New Footprint to Include Six States and Washington, D.C.

More than one year ago, Metropolitan Regional Information Systems Inc. (MRIS), he Delaware Valley Real Estate Information Network Inc. (TREND) and seven other organizations began discussions about the changes and challenges in the real estate and Multiple Listing Service (MLS) industry. Through those discussions, those Boards of Directors decided to consolidate into one entity to create the next era of the MLS.

According to MRIS, the driving force behind the MLS consolidation initiative was that MLS boundaries can geographically limit an agent’s business. Realtors® need access to the same listings in the same markets where their clients are looking, traveling and moving. That area is often larger than a single MLS. A broader geographic footprint with greater depth of information will make agents and brokers better prepared to meet customers’ needs. Locating MLS information through one system, one fee, one set of rules, and one data feed will save time, money and effort.

WHAT WILL THIS NEW MLS LOOK LIKE?
At press time, final votes for participation in the new MLS organization were pending shareholder approval. However, the resulting MLS would cover:
•    80,000 real estate professionals
•    Parts of six states plus Washington D.C.
•    10,000,000 public records
•    9,000,000 on and off market MLS listings

WHAT TECHNOLOGY, TOOLS AND SYSTEMS WILL BE AVAILABLE TO REALTORS®?
The MLS System: Initially, the MLS search and report system will be a newer version of the familiar Matrix platform, called Matrix 360, and Listing Management (Add/Edit) will be Keystone. In addition, the standard MLS subscription will provide the information and tools members already know and use. Some of the new features will include:
•    Listing information (on/off market) for all primary counties
•    Public records for all primary and adjacent counties
•    Schedule showings through ShowingTime
•    Mobile app with listing and public records search
•    Mobile app with listing add/edit
•    Combined listing and public record report
•    Foreclosure information
•    Drive-time lifestyle-based searching
•    Predictive and performance analytics

Consumer-Related Tools: The new organization will provide agents, brokers and appraisers with the latest technology to help their clients (the consumer) in their home search, allowing them to better compete with third-party websites. These tools include a consumer listing portal and consumer mobile app. These tools are designed to promote the real estate professional to consumers and will include a consumer-facing website.

Premium Products: The new organization will provide the option to subscribe to additional or enhanced products. They will be available for one-time use or as a subscription for an ongoing basis. While the exact details of these products were not yet final at press time, they could include upgraded comparative market analysis (CMA) options, agent/broker websites, document management and e-signatures.

WHAT IS NEXT?
As the legal details of the new organization are finalized, work has already begun to merge business operations and technical systems. Below are some target milestone dates:
•    January 2017: New MLS name, logo and leadership will be announced
•    Spring 2017: New contact information for its Support Center
•    Q3 and Q4 2017: Training for the new MLS system will begin
•    Q1 2018: Agents will switch to the new MLS system, which will feature an upgraded version of the current Matrix System.

NEED MORE INFORMATION?
Realtors® likely have many questions about the new organization and details that will affect their day-to-day business. For more information, please visit mris.com/brightmls or email questions@mris.net. As details become available, NVAR will share information on nvar.com and in the e-Newsletter.