To survive for the long haul, Multiple Listing Services are going to need compelling ways to harness the power of MLS data to give their subscribers a unique look into the marketplace not available anywhere else. While technology, service and training are key parts of the MLS value proposition, the core of the MLS is the quality and utility of the data it curates.
While most MLSs deliver MLS Technology, property search and showing appointment software, the core of the MLS, no organization has figured out how to harness the power of those disparate data sets to make it valuable to their subscribers…. until now.
Bright MLS created the idea of building a unique method for measuring current and future home demand by examining property search, MLS activity and showing appointment velocity to provide a look at present and future market demand. They partnered with T3 Sixty to build a Home Demand Index. The powerful insights delivered by the Bright MLS T3 Home Demand Index can be used by REALTORS® to provide market perspective to their clients only available to Bright MLS subscribers. This tool will help REALTORS® better inform their clients. The tool also helps underline and reinforce the value of the MLS by delivering insights never available before.
Check out the full press release below:
Bright MLS and T3 Sixty Launch Home Demand Index to Provide Real-Time Insight Into Homebuyer Demand
Real estate professionals in the Mid-Atlantic region now have access to detailed homebuyer demand information down to the ZIP code level
(Rockville, Md.) March 16, 2021 — Bright MLS, which serves over 95,000 real estate professionals from Pennsylvania to Virginia, today announced the launch of the Bright T3 Home Demand Index, a first-of-its-kind forward-looking measure of housing demand rooted in the comprehensive and current housing data only a multiple listing service can provide.
The Bright T3 Home Demand Index, powered by real estate research and consulting firm T3 Sixty, measures and tracks data on presale activities, including showing requests, home searches and views within Bright MLS; it also tracks accepted showings and home sales across the Bright footprint. Using a machine-learning algorithm, an index score is generated at the metro and ZIP code level based on this activity, and includes a five-level rating scale, from limited demand to high demand. Scores are also broken out by property type: single-family, condo and townhouse/rowhouse/twin.
The Bright T3 Home Demand Index is a key part of Bright MLS’s strategy to create a nimbler, more valuable MLS platform. Most existing housing indices track what has happened in the past; the Bright T3 Home Demand Index captures what is happening right now and, over time, helps paint a picture of buying activity into the future. This gives real estate professionals valuable real-time information that they can use to better price homes for their clients; in addition, consumers can access the information to analyze purchase opportunities.
“Everything we do at Bright is done to help drive our Brokers’ and agents’ business forward, and to help them better serve the homebuyers and sellers that depend on them for guidance,” said Bright MLS President and CEO Brian Donnellan. “The Bright T3 Home Demand Index serves this mission directly by giving real estate professionals and their clients an anticipatory look at housing demand that simply did not exist before. More people will be able to make more informed decisions about real estate with this tool at their fingertips.”
“The Bright T3 Home Demand Index gives real estate professionals more accurate and almost real-time insight into the home buying and selling process,” said T3 Sixty Chairman and CEO Stefan Swanepoel.
The Bright T3 Home Demand Index covers the Baltimore, Washington, D.C., and Philadelphia markets and adjacent communities. Within each market, users can dig deeper into ZIP code-level precision, allowing agents and consumers to analyze the data to make informed decisions about asking price, timing their listings, and marketing and advertising approaches.
About the Bright T3 Home Demand Index
The Bright T3 Home Demand Index is designed to track the level of interest and activity of actively engaged homebuyers and reflects homebuying demand in a specific region based on data sourced from partner MLSs. The Index measures activities that happen before the market and sales process occurs, and is thus a more current and accurate indicator of home demand activity. For more information, visit homedemandindex.com.
About Bright MLS
Bright MLS’s real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia. As a leading multiple listing service (MLS), Bright supports over 95,000 real estate professionals who in turn serve the more than 20 million homeowners in our footprint. In 2020, Bright’s customers facilitated $116.3B in real estate transactions through our system. For more information, please visit www.brightmls.com
About T3 Sixty
T3 Sixty is a trusted advisor and management consultancy in the residential real estate industry. Clients include franchisors, brokerages, associations, MLS organizations and technology companies. Whether reorganizing, expanding or innovating, leaders and entrepreneurs rely on T3 Sixty’s extensive experience and objective, analytical research to affect intelligent change. For more information, please visit t360.com.