A long time for MLS and CMLS is to make sure that we communicate these things and that people understand how important they are. Our mindset is, let’s move forward. Let’s do the work that needs to be done. Let’s make sure we find out and talk to policy makers. Let them understand what the MLS is and how important the real estate industry is as an engine. So, look at some of those things as we go down this road.
Andrews: Obviously, one of the things that is going on is the implementation of new laws that have been approved by the antitrust settlement agreed by the National Association of Realtors (NAR). Do you think the dust has settled on that?
DiMichele: Guessing things like that is very difficult to do. I think eventually, everyone will accept that as something that needs to be resolved, as you say, but in reality, it’s hard to predict what will happen. It just keeps going back and forth. I suggest that there will be some resolution in the next little while, and what I mean is that we will come to the realization that everything is where it should be and how it should be.
Andrews: There have been data sharing agreements recently announced between MLSs that involve aggregators between home buyers and sellers. How do you see these and do you think we will see more of them?
DiMichele: Data sharing agreements are a natural progression as the world gets smaller and people start to realize how important this information is and how important it is to be transparent. It will take time, but you can see that people are making these kinds of decisions and moving forward in our market.
It’s a natural progression like this concept of market disruption where people can see listings that aren’t on their website in their markets. That makes no sense. It doesn’t work well. The more you clean up that database, the less effective it is, and the consumer doesn’t really get the benefit of having that transparency to make an informed decision with confidence.
Andrews: The Clear Partnership Policy (CCP) — where sellers’ agents must submit a listing to the MLS within 24 hours of signing a listing agreement — is being challenged by big names in the industry. What do you see as the value of CCP to both agents and consumers, and do you think this policy will survive this challenge?
DiMichele: We want the buyer to have a complete picture. You want the Realtor to have that knowledge and data base that helps guide the work on behalf of their clients or their clients or groups they work with.
I’m confused as to why this is a good thing to have separate databases. If you are buying a house, wouldn’t you want me to provide you with all the relevant data? Let’s go back to the car engine analogy: When you start watering that fuel, that engine eventually starts to explode, so I have a really hard time with the idea of a planned listing or not having this light. Therefore, I believe that in order to properly serve the buyer, the MLS needs to be able to do its job. CCP should be something we all respect and want.
Andrews: Some industry experts say widespread MLS consolidation is unlikely, while others say it absolutely will. How do you view the merger and do you think we’ll see more of that? Is that beneficial to MLS?
DiMichele: There will be natural movement in that area over time as the markets mature. Certain areas require it. There are still plenty of MLS out there. People will start to realize that the market is very important. We want to have a successful market. We want to be able to effectively serve the member and consumer with the data they need to do their jobs.
Let’s face it, the market has been depressed for the past little while. It has been challenged by many factors, but I think the dream of owning a home is still very valid, and right. We know that owning a home is probably considered the fourth pillar of wealth management and retirement planning. It’s the first step into wealth, so the buyer will drive this, and I think all those problems will fall away.
Andrews: Do you think there is room for new entrants and maybe MLS with a national record?
DiMichele: I’ve never really believed in that, just because real estate is local. Having been there as a doctor, there are certain things you can stop, so to speak, but there are many local and regional issues. There are parts of the country that are very specific to how real estate works, so unless you’ve collected them all in your area, you don’t have that expertise and that knowledge base.
Data can only go so far. The valuable information a Realtor brings to the table. I think maybe there will be regional change, regional integration, but from a national perspective, I just don’t see it.
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