WRAR - Helping
Brokers to Reclaim
Their Listing Data
Jody Wainio, SFR, WHS
Buyers Choice Realty
2014 WRAR President

David Eggleston Jr., ABR, SFR
Intracoastal Realty
2013 WRA...
WILMINGTON REGIONAL
A S S OCIATIO N o f RE A LTORS ®
Jody Wainio, SFR, WHS
Buyers Choice Realty
2014 WRAR President

Reaso...
Jody
W I L M I N G TWainio, SFR,IWHS A L
ON REG ON
Buyers Choice Realty
A S S O C I2014IWRAR o f R E A L T O R S ®
A T O N...
W I L M I N G TWainio, SFR,IWHS A L
Jody O N R E G O N
A S S O C IBuyers ChoicefRealtyA L T O R S ®
ATIO N o RE
2014 WRAR ...
What is Listing
Syndication and how is
it different than IDX
and VOW?
WILMINGTON REGIONAL
A S S OCIATIO N o f RE A LTORS ®

What is listing
syndication?
• Method for brokers to authorize distr...
WILMINGTON REGIONAL
A S S OCIATIO N o f RE A LTORS ®
WRAR Listing
Syndication Taskforce
Rationale
WILMINGTON REGIONAL
A S S OCIATIO N o f RE A LTORS ®
David Eggleston Jr., ABR, SFR
Intracoastal Realty
2013 WRAR & MLS Dir...
WILMINGTON REGIONAL
A S S OCIATIO N o f RE A LTORS ®

Reasons for Discontinuing Syndication
• Data provided has more inacc...
WILMINGTON REGIONAL
A S S OCIATIO N o f RE A LTORS ®

Reasons for Discontinuing Syndication
• Many brokers opt in to all c...
Promise of Listing
Syndication
WILMINGTON REGIONAL
A S S OCIATIO N o f RE A LTORS ®

The Original
Premise/Promise
• Listing syndication will provide FREE...
WILMINGTON REGIONAL
A S S OCIATIO N o f RE A LTORS ®

Reasons for Participation in Listing
Syndication Today
• Provides ex...
Update on Listing
Syndication
Third Parties Dominate Online
33,372

Yahoo! - Zillow Real Estate Network

22,065
17,728

Trulia - PRIMEDIA Network
Realto...
Dominate in Mobile
AND Websites

2/3 of traffic
now captured
from mobile
devices

Page 48
Page 41
Local Syndication Results
• All Syndication Sites are NOT created equal - Nearly 95% of
property views coming from 3 chann...
Accuracy Higher on Broker Sites
Data Lags on Third
Party Sites
Inventories can be overstated
For 28401 Zip Code
WRAR.com – 130 listings

Zillow – 268
Trulia - 220
Listing Agent Does Not Get
Top Billing
“THE” source for
Agent Referrals

630,000 Reviews
Nationwide
In Just 2 Years
THE
Local advisors
Calling
the market
Affordable Technology Offerings
and Education
50,000 agents pay on average $271 per month
Affordable Technologies

On-goin...
Defending against the Zestimate

Price $325,000
Zestimate $225,964
Other Concerns
• Re-Syndication
Forwarding data on to another (unauthorized) site

• Unauthorized uses
used

Have you affi...
Broker Responses to
Listing Syndication
Stay the Course

Many believe they CANNOT pull out of
syndication no matter what
Simply Turn it Off

• Well-known familyowned business in
Wisconsin
• #1 Market Share; Strong
online position - #2
• Gained...
Never turned it on in the
First Place

• 3 to 5% Market Share

• Never turned it on
• Focused efforts on their own
website...
Focused Efforts with Largest Sites

Pittsburgh – 5000+ Agents
• Chosen two syndication partners and promoted heavily
with ...
Promote the MLS Site and your
own Broker Site

Jim Abbott
recognizes
power of
MLS Consumer
Website
How to Inform Your
Agents
WILMINGTON REGIONAL
A S S OCIATIO N o f RE A LTORS ®

• Simply Turn it off and Do Nothing
• Educate them; Show them Lack o...
Next Steps
WILMINGTON REGIONAL
A S S OCIATIO N o f RE A LTORS ®

Discontinuation Date: May 9th, 2014
The MLS will no longer send your...
Questions?
WILMINGTON REGIONAL
A S S OCIATIO N o f RE A LTORS ®

Questions??

