RISMedia's Real Estate Magazine

JUL 2019

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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RISMedia's REAL ESTATE July 2019 75 Blockbuster, Kodak and Tower Re- cords were category leaders. Each eventually faced technology-based disruption in their industry. They now offer a valuable lesson for the real estate industry today. When your industry is being disrupted, inaction—or action that comes too late—can result in displacement, or, worse, irrelevance. INDUSTRY ACTION Today, hundreds of MLSs and real estate brokerages are battling dis - ruptors hoping to take over our po- sition as the first point of contact for consumers looking to buy or sell property. For too long, third-party ad- vertising websites have co-opted a space that rightfully belongs to real estate professionals. Many real estate brokers and agents spend thousands of dollars every month to promote their list- ings with online advertising compa- nies. Agents once believed that they had no choice but to spend their money on third-party sites because there were no other viable options. In response, the Broker Public Por- tal (BPP at brokerpublicportal.com) was founded by MLS and broker- age firms to create an alternative to expensive third-party advertising portals. The Broker Public Portal provides consumers the same comprehen- sive, real-time MLS data used by real estate professionals—the people who list and sell homes. Powered by Homesnap and Homesnap Pro, BPP provides the only nationwide mobile tech that follows industry-defined Fair Display Guidelines. There are no display ads from other agents or brokers on one's listings, and all in- quiries are sent to the listing agent or broker for free. Broker Public Portal with Home- snap has been a gamechanger. Now available to over one million agents through more than 200 MLSs, Homesnap is delivering agents millions of dollars in free leads—leads that are included in their regular MLS membership fees—by exposing agent listings to millions of consumers. BPP with Homesnap also offers the only app in America that works with every MLS system, including dynaConnections, Paragon and Core - Logic's Matrix, with Rapattoni and FBS Flexmls soon to follow. However, even though over 1 mil- lion agents are benefiting from the free leads generated from No. 1-rat- ed search app Homesnap, hundreds of MLSs are still sitting on the side- lines and not signing up for this ser- vice that will reshape the consumer search landscape. IS INACTION FUELING YOUR OWN DISRUPTION? The danger is real. When an industry faces technology disruption, doing nothing or waiting to see what hap- pens before you act has negative consequences. History has taught us that. Just ask the folks who used to run Blockbuster, Kodak and Tower Records. It's time for every MLS and every broker who serves on an MLS board to take action to partner with the Broker Public Portal. This is about the future of our industry; inaction is not an option. We're in this to - gether. BPP with Homesnap is our industry initiative, and that means we're all part of the BPP movement. It's time for all of us to step up. MLSs and brokerages cannot sit on the sidelines and watch. If your MLS doesn't offer BPP with Homesnap, let them hear your voice today. Con- tact your MLS leadership directly to let them know that the BPP is vital to their future. RE Gurtej Sodhi is chief information & operations officer, corporate EVP at The Crye-Leike Group of Companies Inc., one of the largest real estate/mortgage banking/ insurance/title firms in the U.S. with 150+ offices that conducted 30,000+ transactions resulting in annual sales volume exceeding $6.5 billion in 2018. Crye- Leike's footprint extends across nine states with participation in over 40 MLSs. For more information, please visit www.brokerpublicportal.com or www.homesnap.com/bpp. Is Your MLS Fueling Disruption Through Inaction? Commentary by Gurtej Sodhi D o you remember rushing to return a DVD to Blockbuster before you were charged a late fee? Or taking your Kodak film cartridge to a local drugstore for one-hour processing so you could get photos developed immediately? What about shopping at one of Tower Records gigantic stores for the latest vinyl album?

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