The debate over NAR’s clear cooperation policy continues among brokers, MLSs, and other real estate industry players. Opinions are highly divided on this policy, which governs how and when real estate listings are created and shared. This polarized debate threatens the operating model of MLS, which has successfully served agents and consumers for decades as the world’s most digital, transparent, and consumer-friendly housing marketplace. are. Before any major changes are made, it is worth noting that existing technology solutions already provide much of the flexibility being discussed. Understanding these technical features can help find compromises in policy discussions.
As a leading provider of software to multiple listing services and the agents they serve, CoreLogic is uniquely positioned in the industry to highlight our technical capabilities. CoreLogic’s market-leading property management platform, Matrix, is used by approximately two-thirds of the industry’s real estate agents (approximately 1 million) to create, manage, and find residential listings. The average agent accesses the Matrix system three times a day. CoreLogic also offers Trestle, a leading data delivery platform. Trestle is used by more than 135 MLSs in the U.S. and delivers data in a standardized format to more than 750 brokers, portals, and technology providers.
Together, Matrix and Trestle can support MLSs, brokers, and industry players, regardless of which direction they decide on a clear cooperation policy. For example:
The broker’s agent enters all listings into the MLS system (matrix). When a broker’s agent enters a listing, they select the appropriate status, including “private” status. Matrix can include “private listings” in data feedback to the appropriate broker. In near real-time (via Trestle) Listings marked as private remain private to the broker, and only those broker listings marked as private are available for search by the broker’s own agents or clients of the broker’s agents is. Listings marked as private are suppressed from broader syndication Listings marked as “private” can be changed to “public” based on a trigger mechanism coordinated between the broker and the MLS. Trigger mechanisms include: Agent-driven: Agent changes listing status Time-limited: Example: After 10 days Activity-limited: Marketing, showings, etc. Once a listing switches from private to public, regular syndication and availability of the listing to a broader agent population will start.
Such a technical scenario could be win-win for all parties.
Brokers: Increase control and flexibility over your listings to ensure the housing ecosystem thrives, while ensuring the right level of transparency to support your customers and business models. Brokers also have access to standardized data feeds of first-party listings, both private and public, across MLSs, which can save significant technology costs when budgets are tight. Agents: There’s no double-entry of listings, so listings remain in a standardized format, and you can switch listings from private to public with the click of a button. MLS: Remains the central repository for all listings in your local marketplace, ensuring proper compliance across all transactions. This allows MLS to continue to provide an aggregated and complete market picture of what is happening on a regional level. Homeowners: Now you have more options for how you list your home.
Rather than dismantling the entire MLS operating model, the scenario outlined above can be implemented in a matter of weeks because the infrastructure already exists. Although CoreLogic products are used in the example above, CoreLogic is not the only company that can provide these capabilities.
The cooperative system of MLSs and brokers in the United States has enabled transparency and widespread distribution, fostering a robust housing market that is in many ways the envy of the world. MLS systems have built-in technical flexibility that allows for policy changes. Regardless of which direction policy takes the industry, CoreLogic is here to support the people who help it thrive.
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