Making The Market Work™

We take for granted many wonderful things each day. Imagine what your life would be like if you didn’t have clean water, indoor plumbing, and electricity. Those are everyday miracles.

Did you know that the MLS system is unique in the world?  It’s a foreign concept outside North America.  But here it provides the confidence, connections and sense of community so vital to the health of our housing market.

The MLS is also an everyday miracle.

Consider the difference between IRES MLS and Craigslist. Would you want to rely on Craigslist to buy and sell homes?  Of course not. Craigslist is unreliable, anonymous, and there is no true community or accountability.  The MLS allows competitors to cooperate and brings buyers and sellers together in an orderly real estate market.

In short, the MLS brings about the 3 C’s:

Confidence in the form of reliable, up-to-date market information

Connections between real estate professionals and the assurance that they will get paid should they collaborate with another MLS member on a transaction

Community by creating a set of norms and rules that all MLS members agree upon

Is the MLS business model succeeding?

The numbers say yes. In 2016, IRES subscribers sold $8.4 billion in real estate (yes, with a “b”).  That’s an amazing feat!  IRES is proud to be your partner in making home­ownership happen. The information we safeguard, the rules we enforce, and the community we foster helps you do your job with confidence and allows you to thrive. The magic of the MLS lies in competitors working together to create an efficient marketplace.

Together, we are Making The Market Work™!

Lauren Hansen
Lauren Hansen, CEO

4 thoughts on “Making The Market Work™

  1. I don’t think Craigslist is an entirely fair comparison. Craigslist has a totally different mindset and concept behind it and for what it is, it’s actually incredibly successful. I believe Zillow would be a better comparison and for that reason I actually think the MLS may be an outdated concept. I know you’re currently working on changing this, but the fact there’s three MLS systems just on the front range alone points to an antiquated system. Not only that, but each one requires different data and each has an entirely different structure. What if there was a single MLS system for not only the entire state, but the entire country? What if every MLS had a similar interface and data set? What if it was as easy to use the MLS as it were to input a listing (as a FSBO) onto Zillow and the interface was that seamless? What if the MLS had nothing to do with a private trade group (the association of Realtors) and instead just required you were a licensed broker, appraiser, etc? What if the MLS was free to licensed agents and made it’s money off of syndication rights? Those are all questions that I think we’ll be asking over the next 10 years.

    1. Solomon:

      You bring up several thoughtful points – many of which are being pondered in the MLS industry as we speak. I think the comparison to Craigslist is actually worthwhile if we consider a database without rules, no required fields, and devoid of verifying the individual entering the data is authorized to do so (e.g. licensees). Think rental scams.

      The MLS customers are by definition real estate database of professionals, data standards and rules surrounding listing entry to foster consistency and cooperation. Without that foundation, real estate listings could be suspect, impacting billions of dollars in transactions, not to mention the ability for consumers to find a home.

      Zillow relies on the MLS to handle all of those rules. They do not want to chase late entry violations, Fair Housing remarks, uploaded energy efficiency certifications or the myriad processes that happen behind the scenes with an MLS. That is precisely why they, and many other real estate sites, want to work with the MLS to populate their site.

      Are there too many MLSs? Without question, yes. As consolidation continues throughout the country, I believe we will see the cream rise to the top and potentially expanded cooperation and/or data sharing (e.g. RPR?), along with better tools for brokers to meet consumer demands. And I don’t think it will take 10 years.

      Lauren Hansen
      IRES, LLC

  2. It’s great that Iris users have sold in the billions worth of real estate this year. But as an appraiser I’m very disappointed in Iris. Appraisers are hamstrung in the information provided to them in the iris system. Realtors using the system can basically put in whatever information they want to help sell the home but do not consider the information they are providing is vital to the appraisal process. Re Colorado holds Realtors responsible for inaccurate information once reported by an appraiser. I’ve used Iris for yours and have not yet found a way to report inaccurate information. Appraisers use programs to help out with the appraisal process. At this point in time most of these programs I have used are virtually useless when working with the iris system. Alamode Titan, appraisal Genie, data master and a few others are basically almost useless when applied to Iris. I really hope Iris and Colorado merge. The merge would really help the appraisal process in Northern Colorado.

    1. Hi Tim,

      Thanks for taking the time to write about your concerns. We pride ourselves in being responsive to appraiser needs, so please let us take a moment to respond.

      We are very happy to know about any listing discrepancies appraisers run into so we can have them corrected. To alert us to issues, click the “More actions…” button at the top right of any listing and choose “Report Listing Problem to IRES”. Let us know what you’ve found and we’ll take it from there.

      In the Report Window there are several Export formats that can be used to pull raw listing data out of IRESis and imported into various appraisal programs. There are specific downloads for DataMaster and ChoiceValuation. Other export options allow you to pull up to 71 fields of data. To find these options, select the listings you need in the grid then click the “Export” button in the grid toolbar.

      We hope these points address your concerns. Let us know if you need anything else!

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