To submit a question go to Questions in
Gototraining an...
1. We know that the franchises will continue to syndicate whether they have a choice or
not – the little guy says how do I...
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WRAR – Helping Brokers Reclaim their Listing Data - March 4, 2014 Presentation Slides

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WRAR – Helping Brokers Reclaim their Listing Data - March 4, 2014 Presentation Slides

  1. 1. WRAR - Helping Brokers to Reclaim Their Listing Data
  2. 2. Jody Wainio, SFR, WHS Buyers Choice Realty 2014 WRAR President David Eggleston Jr., ABR, SFR Intracoastal Realty 2013 WRAR & MLS Director Marilyn Wilson Founding Partner of WAV Group Board of Trustees for the National Small Business Association
  3. 3. WILMINGTON REGIONAL A S S OCIATIO N o f RE A LTORS ® Jody Wainio, SFR, WHS Buyers Choice Realty 2014 WRAR President Reasons for Formation of Listing Syndication Taskforce • Broker and Customer Complaints of Inaccurate data • Putting brokers back in control of their Data • New focus from NC Real Estate Commission
  4. 4. Jody W I L M I N G TWainio, SFR,IWHS A L ON REG ON Buyers Choice Realty A S S O C I2014IWRAR o f R E A L T O R S ® A T O N President Process of Building Recommendation • Surveyed Broker-owners • Formed Taskforce of Large Broker IT staff, Brokers from smaller firms, agents from all size firms • Several meetings, several studies and materials reviewed by group • Evaluated alternative syndication service providers • 3-month process • Board of Directors Approved Proposal; marketing taskforce formed
  5. 5. W I L M I N G TWainio, SFR,IWHS A L Jody O N R E G O N A S S O C IBuyers ChoicefRealtyA L T O R S ® ATIO N o RE 2014 WRAR President Recommendation Approved: • Discontinue syndication by WRAR as of May 9th, 2014 • Did not renew contract with Listhub – current syndication services provider • Marketing taskforce contracted with third party to help communicate outcomes to members • Recommendation does NOT affect IDX or VOW policies in any way
  6. 6. What is Listing Syndication and how is it different than IDX and VOW?
  7. 7. WILMINGTON REGIONAL A S S OCIATIO N o f RE A LTORS ® What is listing syndication? • Method for brokers to authorize distribution of their listings to third parties like Zillow, Trulia, Homes.com etc. • Syndicating enables a broker to post their listings online for display to consumers. • Any broker who is an MLS Participant may authorize syndication of his/her company’s listings ONLY. • Syndication is NOT to be confused with IDX policies.
  8. 8. WILMINGTON REGIONAL A S S OCIATIO N o f RE A LTORS ®
  9. 9. WRAR Listing Syndication Taskforce Rationale
  10. 10. WILMINGTON REGIONAL A S S OCIATIO N o f RE A LTORS ® David Eggleston Jr., ABR, SFR Intracoastal Realty 2013 WRAR & MLS Director Reasons for Discontinuing Syndication • Could not support sending REALTOR® data to non-REALTOR® organizations • Data accepted from many sources, not just REALTORS® • Creates confusion and mis-information for consumers
  11. 11. WILMINGTON REGIONAL A S S OCIATIO N o f RE A LTORS ® Reasons for Discontinuing Syndication • Data provided has more inaccuracies than broker websites; More than ¼ of the listings listed for sale are not active currently • Taking on broker liability for inaccurate advertising of listings risk without significant lead generation and impact
  12. 12. WILMINGTON REGIONAL A S S OCIATIO N o f RE A LTORS ® Reasons for Discontinuing Syndication • Many brokers opt in to all channels and then « set it and forget it » • Majority of our members did not even know they had opted-in to all channels • Allow brokers to make their own decisions about syndication with the realities of today’s online marketplace
  13. 13. Promise of Listing Syndication
  14. 14. WILMINGTON REGIONAL A S S OCIATIO N o f RE A LTORS ® The Original Premise/Promise • Listing syndication will provide FREE exposure to listings • Put your listings where consumers are shopping – online • Online will replace costly offline newspaper advertising
  15. 15. WILMINGTON REGIONAL A S S OCIATIO N o f RE A LTORS ® Reasons for Participation in Listing Syndication Today • Provides exposure to your listings especially for consumers that do not know you yet • Helps agents secure new clients with the “Quantity” Story; • Perception that it is necessary to be competitive
  16. 16. Update on Listing Syndication
  17. 17. Third Parties Dominate Online 33,372 Yahoo! - Zillow Real Estate Network 22,065 17,728 Trulia - PRIMEDIA Network Realtor.com 11,842 ForRent.com & Homes.com Network 5,371 4,374 3,669 3,552 3,548 2,839 2,410 2,377 2,191 2,181 1,536 1,519 1,516 MSN Real Estate Apartments.com Sites AOL Real Estate Coldwell Banker Century 21 International LoopNet Sites FrontDoor Internet Brands Real Estate REDFIN.COM Connectwithlife.com NCI Interactive HOMEFINDER.COM UHAUL.COM 0 5,000 10,000 Total Digital Population REALTOR.com is #3 now Mobile now more than 2/3 of total traffic Local Brands do not Lead 15,000 Mobile 20,000 25,000 30,000 35,000 40,000
