In today’s post-compensation world, “data share” has emerged as the supposed solution to many problems. The idea sounds straightforward: two or more entities, long separated by a line in the sand, will now come together to “collaborate.” But is it really that simple? Not exactly. While the idea sounds great on paper, there’s an undercurrent of caution that needs attention. Are we really tearing down barriers, or are we simply putting a bandaid on a much bigger issue?
What does ‘data sharing’ really mean?
Have you ever read the fine print in data-sharing agreements? Is data truly flowing freely, or are there hidden barriers that complicate things? The promise of seamless collaboration often hides the risk of data leaking to both good and bad actors, with little to no control.
While some organizations are genuinely addressing these risks, it’s up to brokers and agents to determine whether this approach is achieving true collaboration and mutual benefit.
Inconsistent systems, inconsistent data
One of the biggest challenges in data sharing is that every system is built differently. Even if you’re using the same platform, data inconsistencies are inevitable. Without proper synchronization, the shared data may become outdated or incorrect over time, leading to inaccurate listings and comparisons.
In short, if the data doesn’t come in clean and stay clean, you’re looking at a whole new set of problems.
Who’s really in control of your data?
Once your data is shared, third parties can potentially access it, especially if they had access through the original provider. This means your data could be scraped, monetized or even exposed multiple times without your knowledge. Brokers and agents must be vigilant to ensure they don’t violate licensing agreements, and that data is not being shared in unintended ways.
The cost of integration
Beyond the technical challenges, data sharing comes with financial implications. Integrating data across multiple MLS systems is costly, requiring considerable time and expertise to ensure the data is accurate and updated in real time. If not carefully planned, the cost of integration could far outweigh the benefits.
The dilution of your data’s value
When you share your data with larger tech companies or third parties, you may be inadvertently diluting the value of your listings and losing control over how that data is monetized.
We’re all aware of third parties attempting to bypass brokers and agents. The more data you share, the harder it becomes to maintain control—and the more you risk losing profits. This is one of the main reasons why REsides, Inc. focuses on a data-centric tech stack designed to place control in the hands of brokers and agents.
Rethinking the data share
Taking all this into account, a critical question remains: If data sharing isn’t the solution, what is? Consider joining an MLS that directly benefits brokers and agents, not only through expanded reach, but financially as well. A fully independent and borderless MLS like REsides with equity ownership gives brokers and agents the tools to reclaim control of their data, with the upside of potential profit from its use.
In today’s marketplace, your data is your greatest asset—don’t let it be diluted.
For more information, visit https://www.resides.io/.
