A Closer Look at reDataVault by LPS

We understand that one of the top challenges for MLSs and brokers today are the decisions they must make about their data. One product providing a solution for MLSs to manage their data is reDataVault offered by LPS. Now, that product is also available for brokers. We sat down with Ira Luntz, VP of Data Products at LPS, to learn more.

RE Technology: Ira, can you describe reDataVault for Brokers?
Ira Luntz: reDataVault is a listing syndication and management tool that allows brokers to manage their listing content from multiple MLSs and on multiple syndication websites.

Keeping track of data and managing where that data is distributed can be extremely complex and challenging. This is particularly so if a broker's listings could be in several different MLSs. reDataVault offers an easy-to-use, one-step method for distributing listing data.

We make listings available to be used in any product brokers choose, no matter how many MLSs they come from. At the same time, they're also in control of the terms and conditions of the use of those listings. It is an easy way for any broker to get all of their listings in a standardized package that is always current and manage the proper licensing of the use of those listings.

reDataVault also manages and easily references contracts by storing them online – by vendor, product and MLS. This is important to companies that value green business practices. And it's certainly more convenient than an office full of stuffed filing cabinets.

RET: Why is traffic management important?
I.L.: Often, consumers are not seamlessly transported from a third party website to the listing detail page of the broker website. Broker branding is paramount on the Internet! We solve that problem. Internet traffic generated through reDataVault syndication channels are automatically directed back to a broker website, agent website, or a broker-branded property detail landing page, all under control of the broker.

RET: What is your advice on listing syndication?
I.L.: At LPS, our advice to brokers is that they should not be quite so cavalier about where they hand out their data. After all, this is valuable information, YOUR information and YOUR reputation, in a way. You should be using it to drive more traffic to your site(s) to benefit you, your agents, and your sellers by maintaining control of data distribution and data accuracy.

RET: So, how can brokers use their data to maximum advantage?
I.L.: Take back control of your data. This will need to occur over time. But revisiting your data syndication policy is, quite simply, a smart business decision.

Our philosophy at LPS is that distribution doesn't trump destination. Rather than just blasting out listings (which has been seen to provide limited benefit), our approach is to be selective. We've seen that ROI is best served by syndicating listings to the top 15 or 20 sites, grabbing the rest of the traffic yourself with superior SEO, and by maintaining control over all of the landing pages for all of your listings.

According to Hitwise, the top syndication real estate portals include:

• Yahoo!
• Frontdoor
• Realtor.com
• Zillow
• Trulia
• Homes.com
• MSN
• Cyberhomes
• Luxury Real Estate
• AOL

RET: What kind of reporting do you offer through reDataVault to support the broker in understanding the effectiveness of their syndication strategy.
I.L.: Within reDataVault, brokers will have access to free listing activity reports, and agent productivity reports. These reports can be helpful in understanding where Internet traffic comes from, and thus can guide decisions about marketing and listing syndication.

RET: Anything else a broker should consider regarding syndication?
I.L.Brokers should be able to selectively re-license their listing data either directly or through their local MLS organization. That's what reDataVault brings to the party: worldwide exposure and proper use of their listing data.