Michael Wurzer is 100% confident of one thing: The MLS creates value in the real estate market that doesn’t exist in any other way. No one else has created enough trust to generate that same level of cooperation among competitors. And rather than being a scourge to brokers, Michael argues that the MLS powers the market. That unique value prop is the reason why he believes current trends will prove the value of the MLS—not kill it.
Michael is the CEO of FBS, the leading innovator of MLS technology. He has 22 years at the helm of this highly-respected real estate software brand which was named one of Forbes2019 Small Giant companies. On this episode of Listing Bits, Michael addresses the trend toward off-market listings, sharing his take on why it’s not a threat to the MLS. He weighs in on the potential creation of a ‘vendors association’ that would afford prescreened developers access to real estate data.
Michael also discusses the likelihood of consolidation in the MLS vendor space, tech adoption in the employee versus independent contractor models, and the importance of data in light of high agent churn. Listen in for insight around the value of integration among real estate tech vendors and learn Michael’s take on the role of the MLS in creating choice for its members.
What’s Discussed:
How standards are key in making software easier to build
The trend toward off-market listings and its impact on the MLS
The idea that pocket listings are a kind of DIY-Upstream
The resilience of the MLS community and its unique value prop
The creation of a ‘vendor’s association’ to prescreen developers
Why ShowingTime’s acquisitions of CSS is a holy shit moment
The likelihood of consolidation in the MLS vendor space
Tech adoption in employee vs. independent contractor models
The importance of data in light of high agent churn
Why SaaS marketing techniques don’t work in real estate
The value of integration among vendors and with the MLS
The role the MLS plays in creating choice for its members
Resources:
Pocket Listings on Industry Relations EP037
Inman Panel on the MLS & iBuyers
Michael’s ‘Death of MLS?’ Blog Post
ShowingTime’s Acquisition of CSS
Software is Eating Real Estate on Industry Relations EP029
Connect with Michael:
I like the the “manyish choices” comment. Love the longer format. I listen to one podcast that is 3 hours long. If the content is good, people will listen.
I was at CRMLS yesterday and talking to an exec about the state of MLS tech products. I think there is a definite yearning to whittle down the stack to strictly the best tech products and concentrate on the existing stack before bringing on new products I have to say CRMLS has done a great job of getting top notch products and getting rid of the cruft.
There was a lot of leftover stuff that was tech from the early 2000s that has thankfully been flushed out. There are still a few oldies left but that will take a few more years.