MLS DATA-SHARING UPDATE 2017 Fall Election Meeting
MLS TASK FORCE PRESENTATION TOPICS Introductions Who is the Task Force? Quick Recap Why are we joining the sharing movement? Methodology How did we decide on tech partners? ORTIS Who are they? Financials What will this cost us? Progress Update What took us so long? Next Steps Rollout, Training, Compliance, etc Quick Q&A The trademarks MLS, Multiple Listing Service and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR, REALTORS and the REALTOR logo are controlled by CREA and identify real estate professionals who are members of CREA.
MLS TASK FORCE Ryan Gilmour Task Force Chair Branden Kameka President Paul Fletcher Past President Asha Singh Past President Jeff O Leary Director
95% Membership who voted were in favour of seeking data access
Why are MREB members seeking Data Sharing? Mobilized Workforce - Listing and Selling further from home Data Gap - Listings from adjacent communities missing from Stratus Competent Service Listing/Sold data essential Exposure Our listings invisible to other boards Economies of Scale Costs to acquire, join & maintain MLS much lower Member Savings Many members paying multiple board fees of $1200+ Sharing Movement Ontario boards are motivated = OPPORTUNITY
Just how MOBILE are we? Mississauga-based closed ends in 12 months ending October 2017 Mississauga Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572 6,522 2.54 996 524 Burlington 1,542 3,754 2.44 483 246 Hamilton 547 869 1.6 170 64 TOTAL 11,145 1649 834 Source: RE-Stats; Toronto Real Estate Board data for 12 months ending October 31 2017 in communities listed where Office City is Mississauga
Task Force Guiding Principles: 1. Identify Reasonable means of Data-Sharing 2. Asses the merits and challenges with each option: Fitness of the Solution Ease of Use Cost to Members/Board Longevity Legal implications
Options Considered for Data-Sharing: Data-sharing within Toronto Real Estate Board - not likely in near-term CONNECT multi-board support, already integrated, missing functionality does not work OREA initiatives none planned in the near-term Direct Partnership with RAHB or OMDREB no authority to share other board data MREB s own MLS system + data-sharing with other Boards costly, time-consuming Ontario 14 based in Western Ontario, great concept, no data for our area ORTIS membership Most viable option
ORTIS Member Boards including data-sharing partnerships Oakville / Milton Hamilton / Burlington Niagara Brantford Kitchener / Waterloo Cambridge Guelph Simcoe Barrie Huron / Perth
ORTIS Considerations Strength in numbers now 10,000+ members Listings from adjacent non-treb districts Equal Access for members Mature Sold data in their markets Matrix system by CoreLogic best of breed ShowingTime & other apps included Equal Representation for Boards Community feel culture of sharing Long-term agreement 5 years Everyone must join Requires cross-posting listings Some up-front costs to members Increase to our dues
Membership Costs including ORTIS membership 2018 MREB fees Annually $780 Semi-Annually $399 Quarterly $205 Monthly $ 72 Typical ORTIS board fees Annually $1200-1400 Semi-Annually $600-700 Quarterly $300-350 Monthly $100-120 * Rates do not include OREA/CREA dues https:///
Membership Costs including ORTIS membership 2018 MREB fees Annually $780 Semi-Annually $399 Quarterly $205 Monthly $ 72 Typical ORTIS board fees Annually $1200-1400 Semi-Annually $600-700 Quarterly $300-350 Monthly $100-120 * Rates do not include OREA/CREA dues https:///
MLS Initiation Fees Existing Members - $75.00 New Members - $200.00 Offset one-time setup fee charged by Clarity Systems Mandatory staff training, Roll-out & Admin Costs ORTIS initiation fees payable by MREB USD vs CAD exchange & volatility Any mid-term cost increases Training for MREB Members
Progress Report March 2017 Initial meeting with the ORTIS Board April 2017 - Received Rates & Terms May 2017 - Agreement received & Lawyers reviewed June 2017 - Broker/Manager update July 2017 - Bylaws reviewed & amended August 2017 MLS Task Force Update & Webinar September 2017 Final meeting with ORTIS members
Next Steps Next week - Final Contract Signing Late November - Staff Training Early December - Train-the-trainer series, Broker outreach Mid-December - MLS committees, Compliance & Arbitration reviews Q1: Member management system integration January 2018 targeted for go-live!
Join the conversation! mlstaskforce@mreb.ca