7 Myths of Data Sharing

By myoh@recolorado.com insights With 0 Comments

Over the course of the last several weeks, we’ve had the opportunity to talk to Brokers and Agents up and down the front range.  What we’re hearing is overwhelming support of One Colorado Front Range MLS. We’re also hearing a great deal of confusion and misinformation about data sharing. 

Our Customer Care team has had the opportunity to speak with hundreds of brokers about data sharing. We’ve truly enjoyed the chance to answer questions, dispel myths, and educate them about how close we are to One Front Range MLS and why they simply don’t need data sharing.

Myth: Without Data Sharing, there will not be an extension of cooperation and compensation.

Fact: Cooperation and compensation is established through the managing broker who is the participant with the MLS. REcolorado’s subscriber base includes more than 5,000 offices across the state; nearly 200 of those in northern Colorado counties alone. Additionally, REcolorado is extending a 6-month free all access membership to brokers and agents outside of its core service territory. 

 

Myth: Some listing data, provided through data sharing, is better than none at all.

Fact: Your clients’ searches are getting more specific, not less. This combined with our fast-paced market, makes it more important than ever for you to have complete, accurate, and instant listing data. This is something your clients can’t get from the national portals. When One Front Range MLS is a reality, you will have all of the listing data and all of the tools you need to truly be the expert. 

 

Myth: REcolorado doesn’t share all of their available data fields.

Fact: REcolorado has a robust MLS system with detailed property information and fields that have been put in place based on requests from our subscribers. Unfortunately, all of the available REcolorado fields are not exposed in the IRES system because an equivalent match has not been identified.  On the flip side, REcolorado has the ability to display additional fields but does not receive the equivalent data to do so. As a result, you get incomplete data, which drastically limits the listing data you can see, search, and share with your clients. 

 

Myth: Without Data Sharing, home buyers and sellers will be harmed.

Fact: The fact of the matter is that home buyers and sellers can already get listing data from the internet sites they are using. National portals have already aggregated your data while brokers and agents have been under the illusion that they are receiving quality listing data from the data share. One Front Range MLS will provide you accurate and current listing data first. Your clients will love that! 

 

Myth: REcolorado shares complete data with other MLSs, why can’t they do it with IRES?

Fact: REcolorado does not share data with any other MLS. REALTORS of Central Colorado and REcolorado have a partnership where REcolorado provides MLS services to ROCC. ROCC members get their MLS membership through the REALTOR Association. They then use REcolorado Matrix for their MLS. REcolorado also has partnerships with six MLSs in Colorado to display their listings on REcolorado.com. These listings are not shared between MLS systems.  

 

Myth: REcolorado doesn’t want to help brokers and agents, they just want to take over.

Fact: What REcolorado wants to do is put complete and accurate information in the hands of real estate professionals so they can use it to serve Colorado’s home buyers and sellers. This can be done through wholesale partnerships or through consolidation. 

 

Myth: We will never have One Front Range MLS.

Fact: We are so close to One Front Range MLS already! More than 80 percent of brokers, agents, and appraisers on the Front Range already use Matrix. Since the announcement of the end of the CCM Data Share agreement, there has been more action to create a long-term solution than we’ve seen in more than a decade! That is progress. 

We invite you to give us a call if you have questions or if you’d like clarification on something that just doesn’t seem right.  We also gladly make arrangements for an REcolorado representative to visit your group or office to answer questions directly.  Just give us a call. Our amazing customer care team is available 6 days per week – Monday through Saturday-- and will even answer your email questions on Sundays. Contact us at 303-850-9576 or support@REcolorado.com.