Your MLS Success Blueprint

There is a big shift taking place in the real estate industry right now and it’s your springboard to your future. MLSs have never experienced declines in membership and revenues like they are dealing with now.  As a result, everyone is working harder than ever to balance budgets, search for new sources of income and be more relevant.  Most MLSs are now competing for their piece of a shrinking pie and many are trying to figure out what to do to survive the next few years.  We frequently hear, “how can we do more with less and still provide excellent service to our members?”   At the same time, members are struggling to re-shape their own value proposition in order to remain relevant with consumers and make a living.

The whole situation is further compounded when factoring in the outdated governance structure of most MLSs. We understand that it’s really difficult to innovate or be nimble in decision-making in this fast-paced environment.

We believe that there is also a lot of noise right now.  There is RPR, data licensing and sharing, third parties, such as Zillow and Trulia and many other potential game changers. Individually, MLSs don’t have much impact on these noisemakers, but everyone is buzzing about them anyway.  Are these distractions? We continue to recommend that association and MLS staff and leadership stay focused on their mission, as the members need innovation and additional value-added services from MLS, more than ever, during the big shift.

So if you are exasperated about your budget, relevance and governance, you might ask yourself these questions:

1. How do you stack up in your market and in contrast to industry benchmarks in services, fees and costs?
2. What do your members value most and need from you right now?
3. Do you have a clear message to express your value proposition and the right communication solutions to reach your members?
4. Who is your (future) competition?
5. Does your current governance structure ensure your ongoing survival and success?

While the direction and pace of the economy and housing markets are outside of your control, the direction and actions you take in the next few months are not.  The next twelve to eighteen months are pivotal and your actions will likely determine how you get beyond survival to a thriving business in the years ahead.  What’s your plan? ?  The answers to the above questions are your starting point for developing a solid plan for the next decade.

Like an architect sketches a blueprint for a new home, your MLS needs a success blueprint if you are going to build a business to withstand the noise and the turmoil during the big shift.  With an MLS success blueprint, you will know how you stack up in the marketplace based on service offerings, member satisfaction, fees, internal costs, structure and competitive advantages.  Having a clear blueprint for success will show you the best way for growing your membership and revenues and increase your buying power, allowing you to do more with less.  It will allow you to be more relevant to your members and show you how to communicate your unique value proposition to them.  More satisfied members equal retention.

What is your MLS Success Blueprint?  Stay tuned.