Recently, there has been a lot of information floating around about the value of MLS data. Some voices in the industry have made the argument that there is great value in MLS data, but that that value is yet unknown. Therefore, they contend, brokers should be wary of MLS consolidation because it could mean them losing control of their listing data and not reaping the benefits of its “hidden” value.
But at CRMLS, the nation’s largest MLS, we know better. That’s because we have real experience under our belt, not only with MLS consolidation, but with deriving actual monetary value from listing data. That’s right, CRMLS has entered into agreements which, with brokers’ express permission, have brought in new revenues through syndication of listing data. The best part?
That money is going straight back to the brokers who provided the listings.
Today, CRMLS issued checks to about 1,300 brokerages throughout our service area who chose to participate in data syndication. Any firm that contributed 10 or more listings between April 1st, 2015 and March 31st, 2016 will receive a set dollar amount for each listing inputted into the CRMLS system.* These checks represent the total income derived from syndication agreements, minus the costs of printing and mailing.
As the nation’s largest MLS, aggregated data from our brokerages is naturally of far more value to syndication partners than any smaller area’s data could hope to be. It covers a broad area and demographic range, and therefore offers a comprehensive look at many aspects of the California housing market. Because of that large coverage base, CRMLS has the opportunity to enter into agreements that honor our brokerages’ choices and which we believe will benefit our subscribers and participants in the business of serving buyers and sellers of California real estate. Our hope is that this new income stream, a direct result of the labor of CRMLS’s member brokers and agents, will assist participating brokerages in offsetting operational costs of obtaining listings.
We know that getting listings is hard work, and that’s why CRMLS recognizes that our brokers deserve full authority over whether they participate in syndication. CRMLS is committed to maintaining brokers’ control over the listing data. No amount of data sharing or MLS consolidation is ever going to change that.
Our goal at CRMLS is to serve our subscribers the best we can, so that they can best serve their clients. The checks sent out today are our newest way to give back to the brokerage community, but they won’t be the last. We will continue to listen to brokers and agents and develop our technology and services to meet their specific needs as California real estate professionals.
If you belong to a brokerage that does not currently participate in CRMLS syndication agreements, but you would like to learn more about them, please contact CRMLS Customer Care at 800-925-1525 for more information.
To view the official CRMLS Press Release CLICK HERE.
*Listings with confirmed violations and/or fines will not be eligible for participation.