Fact: most listing agents choose maximum exposure for their listings and publish them to the nation’s largest real estate portals. Maybe these agents love the portals. Maybe they hate them. But overwhelmingly, they choose to work with them.
Today, most MLSes that choose to promote syndication as a value added service are basically farming it out to ListHub or Point2. Both syndicators provide a dashboard to help brokers opt-in/opt-out of syndication (most brokers opt-in for every listing) and then handle the transfer of data to publishers multiple times a day. This service is free to the MLS, and very reliable, so many MLSes are hesitant to syndicate directly to Zillow, Trulia, etc.
I think that for many MLSes, they are missing out on a good opportunity. These syndication services are free, but remember if you’re not paying for it; you’re the product.
ListHub requires that Zillow, Trulia, Homes and realtor.com (which is owned by the same company that owns ListHub) provide reporting data on the performance of each listing that it then compiles and sells back to MLS participants. Why not ask the portals to give you this data directly (in exchange for a direct, opt-in listing feed) and then sell the reports yourself? ListHub has already done the heavy lifting of requiring all the publishers to report the data in the same format, so just use their data-set. I imagine that Trulia and Zillow might even help you set that up if you made it a condition of direct syndication.
In addition to reporting, MLSes have the opportunity to drive traffic from publishers, to the MLS’s own public facing web site. For instance, Trulia links to the “listing source” for every listing they publish. Most of the time, the listing agent has provided enough information for Trulia to link to the broker’s website. However, when no other URL is available they link to pages set up by the feed provider. ListHub receives these links in most cases, but they could be going to your MLS.
Finally, there’s another missed opportunity that might go in the crazy ideas folder, but still deserves consideration. Make Trulia or Zillow one of your technology providers. You know who builds awesome real estate websites and mobile apps? Those guys. Zillow is already willing to build real estate search sites for agents on the cheap, I bet Zillow, Homes, or Trulia could build one heck of an awesome MLS site (or mobile app) for you. They may even do it for free if you’re willing to deliver listings direct.
Crazy? Maybe. But while Zillow and Trulia aren’t about to pay for listings, they really, really don’t want to be so dependent on syndicators like Point2 and ListHub. Going direct doesn’t have to mean you are giving it all away. Let me know if you’d like learn more about the pros and cons of direct listing syndication.
Photo: Creative Commons license via Flickr user gabriel amadeus