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2021 ValleyMLS Broker Summit
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- 3. ValleyMLS Board Decisionsin 2021
- 4. The February Meetingsprimary focus was to ratify decisions from the November 2020 NAR Board. All Mandatory Rules and Policies were aligned and approved by the ValleyMLS.com Board of Directors at the February meeting. February 2021 Board Actions
- 5. NEW RESIENTIAL INPUTFORM: A workgroup comprised of agents and office assistants worked together to make changes in the flow of inputting a new listing. The Board voted to approve renaming standard Listing Terms. COMING SOON: Directors approved major changes to ValleyMLS.com’s Coming Soon status, based off overwhelming survey feedback from members: • Limit Coming Soon status to a max of 5 days • Make the Expected on Market Date visible on all Agent and Consumer reports and to the public via ValleyMLS.com. • Allow only one photo in Coming Soon, and remove the requirements that it be a photo of the house/property • Changes went into effect June 1, 2021 April 2021 Board Actions
- 6. The Board alsoapproved removing the “Exception” language in the Coming Soon policy, which stated: “If entering the listing in Coming Soon status, the property shall be submitted to the MLS within 3 business days of the agreement. April 2021 Board Actions
- 7. Coming Soon isonce again limited to five (5) calendar days, as opposed to business days. Coming Soon will roll to Active Status at the end of the 5-day period, as opposed to expiring. June 2021 Board Actions
- 8. NEW PROPERTY TYPE:A new property type can be listed under “manufactured home on permanent foundation” if it meets the following criteria; The manufactured home: • is tied to a permanent foundation • is assessed to the land • is now being taxed as a dwelling • has permanent meter attached • has a fixation affidavit recorded August 2021 Board Actions
- 9. NEW RENTAL CLASSEXCEPTIONS: The following exceptions have been approved when entering listings in the RENTAL class: • Properties must be available to rent within 60 days of entry. • Website URLs are allowed when listing When listing a property in the RENTAL class, you are not required to enter the owner’s name. August 2021 Board Actions
- 10. SOURCE OF SQFT:The use of plans and specs will no longer be a valid source of SQFT unless the property’s age is proposed/under or New Construction. REVISION OF ‘TOTAL SQFT COUNT’ DEFINITION: Finished SQFT is now defined, for the purposes of this MLS listing, as an enclosed area suitable for year-round use, embodying walls, floors, and ceiling that are finished in a manner consistent with the rest of the house. In order to be considered finished, this space must have a permanent and sufficient heat source. A finished area that is not connected to the main residence by a finished hall or stairway must be listed separately. August 2021 Board Actions
- 11. CHANGING OF LISTPRICE: When a list price is changed to match the sold or contract price, this causes the “List Price to Sold Price” ratio reflect an inaccurate picture. Changing the price to match the accepted contract price is not allowed because it will skew statistical data in the MLS. IDX BUYER AGENT INFO: To properly give credit to the buyer’s agent, that agent’s information will now be included in all IDX Data Feeds. COMP ONLY LISTING REMINDERS: Entering a Comp Only Listing is optional. If you do, you must have a transaction broker listing agreement, or have written permission from the seller and buyer, allowing for inclusion in the MLS after closing. August 2021 Board Actions
- 12. The exchange ofinformation among competitors regarding matters pertaining to price, refusals to deal, market division, tying relationships and other topics which might infringe upon antitrust regulations and are strictly prohibited. No such exchange or discussion will be tolerated during this meeting or any other function of ValleyMLS. This policy applies not only to the formal meeting sessions, but to informal discussions during breaks, meals or social gatherings. Anti-Trust Policy
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- 14. ValleyMLS –Your Business Generation PartnerPlan October 14, 2021
- 15. 9:15 to 10:30The Industry 10:30 to 10:45 Perspectives 10:45 to 11:00 Break 11:00 to 11:45 Business Generation Partner Plan
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- 17. Lawsuits calling MLS’“Real Estate Cartels” “Traditional brokers restrict full access to multiple listing services to other brokers.They also hide commission splits from consumers and steer consumers to higher commission properties.”
