This post was sparked by an article on the purchase of Auction.com and the launch of Nowcast, a new housing report designed to combine industry data, proprietary company transaction data, and Google Trends findings to predict market trends as they’re happening.
Utilizing data to help buyers and sellers plan for market conditions within the real estate industry is critical. It is time for real estate industry leaders to wake up and recognize the complete failure to supply our consumers with the critical data interpreted by field professionals is only reducing each agent’s value. This data is public. The role of the MLS (Multiple Listing Service) has changed from “collector” to the manager of accuracy. More emphasis on broker generated data interpretation and consumer education needs to be the focus of associations, both local and national. We need to be at the forefront of explaining and predicting housing data in a way that promotes the exchange of real estate.
No longer can the old generation, monolith brokerages exclaim, “I do not have a crystal ball”. Data is one piece. Professional interpretation from the daily experience of great agents all over the country, is critical to help consumers make the best decisions. Professional real estate agents/brokers with experience can take “BIG DATA” and make it useful information. But the industry leadership needs to end the belief that “hoarding” data is the best way to protect the consumer and collaborate with the technology professionals to move our industry forward. The value is not in the data (it is public), the value of each and every real estate professional is the ability to apply the information to each and every home and each and every client.