Industry NewsTechnology

Removing local boundaries key to MLS future

'Intergalactic' gateway system would feature global, multilingual real estate database

NEW ORLEANS -- A shared, "intergalactic" real estate information database, with extensive records for every property on the planet, may serve multiple listing services of the future, according to a paper prepared by a National Association of Realtors advisory group. "MLS has been in turmoil for some time now," said Ted Loring, a liaison to the "MLS Future Presidential Advisory Group," formed earlier this year to rethink the form and function of the MLS system. The group, composed of brokerage-company representatives, real estate consultants and Realtor association staff and leadership, was tasked with wiping the slate clean in conceptualizing a futuristic MLS and to "specifically disregard what we have today," said Loring, who spoke Saturday at a National Association of Realtors annual meeting. The current MLS system in the U.S. includes about 900 local, regional and statewide MLSs, some of which have overlapping boundaries and membership. Real estate brokers in some cases join multi...