For real estate professionals, the multiple listing service (MLS) is about as essential as any single tool or resource can be. All the data provides an obvious value to those in the industry, and the platform exists as a foundation for real estate transactions—but what about beyond that?
Besides using the MLS to market properties, housing data is a sought-after commodity, leveraged by various private and public entities in research spanning numerous sectors. And for consumers who mostly don’t even know what an MLS is, how do real estate professionals demonstrate the importance of the service, as mainstream media coverage continues to cast real estate in a negative light?
Brad Bjelke, CEO of Utah’s largest MLS (WFRMLS, also known as UtahRealEstate.com), launched a new tool this year he claims can leverage this dynamic for the benefit of all parties. Intended to make the process of sharing MLS data with outsiders easier and more secure, the new product—dubbed “reDataExport”—can help other MLSs become better partners with those who value and rely on housing data, he tells RISMedia.
“I think good MLSs know that their data is very valuable. We have a lot of it. We have a lot of historical information,” he says. “Whether it’s government, university, academia, economists, whatever it may be—being able to identify yourself as the source of that data, I think that’s been the part that MLSs have missed over the years.”
In the wake of the National Association of REALTORS®’ (NAR) settlement and other investigations into real estate policy and practices, the MLS system overall has come under increasing scrutiny. While legal issues surrounding specific MLS policies remain disputed and nuanced, Bjelke hopes that getting back to the basics—leveraging data and building partnerships—is the kind of practice that can elevate the whole industry, and create important connections outside of real estate.
“I would guess that most, if not all (MLSs), have somebody in their local market that they have to provide some data to or want to provide data to,” he says. “Where it’s helped us is that it lets us build relationships in our community. So for instance, we can have a better relationship with the University of Utah. And they quote us, they cite us for the data provided, we get on the news sometimes.”
Bjelke is not the only one to recognize how important real estate data is. REdistribute, a joint venture between CRMLS (the California Regional MLS) and Bright MLS, was launched two and a half years ago, specifically targeting institutional buyers, lenders and insurance companies.
reDataExport was built based on Bjelke’s own needs and those of WFRMLS, he says, and has already helped him provide important data to the governor’s office. While theoretically almost any MLS could find a way to provide that kind of data, Bjelke says having a tool that provides simple and also specific datapoints facilitates the needs of governments and academics.
Generally, Bjelke says the agreements with these entities include a simple stipulation that the MLS is credited in the report or news article or study that leverages data provided through reDataExport, which is hugely beneficial both in the short and long term. It might also help MLSs find new partnerships, Bjelke adds, because many folks who might want to use housing data have no way to process it in an API format.
Specifically, he says that smaller MLSs that can’t afford big marketing campaigns or consumer-facing content can very easily get in front of a larger audience by leveraging their data—even though their smaller datasets might not be as useful to economists or government agencies.
“I would say the more data that’s in an MLS, the more value there is,” Bjelke says. “But I talked to a number of small MLS execs from smaller markets, and they have some of the same issues. I know one of them works with a university that’s in that smaller market, and the university is pretty demanding and loves to do research and statistics for the media.”
The need and urgency of getting all types of housing data might be growing, too, as the inventory and affordability crises have both public and non-governmental agencies seeking more data to drive their decisions. Bjelke says the MLS can facilitate this kind of work much better than other providers of housing data.
“A lot of economists and academics, they’re using data that’s put out by the federal government,” he points out. “It’s oftentimes a quarter, six months, even a year trailing, and so what we can provide is something that is timely right up to the minute you run…it gives economists and whoever’s using it some leading indicators on where things are going.”
So far, the kinds of data academics and governments are looking at are mostly related to affordable housing, Bjelke says, along with new constructions. That is not surprising based on the challenges currently facing the housing market.
Bjelke says that his company has long trumpeted the name and value of the MLS product, offering a consumer website and lots of marketing across the state. While not every MLS can—or wants to—follow that same path, finding ways to let the broader community know about the MLS is especially important right now.
“You need to really show the value of what you do,” Bjelke says, “because it’s a ton of value, but sometimes it’s just hidden behind a lack of branding.”
