Are You Maximizing Your Listing Data?

It's long been the practice of brokerages to use technology that pulls MLS listing information and then use that data in their applications. For example, you may have a vendor that downloads MLS data for IDX websites, transaction management, virtual tours, syndication to third parties, and even for generating property flyers. All of this downloading can create a data management nightmare.

The problem with using so many different data-driven solutions is that each application is being updated by different vendors at different times. This adds a layer of unwelcome complexity to your business productivity. Your agents and your staff are manipulating your listing information in multiple applications, each containing a different version of data. When the data is not the same in every tool, agents distrust the application and fail to adopt it.

However, companies are beginning to rethink their approach to data management by consolidating MLS data integration through a single source. There are a few back office solutions that have taken this approach that are used by brokerages across North America today. Real Estate Digital, AgentAchieve from CoreLogic and, notably, Lone Wolf Real Estate Technologies' Complete Enterprise Solution are all examples of solutions that have taken this single MLS integration philosophy to heart. For an overview of Lone Wolf's approach, see the video below:

In addition to having the data in all of your business applications updated simultaneously, implementing a single source of listing management can significantly increase productivity across your firm. Lone Wolf is perhaps the best example of how efficient single-source data integration can be, as they are the only enterprise brokerage solutions provider that delivers an exhaustive suite of applications--everything from accounting to agent websites to transaction management to listing syndication. They literally have a brokerage-in-a-box solution, all fed with MLS data in a way that maximizes productivity across your organization.

Another obvious and extremely beneficial attribute is the elimination of duplicate data input and management. In brokerages today, agents are managing their listings in the MLS system and they often neglect to make corresponding changes in your back office solution.

Single-source data integration is a many-to-one data perfection process where brokers can be sure that what's happening to your listing inventory is happening everywhere. There's also a reduction in liability when you manage data this way, since you're never using outdated information to communicate with the consumer. Single source data integration is a best practice that, when followed, eliminates mistakes. That benefits everyone, managing brokers, agents, and consumers alike.