The NAR Board Of Directors voted today on long list of issues from the use of drones to take property photos and member codes of excellence to rules that require MLS boards to expand the data they provide for use on broker and agent sites through current IDX (internet data exchange rules). The idea is to improve the competitive standing they have against 3rd party aggregators. Among the more notable changes:
- MLS must provide listing data updates every 12 hours, down from 3 days.
- Data can be co-mingled from multiple MLS sources in a single search.
- If sold data is publicly available in a market, the MLS must provide brokers with at least 3 years of sold listing data on a non-password protected web site.
- MLS must now adhere to RESO’s (real estate standards organization) RETS (real estate technology standards) data standards. Tech developers that work with data from disparate MLS boards could be heard exhaling a collective sigh of relief. Agents and Brokers will certainly benefit from higher quality applications.
It demonstrates some solid leadership by people like Bill Lublin, the MLIP committee chair. It’s taken quite some time to get to these decisions and I know they will be welcome by brokers and re tech developers alike.
If you’re interested in seeing an overview of all of the BOD activity today, visit this link.