The Summary of the Panel 05/B: MLS of the Future: The Value of Listing Data
At the MLS International Forum, the panel titled MLS of the Future: The Value of Listing Data brought together leaders in the real estate and technology sectors to explore how data is transforming Multiple Listing Services (MLS). Panelists included Saul Klein (CEO, San Diego MLS), Kevin Greene (SVP/GM, CoreLogic), Victor Lund (CEO, WAV Group/RE Technology Inc), Giselle Abadi (CTO, Realtyna), and Jeff Bosch (CEO, IRES MLS). The session focused on the evolving role of MLS, the importance of data standardization, and the monetization of listing data in an increasingly digital real estate landscape.
Introduction: A Paradigm Shift in MLS Operations
Saul Klein, the moderator and CEO of San Diego MLS, kicked off the discussion by framing it around the concept of a paradigm shift in MLS operations. Klein pointed out that what has worked for MLS in the past may not work in the future, quoting Joel Barker: “When a paradigm shifts, everyone goes back to zero.”
Key Questions Raised:
- What’s currently possible within the MLS structure?
- What would fundamentally change if certain things became impossible?
Klein stressed the importance of MLS leaders adapting to these changes and the necessity of building stronger data distribution partnerships to stay relevant.
The Core Components of MLS: Trust, Cooperation, and Data
The panelists all agreed that MLS remains the single source of truth for real estate data, which is vital for building trust and enabling cooperation among brokers and agents.
Key Elements:
- Offer of Compensation: Historically central to MLS but now removed from the MLS.
- Data Integrity: Clear Cooperation Policy (CCP) is now challenged. MLS data, as the foundation for real estate portals and platforms, remains a crucial asset for market efficiency and transparency.
MLS Models: The U.S. vs. Europe
Victor Lund explored the different MLS models between the U.S. and Europe. The U.S. model, traditionally centered around compensation, is gradually evolving to resemble the European model, where compensation is not a barrier to MLS participation in markets like commercial real estate.
Opportunities for Cooperation:
- Data Sharing: Increased collaboration between U.S. and European MLS systems could lead to more unified real estate practices, particularly in terms of data standardization and market representation.
The Future of MLS as a Platform
The discussion then turned to the concept of MLS as a platform, providing an ecosystem that enables orderly data sharing among brokers, agents, and consumers. Jeff Bosch highlighted how regional MLSs are working together to share data, using technologies like single sign-on and web APIs to avoid full consolidation while ensuring data remains accessible.
Key Takeaway:
- Data Sharing without Consolidation: Modern web API technology allows MLSs to cooperate without having to merge, thereby preserving regional diversity while sharing critical data efficiently.
Data Copyright and Protection
A critical issue raised was the need to protect MLS data through copyright submissions and legal safeguards. Victor Lund shared examples of MLSs submitting data compilations to the U.S. Copyright Office to protect the value of property descriptions, photographs, and databases from unauthorized use.
Protection Strategies:
- Watermarking: Technologies like Sherlock.ai help detect copyrighted MLS data being used illegally online, protecting intellectual property from misuse.
- API Controls: Implementing controls that prevent unauthorized AI usage of MLS data, ensuring that any data used by third-party platforms is properly licensed.
Monetization of MLS Data
Giselle Abadi focused her discussion on data protection and monetization, emphasizing that using new technology it’s not always necessary for data to be replicated. We can leverage MLS Routerâ„¢ API which is compliant with RESO Web API and serves data On-The-Fly, as this approach allows for better protection.Â
She highlighted two key methods for measuring data usage and enabling monetization: the API Hit Count and Metered IDXâ„¢. The latter becomes especially valuable when data has already been replicated. With specific SEO techniques and algorithms, it’s possible to measure the value that each MLS’s data generates for portals.
Monetization Methods:
- API hits Count: For non-replicated data which is served via API query/response, supported by MLS Routerâ„¢.
- Metered IDX: Â Measuring data-usage and value contribution of the MLS data for portals that replicate the data.
Emerging Technologies and the Future of MLS Data
The panelists agreed that the future of MLS will be shaped by emerging technologies like AI, machine learning, and blockchain. However, they emphasized that the value of MLS data will depend on its quality, protection, and the industry’s ability to monetize it effectively.
Action Items from the Panel
Several key action items emerged from the discussion:
- Encourage MLSs to adopt API technology for both data input and output to facilitate efficient data sharing.
- Promote cooperation among MLSs for data aggregation and protection.
- Ensure robust data protection measures, including copyright submissions and quarterly data reports to the U.S. Copyright Office.
- Update license agreements to prevent unauthorized AI usage of MLS data.
- Explore metered IDX and API-based monetization models to compensate data owners fairly.
In summary, the MLS of the Future panel at the MLS International Forum provided a comprehensive overview of how listing data is becoming a valuable asset in real estate. The panelists emphasized the need for innovation, collaboration, and data protection as the real estate industry continues to evolve. As MLSs adapt to new technologies and emerging business models, their role as a central source of trusted real estate data will only grow in importance.
Disclaimer: This article was created using AI Mindmap technology to summarize and structure the content. While every effort has been made to accurately capture the key points and discussions, the text may not perfectly match the original content. We encourage you to refer to the official source for precise details and further information.