The
value
of
the
MLS
cannot
be
understated.

REcolorado
has
strategically
boosted
that
value
with
a
focus
on
building
a
trusted,
cooperative,
and
comprehensive
real
estate
marketplace
to
position
customers
for
success.

With
the
real
estate
industry
adjusting
to
the

National
Association
of
Realtors

commission
lawsuit
settlement
agreement,
the
importance
of
a
tried
and
trusted
MLS
business
partner
is
undeniable.

HousingWire
spoke
with
Gene
Millman,
president
and
CEO
of

REcolorado,
the
largest
multiple
listing
service
(MLS)
in
Colorado.
Here’s
what
he
had
to
say
about
the
future
of
the
MLS.

HousingWire:
REcolorado
does
not
just
serve
Colorado
real
estate
professionals
you
consider
yourselves
their
business
partner.
Tell
me
about
your
collaborative
partnership
approach.

Gene
Millman:
REcolorado
has
a
culture
of
collaboration.
We
make
every
effort
to
be
attuned
to
the
needs
of
our

market.
Never
has
it
been
a
more
appropriate
time
to
be
business
partners
with
our
subscribers.
We
continually
talk
to
our
subscribers
to
understand
the
specific
needs
of
our
market.
We
also
stay
engaged
at
an
industry
level
to
ensure
we
are
current
on
emerging
trends.
This
approach
gives
us
the
insights
and
connections
we
need
to
deliver
custom
solutions
that
will
contribute
to
our
subscribers’
success.
The
positive
accolades
we’ve
received
from
our
subscribers
is
a
testament
that
that
our
partnership
approach
is
providing
tremendous
value
 to
them.

HW:
Value
is
a
word
that’s
been
thrown
around
a
lot
based
on
current
industry
events,
what
does
that
mean
to
you?

GM:
To
define
yourself
as
an
MLS,
you
have
to
define
your
value
proposition.
A
primary
part
of
our
value
to
our
subscribers
is
the
depth
and
breadth
of
data
we
provide,
and
we
are
continually
deepening
that
well.
We
view
ourselves
as
a
data
company
and
a
service
provider.
I
truly
believe
that
the
MLS
creates
this
ecosystem
around
the
transaction.

The
real
estate
professionals
we
serve
count
on
us
to
provide
holistic
property
data
to
power
their
tools,
give
them
insights
they
can
use
to
advise
their
clients,
and
help
them
do
business.
The
more
educated
they
are,
the
more
information
they
share
with
buyers
and
sellers,
the
better,
and
we
are
a
business
partner
with
them
from
that
perspective.

Our
data
sets
continue
to
get
richer.
And,
my
dream
is
that
it’s
on
demand
—
a
click
of
a
button
for
our
subscribers.
We
want
to
provide
that
complete
view
of
a
property
that
goes
beyond
two
bedrooms
and
two
bathrooms.

HW:
With
data
comes
the
need
to
protect
it.
Tell
me
more
about
data
protection.

GM:
We
are
all
keenly
aware
of
the
data
breaches
that
have
impacted
our
industry,
including
the

mortgage
and

title
sides
of
the
business.
This
year
has
been
a
tremendous
wake-up
call
for
the
real
estate
industry.
We
understand
that
the
brokers,
agents,
and
appraisers
that
subscribe
to
REcolorado
need
to
make
a
living
for
their
families,
so
we
have
a
large
responsibility
to
their
data
—
one
of
their
most
valuable
assets.
If
our
system
is
compromised,
they
can’t
make
a
living.
So,
we
take

data
protection
very
seriously.

HW:
Is
REcolorado
planning
on
making
any
major
changes
to
its
MLS
(besides
those
mandated
in
the
settlement
terms)
as
the
industry
goes
through
this
period
of
change?

GM:
REcolorado
takes
a
proactive,
transparent,
subscriber-focused
approach
to
operating
our
business.
As
we
monitored
the
lawsuits,
this
approach
led
us
to
strengthen
our
business-friendly,
market-driven
policies
and
remove
the
compensation
requirement.
As
a
result,
REcolorado
users
will
not
see
major
changes.
As
more
details
and
clarity
become
available,
we’ll
talk
to
our
subscribers
and
make
any
potential
changes
that
are
specific
to
our
market.
Additionally,
we
have
continued
our
long-standing
tradition
of
providing

MLS
perspective
to
the
state
licensing
authority,
which
is
used
to
promote
consumer-friendly
policies
and
practices.

HW:
With
offers
of
cooperative
compensation
no
longer
allowed
to
be
displayed
on
the
MLS,
is
there
any
concern
that
agents
may
stop
using
the
MLS
to
share
listings?

GM:
The

REcolorado
MLS
does
not
require
cooperative
compensation.
The
value
provided
by
REcolorado
MLS
is
much
greater
than
the
offer
of
compensation.
Our
customers,
consumers,
and
the
industry
rely
on
the
MLS
for
accurate
and
fair
access
to
all
residential
inventory,
which
facilitates
cooperation
among
agents.
That
same
inventory
powers
the
tools,
services,
and
insights
that
are
used
to
facilitate
the
home
buying
and
selling
process.
It
also
provides
immense
value
to
appraisers
as
they
use
comprehensive,
accurate
data
to
ensure
timely
and
accurate
valuations.
The
settlement
strengthens
the
value
a
buyer’s
agent
brings
to
a
real
estate
transaction
and
reinforces
it
in
the
buyer
representation
agreement.
REcolorado
will
continue
to
champion
a
transparent
and
efficient
marketplace,
giving
all
consumers
equal
and
fair
access.

HW:
What
does
the
future
of
the
MLS
look
like?

GM:
I
truly
believe
an
MLS
creates
an
ecosystem
around
the
transaction.
We
touch
it
from
the
beginning
when
someone
lists
or
buys
a
house.
Through
that
whole
process,
MLS
data
is
used,
whether
it’s
to
search
the
property,
perform
the
appraisal,
or
during
the
mortgage
process.

I
really
think
the
MLS
of
the
future
is
creating
an
ecosystem
around
data.
That
data
isn’t
just
“four
bedroom,
two
bathrooms.”
It’s
holistic
property
data
and
that
is
becoming
more
and
more
important
to
our
subscribers
and
to
the
industry.
If
we
can
give
our
subscribers
deep
information
about
a
property
and
community,
they
can
be
more
educated
and
share
that
information
with
their
buyers
and
sellers.

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