Context with Mike DelPrete Gene Millman: The MLS Breakdown
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Sep 13, 2024 Gene Millman, former CEO of REcolorado, dives deep into the current landscape of Multiple Listing Services (MLS) and their relevance in 2024. He discusses the necessity for MLSs to transform into collaborative partners with brokerages, emphasizing transparency. Millman also addresses the critical balance of technology and personal relationships in real estate. Furthermore, he stresses the importance of treating MLSs as businesses for sustainable success, highlighting agility and strategic planning as essential tools for navigating industry challenges.
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Father-in-Law's Confusion
- Gene Millman's father-in-law doesn't understand what an MLS does, even after Millman's 8 years in the field.
- This highlights the public's lack of understanding about MLSs, which Millman sees as a mix of data, tech, and service.
MLS as Truth of Source
- MLSs aggregate and standardize data, creating a marketplace by enabling data sharing across platforms.
- They act as the "truth of source" for property information, feeding data to sites like Zillow.
Too Many MLSs
- The real estate industry has too many MLSs, creating a financial burden on brokerages and agents.
- Consolidation is needed, though the ideal number of MLSs remains a topic of debate.