Wednesday 9/25/24 - Seattle, Washington
Victor Lund, Moderator
Kelly Robinson, VestaPlus
Lucie Fortier, ICE
Liz Sturrock, Miami REALTORS
Amy Gorce, Redistribute
The value of MLS data & how to enhance data integrity and value by improving your compliance processes
Our MLS industry creates an organized marketplace for over a million independent contractors. This is why our real estate market is the envy of the international community. It is why so many international entities are joining RESO to learn to build what we have already built. Even with compensation removed after the NAR settlement we still have so much value to offer. Now more than ever is the time to focus on our data quality.
Victor asked me to talk about improving our data integrity and compliance best practices because of my unique role. I work for the Combined LA Westside MLS in Los Angeles, so we are an MLS organization just like you. 20 years ago, our CEO decided to build our own MLS system and since then we have developed several other tools including our CheckMate™ compliance tool. So I am also an MLS vendor for VestaPlus.
I am going to share 5 items each MLS organization can use to improve MLS data. The work that we put in to create this high-quality data is the essence of the diamond, this work is what makes it valuable. No one is scraping bad data! Do you know anyone scraping Craigslist data?
5 Tips to Enhance The MLS Compliance Process
- MLS rules review
Most of us recently updated our MLS rules around compensation and concessions. Make sure you have recently undertaken a comprehensive review of all rules from staff, IT and the MLS committee/leadership perspective.
- Are the rules up-to-date?
- Do the current rules take into account current technology? Current local business practices?
- Catch errors & violations early
- Review entries during add/edit to deny violations before they occur
- Offer pop-up guidance at the field level to explain blocked words, what to enter, what not to enter
- Detect violations in both a proactive and reactive manner
OPTION A (Reactive): Members report an offending member or listing
OPTION B (Proactive): Check every new and updated listing
- More MLSs all over the U.S. and Canada are moving to automated detection software, like CheckMate™, to make sure their MLS staff "Detects it First"!
- Even the smaller MLSs are adding this critical software to their budgets to better manage data integrity.
- Check text and images in every listing
- It is not enough to just detect word and text violations in the public and private comments.
- Every MLS needs to check each listing photo.
- AI can do much of that heavy lifting.
- Figure out what works to change the behavior of your members using your own data
- Do you have the data to see which rules are violated most often?
- Do you have the data to know who is violating rules most frequently (specific agents, certain offices, brokerages)?
- With that data you can target your training content to address the rules that are broken most often and even target the training directly to brokerages, offices and agents that are repeat offenders.
- Track the results from each type of training and communication to see which are most effective.
- Track the results from fines or other consequences to see how effective they are.
- Are your fines and other consequences administered consistently?
I hope these 5 steps help you improve your internal processes to ensure the best data quality possible.
Feel free to reach out if you would like us to assist with a review of your current compliance processes.
If you would like information on how the CheckMate™ Detect It First™ software can help your MLS reach its compliance goals, please reach out for a consultation or demo.
Phone: (855) 580-0068
Email: sales@vestaplus.net