A group of proactive, customer-centric MLSs has gotten together to solve important MLS data distribution challenges faced by technology vendors and brokerages.
A recent study conducted by WAV Group underscores the reason this collaboration is so important for the real estate industry. According to the study, nearly three-quarters of brokers and vendors said they want a centralized data licensing approval process with ONE standardized data licensing approval form.
More than two-thirds of respondents said they want a single source to access and aggregate data from multiple markets, yet today only 11% are working exclusively with centralized data providers.
The MLSs driving MLS Grid listened and addressed these needs. It’s part of an ongoing commitment to make it easier for all who rely on these important property databases to share information and advance new products and services. In a just- released paper, The Power of One, they make their case:
“MLS Grid is the easiest and most efficient way for MLSs to deliver IDX and VOW data feeds from one centralized source. It simplifies the process with one license agreement and alleviates key challenges MLSs face when delivering and monitoring data”.
MLS Grid is a data distribution system that makes it easy for brokers and tech vendors by standardizing the data licensing approval form so tech companies don’t have to spend heavily for costly legal reviews of multiple documents, saving thousands of dollars. MLS Grid can be used to access IDX, VOW and soon, the new MyDX data feed. MyDX will provide brokers with the ability to receive a copy from an MLS of their entire listings database and transaction history and which they can then use to populate the application of their choice, including another MLS.
The MLS Grid collaboration goes beyond just providing a standardized data licensing approval form, though. Participating tech companies receive all of their approvals and can pay for their data feeds from one centralized source.
Unlike other data distribution sources, MLS Grid is owned and operated by several multiple listing services. The initiative is motivated to deliver efficiency and cost-savings for brokerages, not profits. MLSs across the country are interested in the progress MLS Grid has made and the adoption by many of today’s most well-respected technology companies, brokerages and franchises. Today, there are nearly 500 tech companies that are using MLS Grid as a data distribution partner, servicing over 12,000 licensees.
MLS Grid eliminates the burden of data compliance, too. According to The Power of One, MLS Grid takes on the role of ensuring websites display licensed data properly on behalf of participating MLSs. MLS Grid conducts quarterly audits of listing websites and monitors vendor data usage. Inappropriate data distribution or display is quickly identified and shared with all participating MLS Grid partners to eliminate the need for redundant policing.
One set of Rules and Rules and Normalized Data
Participating MLSs in MLS Grid collaborate on rules and regulations, creating one standardized set of rules using NAR Model Rules and incorporating standardized statuses and field names using RESO data definitions. The system allows for member MLS’ to include their own fields as well to define unique geographies and features specific to local markets.
If you are trying to find ways to deliver excellent data services and support to your brokers, download the paper and take a look. This solution has solved the bulk of what MLS data users told WAV Group they wanted.