As the adage goes, the only thing constant is change. But what if embracing change becomes the new constant?
I firmly believe change is good. To grow, it is important to not only welcome change but to use it to inspire opportunities to evolve and innovate. Yet, equally as important, as we prepare for what lies ahead, we need not lose sight of what should not change. A critical component of success is balancing advancement with consistency, but how can you pivot one element while keeping the other even-keeled?
To find the answers, I often look to great business leaders for inspiration. Recently, I was caught by this quote from Jeff Bezos:
“I very frequently get the question: ‘What’s going to change in the next 10 years?’ And that is a very interesting question; it’s a very common one. I almost never get the question: ‘What’s not going to change in the next 10 years? And I submit to you that that second question is actually the more important of the two—because you can build a business strategy around the things that are stable in time.”
In the MLS business, we know that real estate professionals rely on us to be their business partners. We are the foundation on which the industry is built, providing not only the holistic property information that opens doors to the dream of home ownership and the pursuit of generational wealth, but also the detailed data that powers our insights, tools, and services Real estate professionals and consumers alike rely on MLS services throughout the lifecycle of the buying and selling process and beyond to understand market trends, get insights on pricing, ensure accurate appraisals, and much, much more.
This is true now and will remain crucial in the future. According to Fed data, millennials own just 18.2% of real estate wealth, which is less than half of boomers’ 41.6% share. However, millennials are making progress and are the largest generation entering their prime homebuying age. In 2022, millennials made up 28% of home buyers, compared to 39% of boomers.
As millennials continue to grow their housing wealth, the complete collection of home buying and selling data that is aggregated by the MLS will continue to be vital for the production of valuable reports and insights used by real estate professionals to be trusted advisors to their clients.
The way these are delivered has evolved and will continue to evolve with technology. But the basic premise is the same. The elements that are at the core of everything we do will remain a constant, primarily:
Listening to our customers and consumers
MLS companies can only succeed if our subscribers succeed. We are co-dependent on one another. We must continue to listen to our subscribers so we can evolve, serve them, and help their businesses succeed. Additionally, we must understand consumer needs and desires as they engage in buying and selling homes. Listening will help us develop market-driven, business-friendly policies and provide the services they need.
As a responsive MLS, we actively listen to understand our customers’ needs and provide valuable information, insights, and data to empower them to make the best decisions.
Providing reliable, complete data
The MLS has evolved beyond being a book of listings. We are now aggregators of home and property data that is used to power tools and services that make residential real estate buying and selling efficient. We’re also the data that helps home buyers and sellers make data-driven decisions. What has not changed is the need for reliable, complete data. Although the home data is online (not in books anymore)—the MLS is still the source. We need to continue to work with real estate professionals to make certain all home listings are entered into the MLS platforms consistently, completely, and as accurately as possible. This is the fuel for a smooth transaction.
Supporting a fair and efficient market
Many do not fully grasp the extensive efforts that occur behind the scenes to curate highly accurate information so, at the brokers’ request, it can feed the public portals for consumer reach. It is not only the availability of information that fosters an efficient real estate marketplace but also what promotes fair housing within the market by ensuring equitable access to available homes. Life events will drive the need to buy and sell homes. A real estate professional who can serve as a trusted advisor because they have the backing of a strong MLS business partner, is needed in these situations.
Delivering stellar service
Real estate professionals work around the clock. It is important for the MLS to be available when they need us. It is equally important for us to deliver user-friendly solutions that help real estate professionals be more efficient so they can focus their time on providing a positive experience for their clients, marketing their businesses, and understanding the market.
We need to be nimble and agile and to evolve to serve our customers as the market shifts. Technology will be developed; consumer needs will change. A good foundation that balances the lifeblood of change, with the backbone of consistency is our recipe for success.
For more information, visit https://recolorado.com/.
