these ways, to allow for data portability. Data portability provides power and choice.
• Syndication: Entering the data (listings) into one location, which then sends out out to many different web sites. RETS has created a syndication work group to try to standardize syndication. This standard will ideally be used by MLS vendors

Thinking Points . . .

Licensing Our Syndicated Data

What happens to the real estate content we provide to third parties via syndication? From Google’s terms of use, when content is submitted to Google, the submitting party is granting Google a “…worldwide, non-exclusive, royalty-free license to reproduce, modify, adapt, publish, and otherwise use, with or without attribution such Content on Google services.” However, it goes on to state that the “…license terminates when such Content is deleted from the Google service to which you originally submitted.” We need to consider developing standard ways to license our data. (ex. Creative Commons) Standards are just now being developed for all that matters. We have the opportunity to participate in that process.

MLS is More Than Technology

The MLS is essentially a social network, with (strangely), competitors cooperating. It is, to some extent, a representative democracy. This cooperation allows an aggregation of data. Without this cooperation, listings will not all be in one place. Thus, the question (again) is who is serving consumers? The aggregation of listings (via the MLS) is a service to consumers.

Moving Forward

• IDX is a fantastic tool, but it lacks the standardization and full features necessary for moving forward. Perhaps IDX needs to be revisited, within the Web 2.0 context.
• How should we cooperate on the web?
• Which parts of the listing we want to share?
• Are listings are advertising, or information?
• Who are the members of the MLS?
• Should the consumer be a “member” of the MLS? What if they agreed to our terms of use?

As leaders in the industry, we need to determine whether these trends, questions and ideas are just noise, or whether they are an indication of a major industry change on the horizon. The future is being formed right now . . . the question is who will determine this future.
—

Some of Michael’s recommended readings:

• Only The Paranoid Survive
• Cluetrain Manifesto
• Code 2.0
• The Summer of 1787

Looking for more insights from Michael Wurzer? Check out his blog: http://www.flexmls.com/blog.

As real estate agents, the MLS is our constant go-to source for information. Number of bedrooms? Go to the MLS. Square footage? Check MLS. Types of floors? It’s right there on MLS. The MLS is one of the most utilized tools in our real estate toolbox., and also one of the most abused. Just last week, I was at a listing appointment where the owner asked me whether withdrawing her home from MLS and then reentering it would reset the Days On Market Counter (thankfully, it does not). We’ve all seen the “2000 square foot charmer” that looks more like a 1300 square foot dump with a leaky roof. It happens all the time - incomplete listing information, manipulation of Days On Market, even homes entered into the wrong areas to garner more traffic.

For years, agents have had “private” use of the MLS, and were the gatekeepers for buyers wishing to get more information regarding a particular home. If a buyer wanted information on a home, they called their agent who searched the MLS for more information. Agents held the key, literally and figuratively, and the information provided went to the consumer THROUGH the agent. This position has changed, with the rise of real estate websites offering the promise of free – or slightly free – information on neighborhoods and even particular homes. The MLS is no longer the go-to resource for real estate information, it’s now just one of many consumer marketplaces for home buyers and sellers.

Why then, if the information we enter into MLS is made available to consumers throughout the Web, aren’t we making sure we’re using accurate data? Complete and accurate data in the MLS means that our listings are going to be “hits” with more buyers and agents than if we just enter the bare minimum. Having a listing without room dimensions might just push the perfect buyer on to another property, just as failing to include descriptive text might eliminate those agents and their buyers using search terms to find your listing. Sure, some of the fields can be tedious and redundant, but the more information we can provide on our seller clients’ listings, the more likely that buyer will see it. Michael Wurzer, president of FBS Data Systems, has written extensively on his blog about it and it’ll be interesting to see if he addresses it further at February’s Legislative & Education Conference. Don’t forget you can register online and save money, by the way! MLS accuracy has been covered for years, in every market, and it’s something we all still struggle with.

The MLS is a tool for agents and consumers alike, and just as with any tool it needs maintenance and care. We all get busy and distracted, but don’t overlook taking the time to make sure your listings are complete and thorough. We’ll ALL benefit if we each take the time to make sure our tools are sharp and ready for action.