Just wrapped up a 2.5 hour meeting with our inaugural Data Strategies Committee and all I can say is – wow. We covered so much ground and really only scratched the surface of the many issues we as a committee can, and need to tackle.
The inaugural meeting of NAR's Data Strategies Committee. Photo credit: Brian Copeland
The purpose of our committee was defined: “To monitor and recommend actions and strategies affecting the sharing, distribution, capture and utilization of data. To analyze research and trends, global strategies, and the competitive landscape regarding property data and recommend appropriate association action.”
Our objective is to “identify and discuss the issues around the data, for development of potential recommendations to the NAR Board of Directors.”
Quite a broad scope wouldn’t you say?
The issues we discussed ran the gamut: the battle with third-party vendors in communicating real estate data to consumers, roadblocks that keep associations from sharing member and transaction data widely within the REALTOR family, playing a larger role in the online relationship with consumers, an MLS bill of rights, capturing housing data that is currently missing, creating a comprehensive member database…among many other topics.
After thorough discussion we narrowed down the issues to four key points to pay closer attention to:
- Improving the online consumer relationship
- Becoming a more prominent player when it comes to communicating real estate data
- Greater broker control over syndication of listing data
- A thorough and comprehensive member database that can “predict” the needs of its members similar to the Amazon experience
These four issues will be delved into alot deeper over the next six months prior to our next in person meeting at NAR Annual Conference in San Francisco in November. The issues may change after we explore them further. The focus may change and develop over time as well. That’s what makes being a part of this committee exciting – it is tasked with such a broad scope of responsibility that will mature and morph over time to meet (and hopefully exceed) the needs of our membership.
Let’s see what we come up with by the time we meet in November in San Francisco!