- 18. Real Estate isa target for the Federal Government Anti-Trust Consumer Transparency Fair Housing Withdrawal from settlement “to permit a broader investigation of NAR’s rules and conduct.”
- 19. More competition thanyou may think
- 21. Pace of Acquisitionshas dramatically increased
- 22. Lone Wolf andCostar are GOBBLING up companies
- 23. Traditional Brokerages Undervalued StockPrice Value
- 24. Residential Undervalued vs. other RealEstate Sectors
- 25. iBuyers are now1% of all transactions
- 26. .7% or 67sales in Birmingham were sold by iBuyers Avg Price: 171,475
- 27. Media Companies Becoming ReferralCompanies
- 28. Zillow.com Terms ofUse – Referral Model Gives Zillow an open license to provide your data to third-parties, including your personal information, however they like, and Zillow takes no responsibility at all for anything that may happen to your data in the hands of a third party. Zillow can make a referral to a real estate professional and to be paid a valuable consideration for facilitating the connection. Zillow claims the right to get paid for all of these referrals but is not in any way responsible for any harm that this may cause you or your company. They can run a credit check through Checkr or Experian and share that information to others. You can delete your account and all personal data – but not listing data. You agree to indemnify Zillow Companies and agree not to receive any direct or indirect damages as a result of your use of their services or the services of any third party.
- 31. Artificial Intelligence Computer Visionis Hottest
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- 35. 35 Search by DesignPreference
- 36. 36 Find Similar RoomDesigns Automatically
- 37. Skate where thepuck is going, not where it is or has been Wayne Gretzky
- 38. Quantifying theValue ofMLS Promotion Bright MLS Off MLS Study 95,000+ Subscribers 40,000 square miles Properties promoted on the MLS sell for 6 to 21% MORE than off-MLS
- 39. Factors Measured andResults to Date • 466,000 Properties for 24-month period • Baltimore, Washington, DC, Parts of Maryland, Virginia, West Virginia • Every type of geography – beach, city, suburban, rural, mountains Results • 27% of Transactions are OFF MLS • In every market there WAS a higher price for On-MLS vs. Off-MLS • 6 to 21% price advantage
- 40. Helping improve efficiencyof brokerage operations
- 41. Brokerages have a ton ofinefficiency 41
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- 44. Helping Brokers TakeCredit for Business Generation from the ValleyMLS Network of Professionals
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- 47. ValleyMLS 15,000 FREE leadsin 12 months $4.5 million in lead value Over 50,000 FREE leads generated by ValleyMLS in past year
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- 50. Redefining the Value ofthe MLS
- 57. The Sales SuccessFunnel Cold Lead Warm Lead Engaged Signed Closed Referral Client for Life Re-framing all MLS products, training and marketing around the key elements of Sales Success
- 58. Recipe for MLSSuccess The Ultimate Marketing Network • IDX Feeds – Broker Network generating thousands of free leads • ValleyMLS.com • MLS System – CMA, Prospecting • Public Records Prospecting • Showing feedback • Listing Exposure and Leads • Sales success-centric training • Market Stats Targeted Exposure to over 4,200 of the most qualified local EXPERTS in real estate wit engaged clients
- 59. Lead Generation The MLS and BrokeragePartnership
- 63. Opportunities identified from BrokerInterviews
- 64. Listing Audits areExcessive
- 65. Organization is tooAGENT-Centric
- 66. We need ValleyMLS.comto WIN the online traffic game
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- 68. Great attitudinal scores 0200 400 600 800 1,000 1,200 Cares about me Focused on helping me be successful Listening and responding to my needs Striving to continually improve How much do you agree with the following statements regarding ValleyMLS? Totally agree Somewhat agree Disagree Not sure/Don’t know
- 69. Strong Adoption ofValleyMLS tools 3% 16% 21% 24% 40% 42% 53% 89% 91% I do not use any of these tools CRS Tax Suite (added this year) Advanced Statistics by MarketStats by… ListTrac (Listing exposure and lead tracking) Realtors Property Resource (RPR) CloudCMA (CMA) Homesnap (National Listing exposure/Lead… ShowingTime (showing appointments) dotLoop (transaction management) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Please select the tools that you use in your business.
