Where Real Estate Gets Its Dirt

2010 – The Year of the Listing

I’m calling 2010 – “The Year of The Listing”

Here’s why:

Remember back in the day when it was all about “leads”? You had a dozen companies who’s revenue model was based on their ability to sell REALTORS “qualified” leads. Even before that you had real estate portals bragging about how many listings they had on their site. Now the model has morphed as big players have figured out new ways to monetize listing data.

It all began when NAR realized that their members lost their mojo. They no longer had control of a proprietary database, called the MLS, and the data was all over this new fangled thing called the internet.

NAR put together the best and the brightest in the industry and formed a PAG (Presidential Advisory Committee) to work on an innovative solution for fix their members woes. Something new! Something fresh! And what fresh and innovative ideas did they come up with? Drumroll please…..a proprietary database, this time called RPR.

That’s when shit hit the fan. Some declared the effort DOA. But mostly nobody knew what it was.

After flirting with MOVE they choose LPS over First American (now CoreLogic) to power their new system.

RPR told MLS providers that they should surrender their data for free, and in return they would receive (like it or not) free tax data. MLS providers balked, RPR’s effort stalled and left the door wide open for competitors to join the party.

Hell have no fury as a title company scorned, and CoreLogic went immediately to market with a competitive product of their own, and they were willing to share. Then MOVE walked in to the party looking HOT, like an old girlfriend should, with their new FInd product just to show RPR what they’ve been missing.

Meanwhile the “interlopers” were making money on the internet the old fashion way, advertising.

Zillow’s innovations drove traffic while they hinted at an IPO and Trulia’s SEO wizards increased their traffic and they announce profitability.

But, then MOVE played the role of spoiler again when they announced they just got married to ListHub. Trulia felt “two timed” and cried.

Then things began to get ugly.

Zillow responded they were bigger than MOVE, and started a pissing match. Then RPR accused CoreLogic of something.

And those are only some of the stories I can share, all in pursuit of the mighty listing!

  1. Interesting conclusion. I vividly recall when Realtor Magazine touted their growth over 1 million agents, and I said, well, that’s it, we’re heading down from here. Of course, I was a few years too early but the crash was inevitable at the point of declaration. Here, too, with this declaration of the year of the listing, I’ll say this marks the death of listings as we know them. Ever since I heard Bill Chee talk in Portland at MLS Connect about “people data” being more important than listing data, I’ve believed that listings are no longer a competitive differentiator and your post confirms that conclusion for me.

  2. Pingback: Tweets that mention 2010 – The Year of the Listing | Vendor Alley -- Topsy.com

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