  18. 18. Dominate in Mobile AND Websites 2/3 of traffic now captured from mobile devices Page 48 Page 41
  19. 19. Local Syndication Results • All Syndication Sites are NOT created equal - Nearly 95% of property views coming from 3 channels • Less than 1 click-through per listing per month • Less than 1 in 4 listings receive an inquiry every month • 41 of 52 Syndication Channels provide 20 or less inquiries or email across ALL listings
  20. 20. Accuracy Higher on Broker Sites
  21. 21. Data Lags on Third Party Sites
  22. 22. Inventories can be overstated For 28401 Zip Code WRAR.com – 130 listings Zillow – 268 Trulia - 220
  23. 23. Listing Agent Does Not Get Top Billing
  24. 24. “THE” source for Agent Referrals 630,000 Reviews Nationwide In Just 2 Years
  25. 25. THE Local advisors
  26. 26. Calling the market
  27. 27. Affordable Technology Offerings and Education 50,000 agents pay on average $271 per month Affordable Technologies On-going Marketing Education
  28. 28. Defending against the Zestimate Price $325,000 Zestimate $225,964
  29. 29. Other Concerns • Re-Syndication Forwarding data on to another (unauthorized) site • Unauthorized uses used Have you affirmatively agreed to your data being on “Powered by” sites • Use for 3rd Party Integration (Sindegration)
  30. 30. Broker Responses to Listing Syndication
  31. 31. Stay the Course Many believe they CANNOT pull out of syndication no matter what
  32. 32. Simply Turn it Off • Well-known familyowned business in Wisconsin • #1 Market Share; Strong online position - #2 • Gained market share
  33. 33. Never turned it on in the First Place • 3 to 5% Market Share • Never turned it on • Focused efforts on their own website • Did not affect recruiting, retention of listing presentation success according to company
  34. 34. Focused Efforts with Largest Sites Pittsburgh – 5000+ Agents • Chosen two syndication partners and promoted heavily with them • Removed listings from all other sites
  35. 35. Promote the MLS Site and your own Broker Site Jim Abbott recognizes power of MLS Consumer Website
  36. 36. How to Inform Your Agents
  37. 37. WILMINGTON REGIONAL A S S OCIATIO N o f RE A LTORS ® • Simply Turn it off and Do Nothing • Educate them; Show them Lack of impact • Demonstrate lack of lead conversion vs. other sources • Update listing presentations highlight power f MLS website and IDX/VOW sites • Invite them to attend Webinar – March 12th at 2:00 pm EST
  38. 38. Next Steps
  39. 39. WILMINGTON REGIONAL A S S OCIATIO N o f RE A LTORS ® Discontinuation Date: May 9th, 2014 The MLS will no longer send your listing data to any third party site. Third party vendors should remove brokers’ active listing data. If you want to continue syndication send email to support@wrar.zendesk.com
  40. 40. Questions?
  41. 41. WILMINGTON REGIONAL A S S OCIATIO N o f RE A LTORS ® Questions?? To submit a question go to Questions in Gototraining and type it in: For More Information go to: http://www.wrar.com/syndication For help go to: support@wrar.zendesk.com
  42. 42. 1. We know that the franchises will continue to syndicate whether they have a choice or not – the little guy says how do I continue to syndicate in order to compete in a costeffective way? Give our brokers the talking points about consumers shouldn’t care about syndication? If you want to continue send an email to support@wrar.zendesk.com and you will help them. 2. Realtor.com – are we still going to syndicate to them? Yes 3. Why did we choose to stay with REALTOR.com and not with the others – they have a direct feed that is more accurate than others and follow the code of ethics – they also hold the realtor.com brand. We’re giving them a direct feed that is updated every fifteen minutes 4. Does this mean that you are going to cut off IDX feeds? No, this does not affect IDX in any way. 5. What will be the cost for me as a small firm to syndicate on my own? We will not leave them in the lurch – email us at support@wrar.zendesk.com and we’ll help you figure it out 6. What would WRAR recommend that we do for syndication for our brokerage? It’s really not up to WRAR – it’s a business decision for you to make for your company 7. What if our firm decides to syndicate via another syndication services provider, will WRAR support us in that effort? Yes, send an email to support@wrar.zendesk.com and well do our best to help you.

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