- 70. Strong satisfaction withall ValleyMLS tools 0 200 400 600 800 1,000 1,200 CRS Tax Suite ListTrac MarketStats by ShowingTime Realtors Property Resource CloudCMA Homesnap dotLoop ShowingTime How would you rate your satisfaction with the following: Excellent Good Acceptable Poor Too difficult to learn/use 0 200 400 600 800 1,000 1,200 CRS Tax Suite ListTrac MarketStats by ShowingTime Realtors Property Resource CloudCMA Homesnap dotLoop ShowingTime How would you rate your satisfaction with the following: Excellent Good Acceptable Poor Too difficult to learn/use
- 71. Opportunities to increaseawareness of ValleyMLS tools 0 100 200 300 400 500 600 700 800 900 dotLoop= ShowingTime Homesnap CloudCMA Realtors Property Resource ListTrac MarketStats by ShowingTime CRS Tax Suite Why do you not use the following tools? Not aware of it My broker offers similar tool I use my own similar tool Tried it, but stopped Too difficult to learn/use
- 72. Opportunity to promotebusiness generation potential more 0 100 200 300 400 Helped me learn how to generate listing exposure and leads with ValleyMLS tools Helped me learn how to save money by using MLS tools Helped me sell more real estate Helped me generate stronger client relationships using ValleyMLS tools Designed for my skill level Interesting and relevant topics Helped me get my money’s worth for my MLS subscription Professional and engaging speakers How satisfied on the following factors are you with ValleyMLS technology training in the following ways? Extremely satisfied Very satisfied Somewhat satisfied Not satisfied
- 73. 1/3 have participatedin training 33% 67% Have you participated in technology training at ValleyMLS in the past 12 months? Yes No
- 74. Zoom training ismost popular 18% 24% 39% 64% 0% 10% 20% 30% 40% 50% 60% 70% Live training at brokerage office Online pre-recorded videos Live training at Association office Online, live video training (Zoom) What format(s) of training have you participated in? (Choose all that apply)
- 75. For non-participants intraining; Haven’t sold them on the value of training 0% 1% 2% 3% 4% 4% 5% 7% 8% 10% 10% 12% 13% 25% 40% 0% 10% 20% 30% 40% 50% Broker does not recommend Instructors are not engaging Do not sell real estate so classes are not relevant Classes don’t help me be more successful Don’t believe they will help me Technology scares me – I need 1 on 1 training Already receive real estate coaching Classes are too basic I am already on too many Zoom meetings Not interesting/relevant Need more classes on weekends/evenings Already receive broker training Need more online training Other (Please specify) Too busy Why have you NOT attended a ValleyMLS technology training session? (Choose all that apply)
- 76. 17% 83% Are you awarethat ValleyMLS.com and Homesnap delivers nearly 15,000 FREE leads to ValleyMLS members very year? Yes No Less than 1 in 5 are aware of the business generation potential of ValleyMLS.com and Homesnap
- 77. 44% awareness ofstrong traffic of ValleyMLS.com Yes 44% No 38% Not sure/Don’t know 18% Are you aware that ValleyMLS.com is the #2 most trafficked property search sites in Huntsville and around the state?
- 78. 23% say theyhave received leads from ValleyMLS.com Yes 23% No 63% Not sure/Don’t know 14% Have you received leads from ValleyMLS.com?
- 79. 20% satisfaction withValleyMLS leads 7% 13% 40% 34% 6% 0% 10% 20% 30% 40% 50% Extremely satisfied Very satisfied Somewhat satisfied Not satisfied Not sure/Don’t know How satisfied are you with the quality and number of leads you have received from ValleyMLS.com?
