State of the MLS John Chandler President
Founded nearly 50 years ago as Metro MLS Evolved to REIN MLS in 1997 upon merger with VPAR MLS An independent MLS owned by Broker Stockholder Members Purpose Operate a Means of Cooperation among members for the orderly exchange of information, supporting the sale and lease of real estate 256 Stockholder Firms 311 Participant (non stock) Firms 7,285 Licensees 8,529 Practitioners serviced
Nine Person Broker Board of Directors Approximately 35 staff
March 2018 v. March 2017 Licensees + 7% Firms + 2% Active Listings 10% Sold Listings (residential) + 5.3% New Listings 2.5% Mos. supply (inventory) 4.11
Days on Market & Inventory 12.00 10.00 8.00 6.00 4.00 2.00 0.00 Jan 09 May 09 Sep 09 Jan 10 May 10 Sep 10 Jan 11 May 11 Sep 11 Jan 12 May 12 Sep 12 Jan 13 May 13 Sep 13 Jan 14 May 14 Sep 14 Jan 15 May 15 Sep 15 Jan 16 May 16 Sep 16 Jan 17 May 17 Sep 17 Jan 18 Days On Market (Sold) 2009 2018 120 100 80 60 40 20 0 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Months' Supply 2009 2018
Median Sales Price Jan. 2009 (10 years ago) $209,900 250000 200000 Annual Median Price Trend 1993 2017 Jan. 2013 (5 years ago) $193,000 150000 100000 50000 Today $230,000 0 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017
We are a collective economic engine in Hampton Roads MarketStats: one side transaction volumes
105 Data Feeds are managed by REIN PLUS Information goes out to over 102 online syndicators (and millions of online consumers) Data recipients must follow REIN s fair play rules Did you know? The MLS database holds over 451 listing fields! The MLS contains 1,174,184 listing records dating back to 1990. Prior to that, records had to be purged to make room for new ones!
Your resource: www.reinmls.com 1200000 REINMLS.com 1000000 800000 600000 400000 200000 0 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Total Visits Total Page Views
Each month: 30,000 unique visitors 70,000 total visitors 1.5 million hits
Member satisfaction survey results, 4th quarter 2017 Respondents were 85% agents 2/3 rd believe REIN is dedicated to help them succeed 70% Extremely or Very Satisfied with training 60% Satisfied with technology
Which of the following REIN core products do you use or do your agents use? Matrix (MLS system) 100% Realist Tax (Public Records) 94% Keybox services 81% Instanet Transaction Desk 71% Instanet Authentisign (digital signature) 67% REIN Market Statistics 63% Matrix Mobile 58% Listing Syndication (Data Feed) 44% Homesnap Pro MLS Mobile 40% Data Co-Op 24% HRMLS.com 11% Broker Agent
Which forms do you use? REIN MLS 74% Both REIN MLS and VAR 23% Other (Please specify) 1% Neither REIN MLS nor VAR 1% VAR 1%
SMAC and PMAC SMAC Inspectors now licensed & impact REIN contracts and forms Escrow and Deposit Roll Back Taxes in CDIF PMAC Showing Form new Mold Disclosure new Rental application new Pet addendum new Lease renewal Add/Remove tenant Coming May 15 New Input Forms
No Yes
Modernizing Technologies Improving reinmls.com Expanding Facebook & social media outreach to members Look for video communications Collaborative & interactive instruction Everything digital
Agent and Broker Pressures The need to access multiple systems, forms, cross market tools Consumers Too many technologies the agony of technology adoption (Swanepoel, 2017)
MLS Industry Pressures MLS Copyrights Americans with Disabilities Act DOJ/FTC Anti Trust Syndication of listings Consumers Digital disruption new technologies big data MLS consolidations NAR demands on associations
Technology Disruptions Instant Buyers, Direct Buyer platforms (OfferPad, OpenDoor) Augmented Reality for online shoppers Automated valuations Artificial intelligence Digital, online, paid lead generation
Looking forward More automation Artificial intelligence and predictive analysis of behavior Instant and 24x7 service availability Faster real estate transactions
Enhancing support to members 2017 Vision Statement: For Broker members focused on creating profitable and sustainable businesses, REIN MLS is the only Regional Real Estate Information Provider that you can count on to deliver value and build lifelong relationships with real estate consumers. REIN is a business generation partner to brokers
Thank you