Will the National Association of Realtors Amend the Way Property Data is Displayed

A National Association of Realtors (NAR) advisory board will meet in the coming months to determine if a new version of the Multiple Lisitng Service system needs to be implemented. With over 900 local and regional MLS’s each mandating its own rules and regulations, is it possible, or even feasible to think there could be a unified MLS covering the entire nation? The advisory board is meeting to discuss the possibilities of change.

Strange to see the effect the evolution of technology has had on what used to be one of the most guarded sources of information in any industry, the almighty MLS. But it seems the traditional way of guarding information is whittling away. Now, it is up to the advisory board to determine how the MLS would be used and what capabilities it would offer if there were no current MLSs in place and development were to start from scratch.

The fact NAR is even considering such a development is significant given its ongoing battles with the Department of Justice over its current policies of the online display of property information. It is cited that Zillow and other home valuation sites have provided major "wake up call" to the current MLS structure. It will be interesting to see what capabilities and upgrades a "new" MLS would offer to its members. With product information only a click away from the general public, a new MLS will have to offer more in providing detailed and accurate information to its practitioners.