- 80. Just 1/3 awareof Listtrac Yes 33% No 52% Not sure/Don’t know 15% Are you aware that ValleyMLS offers a way to show your clients all of the listing exposure and leads you generate for them from ValleyMLS.com, Homesnap, Third party sites, MLS tools and all of the IDX/Broker/Agent websites in the Huntsville area through L
- 81. 62% interested learningmore about how to leverage Listtrac 32% 30% 29% 10% 0% 5% 10% 15% 20% 25% 30% 35% Extremely interested Very interested Somewhat interested Not interested How interested would you be in learning how to use ListTrac to take credit for all of your marketing efforts listed above?
- 82. 64% are satisfiedwith the price/value of their MLS Subscription 31% 33% 26% 11% 0% 5% 10% 15% 20% 25% 30% 35% Extremely satisfied Very satisfied Somewhat satisfied Not satisfied If purchased separately, including FREE leads you receive from ValleyMLS.com, ValleyMLS business generation services would cost approximately $500 per month or more per month. How satisfied with the value you receive for your $50 monthly MLS subscription?
- 83. 2/3 believed thatthe Birmingham data share will generate business opportunities 27% 35% 23% 7% 8% 0% 5% 10% 15% 20% 25% 30% 35% 40% A ton A lot Some Not much Not sure/Don't know ValleyMLS and Greater Alabama MLS/Birmingham are launching a data share in November Increasing listing exposure from 4,000 to over 9,000 agents. How much do you think more than doubling listing exposure and lead generation opportunities will help your bu
- 84. 58% believe theBOD/Leadership is moving in the right direction 58% 27% 2% 1% 13% 0% 10% 20% 30% 40% 50% 60% 70% Definitely the right direction Somewhat right direction Somewhat wrong direction Definitely the wrong direction Not Sure/Don't Know Based on the Direction and Leadership of ValleyMLS over the past year, ValleyMLS is moving in….
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- 86. Birth Year Gender Whois our Audience? 62.36% 34.79% 2.41% 0.44% Female Male Prefer not to Say Non-Binary 1.32% 25.55% 31.28% 31.06% 8.59% 2.20% Gen Z Millenials Gen X Boomer II Boomer I Silent Gen
- 87. How did youlearn about ValleyMLS.com? 29.3% 22.3% 16.6% 14.6% 10.5% 4.1% 2.6% My Realtor® Internet search Not sure/ Don’t remember Word of mouth My last real estate transaction Other Advertisement
- 90. What purpose broughtyou to, or back to, ValleyMLS.com? 51.3% 34.3% 6.1% 5.9% 2.4% Buyer Just browsing Other Seller Renter
- 91. Did you requestmore information for any properties through ValleyMLS.com? No 77% Yes 23%
- 92. How important isit that you are able to connect directly with the Realtor® who listed the property? 34% 28% 20% 8% 6% Extremely important Very important Somewhat important Not so important Not at all important 82% Think This is an Important Ability
- 93. How satisfied wereyou with the response time?
