The real estate industry is overflowing with turnkey software that’s exactly the same across every installation. While this is often fine at the agent and, to an extent, broker levels, a “one size fits all” strategy isn’t robust enough for the needs of MLSs, particularly when it comes to property data.
Flood maps, for example, may be important in Louisiana, but not so much in Delaware or Maine. Illinois may not need wildfire data, but it’s critical in California and Texas. And even within the same state, rural MLSs may have very different needs than their metropolitan counterparts.
Every MLS is unique, and a property data strategy that works for one MLS may not work for another. Depending on location, an MLS may want certain property data features which might not be available through assessor tax collection, like noise pollution from a nearby Air Force base or airport. Some MLSs may seek data sets based on their region’s climate, such as insurance information on wildfires, flooding, tornadoes or other natural disasters, while others may be looking for HOA, building permit, zoning codes, lien and foreclosure information.
Sometimes MLSs require a more granular approach to property data that makes distinctions beyond different regions or states, like serving the distinct data needs of rural vs. urban MLSs. Metro areas, for example, tend to have more apartments and condos, which can be difficult to map data sets to compared to single-family homes which dominate rural areas. In rural areas, MLSs may face challenges with mobile homes, which may sit on land that might not actually be property.
That’s why it’s necessary for MLSs to seek a property data partner that offers a variety of data sets, matching the needs of their customer to available data. A local MLS knows more about their data needs than any vendor, so it’s important that your data partner work with you on an individualized basis to meet those needs and integrate the necessary information into the product.
It’s not a one-size-fits-all, turnkey solution because every MLS has unique data sets which they know make a huge difference when it comes to listing a home.
Given these diverse and specialized requirements, it becomes clear that MLSs need a data partner who can adapt to their unique demands. CRS Data, creators of the property data platform MLS Tax Suite, offer data customization to each of their customers. “Because every customer is unique and has unique data needs, it’s vitally important for us to be able to provide individualized information that’s relevant to them and their customers,” say Sara Cooper, executive vice president of real estate market at CRS Data.
To learn more about CRS Data, visit https://www.crsdata.com/mls-tax-suite/.
