The MLS has served the industry well. For decades, it has provided a basis for all broker participants and their agents -- large or small franchise or indie -- to share listings while simultaneously competing for business under a common set of local rules. It's the great equalizer regarding access to available inventory. It is, by and large, the single essential utility one needs to be in the business of residential real estate. You know this by asking the simple question: how would you or your firm function today without easy access to all of the listings and the corresponding offer of compensation? Going deeper than listing data But what would happen if brokers and their agents needed to share more than local property listing data to compete at the most basic level? That day is coming. If you follow tech trends, you certainly have come across the term artificial intelligence. More accurately, AI is part of a larger trend called cognitive computing. It sounds scary and for som...
- Cognitive computing is coming to real estate, not to displace real estate professionals, but to make them more valuable.
- MLSs have focused their efforts on processing listing data and are not set up to acquire, store and process the data necessary for cognitive computing applications at the local level.
- Upstream or the MLSs have a chance to be leaders in bringing cognitive computing applications to the industry, but it's unlikely that both will be necessary to fill this need.