- 94. My favorite RealEstate Search Site is? 68% 17% 5% 1% 1% 1% ValleyMLS.com Zillow Realtor Redfin Homesnap Trulia
- 95. 56% prefer propertyimage view vs. map Property Image View Map View
- 96. When searching properties,which criteria would you prefer to be included in your initial search? (Check all that apply) 84% 62% 24% 16% 13% For Sale Coming Soon Pending/ Contingent Sold For Rent
- 97. How would yourate the functionality of ValleyMLS.com? On a scale of 1-5, with 5 being the best. 4.08 4.07 4.03 3.91 Intuitive/ Easy to Understand Search Criteria is Logical Well Organized Easy Navigation
- 98. Was there anythingyou were looking for or needed but could not find? (Check all that apply) 30.5% 29.8% 29.1% 7.9% 6.6% 2.6% Realtor® ratings and reviews My home value estimator Smart picture search Downpayment assistance Blog w/ helpful information multicultural/ multilingual Realtors®
- 99. Valley MLS: Top 5Strategic Goals May 25, 2021
- 100. 1. Promote ValleyMLSas Business Generation Partner
- 102. Search by RoomType
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- 105. Recipe for MLSSuccess The Ultimate Marketing Network • IDX Feeds – Network of 1000’s of FREE lead g • MLS System – CMA, Prospecting • Public Records Prospecting • Showing feedback • Listing Exposure and Leads • ValleyMLS.com • Sales success-centric training • Market Stats Targeted Exposure to more than 4000 of the most qualified local EXPERTS in real estate wit engaged clients
- 106. Over 1.3 millionagents nationwide receiving over 8 million FREE leads with Homesnap
- 109. 2. Help brokeragesbecome more efficient and profitable
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- 116. AN EXAMPLE Data Distribution– Core Role of MLS Owned and Controlled by MLSs Standardized Licensing Form Jointly Built Combined forces for Compliance Collaboration on Rules and Regs Changes No PROFIT Motive No INTEREST in selling Saves Vendors and Brokers Money Continuing to innovate with MLS customers in mind No Upsells
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- 119. 1. Delivering ValueFor Rentals
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- 125. 2. Appraisers ▪ NewTools ▪ New Features ▪ Specific Subscription
- 126. 3. New CustomerOfferings
- 131. 5. Reposition organizationas Nimble, Technology Company
- 132. Don’t be Afraidto Swim Against the Tide
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- 135. Simplify, Speed UpDecision Making
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Editor's Notes
- #5 These policy updates are required to be adopted locally to ensure coverage under NAR's insurance. The board also approved the roles and responsibilities of each of the 4 ValleyMLS.com Committees, which are; Policy, Compliance, Forms and Technology.
- #6 These policy updates are required to be adopted locally to ensure coverage under NAR's insurance. The board also approved the roles and responsibilities of each of the 4 ValleyMLS.com Committees, which are; Policy, Compliance, Forms and Technology.
- #7 These policy updates are required to be adopted locally to ensure coverage under NAR's insurance. The board also approved the roles and responsibilities of each of the 4 ValleyMLS.com Committees, which are; Policy, Compliance, Forms and Technology.
- #8 These policy updates are required to be adopted locally to ensure coverage under NAR's insurance. The board also approved the roles and responsibilities of each of the 4 ValleyMLS.com Committees, which are; Policy, Compliance, Forms and Technology.
- #9 These policy updates are required to be adopted locally to ensure coverage under NAR's insurance. The board also approved the roles and responsibilities of each of the 4 ValleyMLS.com Committees, which are; Policy, Compliance, Forms and Technology.
- #10 These policy updates are required to be adopted locally to ensure coverage under NAR's insurance. The board also approved the roles and responsibilities of each of the 4 ValleyMLS.com Committees, which are; Policy, Compliance, Forms and Technology.
- #11 These policy updates are required to be adopted locally to ensure coverage under NAR's insurance. The board also approved the roles and responsibilities of each of the 4 ValleyMLS.com Committees, which are; Policy, Compliance, Forms and Technology.
- #12 These policy updates are required to be adopted locally to ensure coverage under NAR's insurance. The board also approved the roles and responsibilities of each of the 4 ValleyMLS.com Committees, which are; Policy, Compliance, Forms and Technology.
- #13 These policy updates are required to be adopted locally to ensure coverage under NAR's insurance. The board also approved the roles and responsibilities of each of the 4 ValleyMLS.com Committees, which are; Policy, Compliance, Forms and Technology.
- #107 So there have lots of naysayers about BPP over the years. I had a dual with Rob Hahn on the Inman stage a few years ago where Rob told us ALL why it wouldn’t work. What’s the verdict? Why does it matter if every MLS in the country offers it? I recently heard a naysayer MLS tell me that they don’t want to participate because once Homesnap has all the data they will become a national MLS or worse….what do you say to that?