RISMedia's Real Estate Magazine

JUN 2016

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.

Issue link: http://remag.rismedia.com/i/681240

Contents of this Issue

Navigation

Page 41 of 110

RISMedia's REAL ESTATE June 2016 37 agents," she says. "For listing data, these include superior, consistent data quality, cost-saving effciency, control over distribution and usage, and risk mitigation. And in future phases, other property-related and operational data in this warehouse will offer more possibilities, especial- ly for small frms that wouldn't have access to those kinds of resources without the entire industry building Upstream TM for the common good." While Upstream's components already exist, none have been de- ployed in this way, so work began in 2015 on modifying tools for the proj- ect. Upstream TM interviewed many vendor applicants, all of whom were more than capable of tweaking their current products to ft Upstream's vision. Upstream TM ultimately ne- gotiated a vendor contract with Realtors Property ResourceĀ® (RPRĀ®) . NAR recognized the value of the proj- ect to the whole industry, saw the brokerage community was united and serious, and volunteered to fund the technology build until 2018. NAR made this gift to support its mem- bers and the industry, and did not receive any ownership in exchange. At this printing, fve markets are testing the frst version of Upstream TM , watching to see how it handles in- put and editing of data compared to the programs the brokerages utilize. Those brokers' MLSs are monitoring the fow of data into the MLS from Upstream TM instead of the MLS's add/edit software, looking at conver- sion into the MLS's data format and compliance with the MLS's business rules. "There are many questions about how Upstream TM will function for frms and MLSs," Elsea says. "Many of those will be answered during testing. These pilot markets will also generate new ideas, questions and adjustments that will make Up- stream TM better, and implementation smoother for others." The ambitious vision for Up- stream TM will take years to realize. Initial implementation will include "listing" data for the most part, be- fore the scope of types of data ex- pands signifcantly. "Brokers, agents, associations and MLSs should understand that Upstream TM is our collective oppor- tunity and we all should be making it happen," Elsea continues. "It will be important to be patient with the process, as it will take time to map out and organize the details. Be sure to get involved, ask questions and make sure how Upstream TM unfolds makes sense for you as a real es- tate practitioner and for your market in general." When initial tests yield positive re- sults, the pilots will expand to more frms within those frst markets and add other markets. Brokers interest- ed in participating will soon be able to get in line by indicating their inter- est at UpstreamRE.com. "MLSs can play an important role in supporting their dues-paying cus- tomers by helping Upstream TM suc- ceed," says Haase. Upstream TM plans never to be an MLS. "MLS is a powerful concept that may have a database as a vi- tal component, but a database does not defne it," Cheatham says. "Ad- vance agreements for cooperation and compensation make it unique. Upstream's founders intended for MLSs to continue to provide man- agement of those, while Upstream TM provides a data management tool for brokers and agents to use in addi- tion to their MLS(s)." Upstream TM leaders have gone on record saying that MLSs will con- What is Upstream TM ? Software for entering and modifying data Secure, redundant off-site storage for data Platform for managing distribution and licensing of data q w e The same data must be entered multiple times Changes to data must be done multiple times Data can be diffcult to get back from vendors/MLSs Data must go through a process of "normalization" for use Current databases contain only listing information Others sometimes make decisions for you about data use/display Copyright/ownership is being challenged with current methods Out-of-date and incorrect data remain in use externally What problems does Upstream TM plan to address? q w e r t y u i

Articles in this issue

Links on this page

Archives of this issue

view archives of RISMedia's Real Estate Magazine - JUN 2016