The hosts explore key insights from the recent MLS Reset conference, discussing governance reform and the need for reduced board sizes. They debate the competition among Multiple Listing Services while advocating for effective data-sharing agreements. The conversation highlights innovative ideas, including a concept for a trusted data brand. Humor also plays a role, as they share thoughts on the art of engaging presentations and the need for captivating storytelling in professional settings. This engaging discussion offers plenty of takeaways for industry professionals.
The MLS Reset Conference highlighted the importance of storytelling in presentations, emphasizing engagement through individual talks by industry leaders.
Governance reform is essential for MLS organizations, advocating for fewer board members to enhance decision-making efficiency and organizational nimbleness.
Data sharing agreements among MLSs can foster healthy competition while also necessitating a careful balance to avoid stifling innovation in the market.
Deep dives
Leveraging One Home for Buyer Engagement
The importance of keeping buyers motivated and loyal in the current real estate market is emphasized, highlighting the use of One Home by CoreLogic as a solution. One Home offers an integrated platform that enhances data sharing and client collaboration, providing real estate agents with tools to foster positive engagement with their clients. This platform is distinguished by high customer satisfaction scores and notable repeat user visits, indicating its effectiveness in retaining client interest. Real estate professionals are encouraged to promote this resource and support its integration into their local MLS to maximize client experiences.
Innovative Conference Organization
The podcast discusses the recent conference organized by Greg, marking his first major event in the industry, and reflects on the challenges and successes it faced. The speakers were carefully selected to include notable industry leaders who contributed diverse insights and engaged the audience effectively. Feedback on the setup of presentations versus panels was provided, suggesting more individual talks could enhance understanding and engagement, as panel discussions often result in disengagement. The conversation reveals a newfound appreciation for the importance of storytelling and real-world experiences in industry settings.
Analyzing Governance in MLS
The discussion highlights the need for reform in the governance of MLS organizations, advocating for fewer board members to improve decision-making efficiency. The importance of allowing CEOs to lead effectively without being stifled by bureaucracy is emphasized, suggesting organizations should be nimble and adaptable to market changes. Additionally, the concept of professionalizing the leadership roles within MLSs is explored, questioning the traditional governance structures that may hinder progress. There is a recognition that many board members genuinely want to do right by their organizations and that constructive dialogue can facilitate necessary changes.
The Role of Data Sharing and Competition
The podcast delves into the complexities surrounding data sharing agreements among MLSs and how they can lead to healthy market competition. It raises concerns that excessive regulation and protectionism might stifle innovation within the industry, suggesting that data sharing should focus on enhancing competition rather than limiting it. The conversation takes cues from the telecommunications industry, discussing the potential benefits of a free-market approach to data utilization within real estate. By embracing innovation and shared access to data, MLSs could enable a more competitive and service-oriented marketplace.
The Emerging Landscape of SourceMLS
The concept of SourceMLS is introduced as a branding initiative to establish trust in MLS data amid evolving market conditions. This initiative aims to differentiate between reliable MLS listings and other competing sources, similar to established certifications in other industries. However, concerns are raised about the feasibility of maintaining accuracy and reliability given the inherent disclaimers associated with MLS data. Overall, the potential for SourceMLS to create a standardized trust framework is acknowledged, but industry collaboration would be essential to its success.
In this episode of Industry Relations, Rob and Greg recap Greg’s recent MLS Reset conference and dive into key industry insights. They discuss governance reform, competition between MLSs, data sharing agreements, and bold ideas for innovation in the real estate world. From pitch battles for tech innovation to thought-provoking commentary on leadership, this episode offers plenty of takeaways for industry professionals.
Key Takeaways
• MLS Reset Conference Recap: Greg shares highlights, including impactful presentations by Brian Boero, Michael Wurzer, and Curt Beardsley, Ben Graboske, who challenged the industry to embrace optimism.
• Governance Reform: Rob emphasizes the importance of reducing board sizes and increasing nimbleness
• Data Sharing and Competition: Rob and Greg debate whether MLSs should compete on services, price, and tech while maintaining data-sharing agreements.
• Source MLS Branding: A conversation on Michael Wurzer’s Source MLS concept as a trusted, transparent data brand.