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MLS ® DATA-SHARING UPDATE 2017 Fall Election Meeting www.mreb.ca

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Page 1: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

MLS® DATA-SHARINGUPDATE

2017 Fall Election Meeting

www.mreb.ca

Page 2: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

MLS® TASK FORCE PRESENTATION TOPICS

www.mreb.ca

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of

services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled byCREA and identify real estate professionals who are members of CREA.

▪ Introductions – Who is the Task Force?

▪ Quick Recap – Why are we joining the sharing movement?

▪ Methodology – How did we decide on tech partners?

▪ ORTIS – Who are they?

▪ Financials – What will this cost us?

▪ Progress Update – What took us so long?

▪ Next Steps – Rollout, Training, Compliance, etc

▪ Quick Q&A

Page 3: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

MLS® TASK FORCE

Ryan GilmourTask Force Chair

Branden KamekaPresident

Paul FletcherPast President

www.mreb.ca

Asha SinghPast President

Jeff O’LearyDirector

Page 4: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

Membership who voted were in

favour of seeking data access95%

www.mreb.ca

Page 5: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

▪ Mobilized Workforce - Listing and Selling further from home

▪ Data Gap - Listings from adjacent communities missing from Stratus

▪ Competent Service – Listing/Sold data essential

▪ Exposure – Our listings invisible to other boards

▪ Economies of Scale – Costs to acquire, join & maintain MLS much lower

▪ Member Savings – Many members paying multiple board fees of $1200+

▪ Sharing Movement – Ontario boards are motivated = OPPORTUNITY

www.mreb.ca

Why are MREB members

seeking Data Sharing?

Page 6: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

www.mreb.ca

Just how MOBILE are we?

Mississauga Agents # of Ends Ends/Agent 2+ Ends 3+ Ends

Oakville 2,572 6,522 2.54 996 524

Burlington 1,542 3,754 2.44 483 246

Hamilton 547 869 1.6 170 64

TOTAL 11,145 1649 834

Mississauga-based closed ends in 12 months ending October 2017

Source: RE-Stats; Toronto Real Estate Board data for 12 months ending October 31 2017 in communities listed where Office City is Mississauga

Page 7: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

1. Identify Reasonable means of Data-Sharing

2. Asses the merits and challenges with each option:

✓ Fitness of the Solution

✓ Ease of Use

✓ Cost to Members/Board

✓ Longevity

✓ Legal implications

www.mreb.ca

Task Force Guiding Principles:

Page 8: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

Options Considered for

Data-Sharing:

▪ Data-sharing within Toronto Real Estate Board - not likely in near-term

▪ CONNECT – multi-board support, already integrated, missing functionality – does not work

▪ OREA initiatives – none planned in the near-term

▪ Direct Partnership with RAHB or OMDREB – no authority to share other board data

▪ MREB’s own MLS® system + data-sharing with other Boards – costly, time-consuming

▪ Ontario 14 – based in Western Ontario, great concept, no data for our area

▪ ORTIS membership – Most viable option

www.mreb.ca

Page 9: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

ORTIS Member Boards including data-sharing partnerships

▪ Oakville / Milton

▪ Hamilton / Burlington

▪ Niagara

▪ Brantford

▪ Kitchener / Waterloo

▪ Cambridge

▪ Guelph

▪ Simcoe

▪ Barrie

▪ Huron / Perth

www.mreb.ca

Page 10: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

ORTIS Considerations

▪ Strength in numbers – now 10,000+ members

▪ Listings from adjacent non-TREB districts

▪ Equal Access for members

▪ Mature Sold data in their markets

▪ Matrix system by CoreLogic – best of breed

▪ ShowingTime & other apps included

▪ Equal Representation for Boards

▪ Community “feel” – culture of sharing

▪ Long-term agreement – 5 years

▪ Everyone must join

▪ Requires “cross-posting” listings

▪ Some up-front costs to members

▪ Increase to our dues

www.mreb.ca

Page 11: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

* Rates do not include OREA/CREA dues

https://www.mreb.ca/

Annually $780

Semi-Annually $399

Quarterly $205

Monthly $ 72

www.mreb.ca

Membership Costs including

ORTIS membership

Annually $1200-1400

Semi-Annually $600-700

Quarterly $300-350

Monthly $100-120

2018MREB fees

Typical ORTIS board fees

Page 12: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

* Rates do not include OREA/CREA dues

https://www.mreb.ca/

Annually $780

Semi-Annually $399

Quarterly $205

Monthly $ 72

www.mreb.ca

Membership Costs including

ORTIS membership

2018MREB fees

Typical ORTIS board fees

Annually $1200-1400

Semi-Annually $600-700

Quarterly $300-350

Monthly $100-120

Page 13: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

▪ Existing Members - $75.00▪ New Members - $200.00

www.mreb.ca

▪ Offset one-time setup fee charged by Clarity Systems

▪ Mandatory staff training, Roll-out & Admin Costs

▪ ORTIS initiation fees payable by MREB

▪ USD vs CAD exchange & volatility

▪ Any mid-term cost increases

▪ Training for MREB Members

MLS® Initiation Fees

Page 14: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

▪ March 2017 – Initial meeting with the ORTIS Board

▪ April 2017 - Received Rates & Terms

▪ May 2017 - Agreement received & Lawyers reviewed

▪ June 2017 - Broker/Manager update

▪ July 2017 - Bylaws reviewed & amended

▪ August 2017 – MLS Task Force Update & Webinar

▪ September 2017 – Final meeting with ORTIS members

Progress Report

www.mreb.ca

Page 15: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

▪ Next week - Final Contract Signing▪ Late November - Staff Training▪ Early December - Train-the-trainer series, Broker outreach▪ Mid-December - MLS committees, Compliance & Arbitration reviews▪ Q1: Member management system integration

▪ January 2018 targeted for go-live!

www.mreb.ca

Next Steps…

Page 16: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

Join the conversation!

[email protected]

www.mreb.ca

Page 17: Mississauga Real Estate Board (MREB) - MLS DATA-SHARING … › uploads › files › 2017 MLS Update.pdf · 2017-12-10 · Agents # of Ends Ends/Agent 2+ Ends 3+ Ends Oakville 2,572

www.mreb.ca