Brokers should be mindful of data recency when using it to assess their business options.
In 2024 and beyond, data is the new oil. In the ever-evolving real estate market, brokers need access to seamless data integration to stay competitive. REsides, Inc., an independent property network, is here to provide brokers with the modern tools and data security they need to thrive.
Data transparency
It is important that brokerage data is checked for accuracy, preventing display of media and content that conveys liability to brokers, sellers and MLSs or causes privacy concerns. By using rules, checking listing data and applying filters, brokerage liability is significantly reduced. Some examples:
- Auto population from tax or previous listing data
- Freezing editability of tax record fields
- Date entry control (not allowing unrealistic dates to be entered)
- Additional fields to allow for competing values for outdated public record data. For instance, county square footage value versus inspected value.
- Tech assisted compliance checks for certain verbiage and content
Data security
Broker data security is multifaceted. Information can be protected in multiple ways:
- Limiting MLS access by user types
- Controlling showing service authentication
- Maintaining exclusive data feed levels
- Control of images displayed and retained by third parties, access to geo coordinates and other data elements that may have restrictions.
- Making the largest data set available to brokers is a requirement. However, it must be balanced with overall data security IDX process(es) to ensure data is handled securely.
Data recency
Data recency is important. Brokers should ask vendors how frequently listing and image data is refreshed. Many IDX vendors provide an updated date on listings on various websites. Ask questions about any high-level filtering criteria. I would encourage broker data teams to obtain feed payload and mapping details based on RESO data standards from their MLS(s).
Maintaining a feed optimized with information brokers want is an ongoing task. Some brokerages prefer to use objective criteria to determine what listing they will display on IDX websites such as location, property type or price. Ensuring that data display and usage rules are accurately adhered to by IDX vendors is critical. The scale of this task can stack as brokers add MLS feeds. A simple onboarding process for brokers is important to compress implementation times. Standardized RESO Web API data feeds are a major help to get brokers online quickly in new marketplaces with minimized development.
Cost consolidation
There’s a current trend of cost consolidation, MLS consolidation/data share and centralization of more data services to third parties. Addressing these concerns requires ongoing communication with MLS providers, technology and other industry partners, staying informed about industry best practices and investing in robust technology stack solutions. REsides believes in removing barriers for brokers to access and integrate the data they need and monetizing the data fairly by utilizing REsides’ proprietary DataMetRETM technology, which only charges tech vendors for the data they consume.
As an independent property network – MLS, REsides puts brokers first. Join us as we lead the way in delivering innovative solutions for the new age of real estate.
