REcolorado President and CEO Kirby Slunaker was one of three MLS execs to speak on a panel about industry trends at the 2018 CoreLogic User Group Summit in Colorado Springs. CoreLogic provides Matrix and Realist, the MLS and public records data tool used by REcolorado and 18 of the other top 25 MLSs in the country. The panelists, all from different states, touched on many hot topics including two that are playing out right now in Colorado: MLS consolidation and industry innovation.
At its peak, the MLS industry included more than 800 MLSs across the country. Today, that number currently rests at just under 650. That is due, in large part, to rapid urban growth that eventually creates market overlap for MLSs. When market overlap occurs, local real estate professionals who do business all over the region must pay several MLS fees to receive access to all the listings they need. That point of contention typically leads to MLSs agreeing to consolidate for the benefit of their local subscribers. The panelists had different stories to tell related to consolidation in their respective markets. But, they all agreed that when there is market overlap and disorder, it’s consolidation, not collaboration, that is the answer.
While the topic of MLS consolidation reached a clear consensus, industry innovation was more ambiguous. The panelists all had different opinions, thoughts, and comments on their respective approach to innovation. One mentioned that his MLS was focused on building out and adding on to what they already do well. Slunaker agreed, and also feels that keeping up with the latest and greatest tech to hit the market is important so the MLS is always ready to offer agents the tools they need to efficiently serve their clients and effectively grow their businesses.
Do you have thoughts on either of these industry trends? We’d love to hear your comments! Request to join our private Facebook group and start a peer discussion.