If there’s one thing that’s constant in real estate, it’s that change is inevitable. Much of that change is driven by technology. In my nearly four decades in the real estate industry, I’ve witnessed firsthand the effects that technology has had, and how the pace of change has accelerated over the years.
In 1984, when I started working for the then Westchester County Board of REALTORS® and its subsidiary, the Westchester County Multiple Listing Service, the MLS had just shifted to a new computer system called Dator, a first foray into computerizing the database. Back at that time, we still delivered printed listing books, sometimes in two volumes, on a bi-weekly basis. We also printed “hotsheets” containing status changes on existing listings, and delivered them daily to every office.
In the subsequent four decades since my start in real estate, first-class mail has been replaced by email, printed listing books are mostly forgotten relics, and massive mainframes have been replaced by “the cloud.”
Despite all the change that has occurred, there’s one constant in organized real estate, the underlying principle of the MLS: cooperation. Brokers cooperate with their fellow competitors for the benefit of consumers. It’s that simple—so simple that it’s very easy to take for granted. Think about it. In how many other professions do competitors willingly and openly share data with fellow competitors to facilitate transactions, and in a transparent and timely manner?
Everyone is focused on the next new technology that will save us time and make our lives easier. Currently, new versions of chatbots launched by big tech companies are the newest obsession. Ironically, I read that one of these chatbots provided a definition of the multiple listing service and its value to consumers, one better than most real estate agents would be able to provide.
Organized real estate is under siege on numerous fronts, from lawsuits to regulatory actions. Unfortunately, the bedrock principle of cooperation seems to be the focus of some of these attacks. The bottom line is that the principle of cooperation, which is the foundation on which organized real estate is built, is the reason the MLSs have stayed relevant, and indeed vital, for all these years.
Technology has reshaped and refined how real estate professionals provide services to the consumer. I contend that all that technology would come down like a house of cards if not built on a solid foundation. We need to make the case with the public and with regulators that MLS-fostered cooperation not only facilitates transparent transactions, but at its heart is pro-consumer. If we don’t make this case, organized real estate could well come crashing down, and it could happen sooner than we think.
I’m not a fan of the status quo. We must always be willing to take a hard look at the structure of MLSs and be willing to make them more efficient and effective. We must continue to focus on improving data integrity and the enforcement of uniform data standards. Data accuracy benefits brokerages and consumers, and ensures the quality and ease of cooperation. We cannot underestimate the role of cooperation as the foundation for organized real estate.
Join us at https://www.onekeymlsny.com/about/join-onekey.
