MLS 5.0 -- A Vision for Tomorrow -- Part Three
Recently, RealTown released the MLS of the Future Vision Article authored by RealTown's Saul Klein. The article release has created an incredible buzz in the Real Estate industry. If you have not read the entire 28-page paper, you can download it by visiting . In the meantime, we will be releasing a portion of the paper several times a week to allow you to read the specific sections and make online comments that will fuel additional views and opinions on the subject as we move forward http://MLSofFuture.com
What will be required to build on the current solid foundation of today’s MLS? This paper attempts to answer this question and create a basis for an industry discussion. Open and frank discussion is essential to creating the tools and organizations that will position REALTORS® to provide services to meet the expectations of future buyers and sellers. This Paper is a vision and not a roadmap. MLS in the broad, generic sense, needs to be redefined in the age of information proliferation and online participatory environments. MLS is more than an offer of compensation and cooperation, but how much more? That decision is up to you.
MLS 5.0 is a Property Wiki - (Parcel based not listing based)
A wiki is a collection of web pages, where the content is written by contributors (Wiki in plain English). Wiki software can have many uses and applications, the most well known being Wikipedia, which is an encyclopedia written by volunteer writers and editors. Companies today often use wiki software to create searchable, retrievable information about the company. A wiki begins with something referred to as a “Stub,” which can be a word or a phrase and then contributors write about the stub. Because of a concept known as the “wisdom of crowds” the information about that stub becomes more and more comprehensive and accurate. Wikis are fundamental to Web 2.0. Do not be led to believe that wikis are not accurate. To test, go to Wikipedia.org and search for a word or phrase that you are familiar with and check the accuracy.
Who Will MLS 5.0 Serve?
MLS 5.0 will serve the customer of today and be ready for the customer of tomorrow. That customer is the REALTOR® and their customer, the buyers and sellers of real estate. According to NAR, Gen X and Gen Y made up 78.8% of all first time home purchases in 2007. This is a significant milestone. While there is a variety of information and definition about the different generations, one thing for certain is that there are truly generational differences based on the times in which people live, the seminal events in their lives, and the world conditions they experience during their lifetime. MLS has always been a Broker to Broker (Business to Business) Network. It was not created as a central platform to facilitate marketing efforts. Marketing today needs to take into consideration generational destinations, modes of communication, and targeted marketing messages.
Understanding and Adapting to Generational Differences
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