BrokerageIndustry News

Real estate information is not just ‘data’ anymore

Realtor leaders approve new rules for online information

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WASHINGTON, D.C. -- Property listings information formerly called "data" is now defined as "content," according to a change in multiple listing service policy adopted by National Association of Realtors directors at a Saturday meeting. That content can include "photos, images, graphics, audio and video recordings, virtual tours, drawings, descriptions, remarks, narratives, pricing information, and other details or information related to listed property." Listing brokers own the listing agreement, and, "prior to submitting a listing to the MLS, the listing broker should own, or have the authority to cause all listing content ... to be published in the MLS," according to the amended policy, which is scheduled to take effect in January 2007, upon publication of the association's 2007 "Handbook on Multiple Listing Policy." The policy touches on a controversial topic for the real estate industry: ownership and control of property listings information. Legal and industry experts have debat...