The real estate industry has long had a goal of data universality. Yet that goal has been hindered by expensive integration costs and interoperability challenges. How can MLSs leverage tech and data to create a more seamless experience for members while simultaneously providing a new level of value?
SkySlope Manager of Product and Innovation, Nikola Dosev, recently spoke at Inman Connect New York about the topic, providing insights about the possibilities that a freer flow of market data could open up for the real estate industry at large.
MLSs have historically been the gatekeepers of real estate data, yet they’re still in the process of discovering how to best allocate that data in ways that are beneficial to both agents and clients.
According to Nikola, a large part of the current data bottleneck is the result of data hoarding. “Data hoarding doesn’t necessarily happen for bad reasons,” he emphasizes. “Each provider wants to help the agent, help their customer, and retain their security, but there are so many great, standardized ways to pass data from one part of the transaction to another now.”
Freeing up data transmission has the potential to dramatically reduce the number of systems that agents and clients need to enter their information to when selling or buying a home. According to Nikola, many agents are currently using three to four different technologies during a transaction process. “They’re working with their broker to submit all of these transaction documents and, really, interoperability and streamlining of the data becomes very critical,” he explains. “That’s why we recommend that MLSs and associations focus on partnering with vendors who focus on streamlining data as well.”
As market conditions continue to cool in 2023, the issue of data interoperability is becoming even more pertinent. “We’re currently in conversations with 54 of the biggest MLSs in the U.S. about integrations and data transfers,” says Nikola, “and one thing we’re consistently hearing about is the ‘tightening of the belt.’ It’s something that associations are thinking about day-to-day as they make decisions with vendors.”
Top of mind for MLSs, is how they can pitch value to their members to retain them. Specifically, MLSs want to drive high value for a low cost. “One thing we consistently talk about SkySlope is, how do we partner as a vendor with the MLS to serve the agent?” says Nikola. “And that really gets down to streamlining technology and providing the member benefit that really retains that member.”
Curious to learn more about the current and future technology that data interoperability could provide the groundwork for, plus hear what Sam DeBord, CEO of the Real Estate Standards Organization (RESO), has to say on the topic? Watch the entire interview below.
For more information on how SkySlope partners with MLSs and associations to provide customized member solutions, visit our member benefits page.