Real Estate Market Overviews (REMOs) are foundational tools for real estate agents to provide current market insights to their clients. The accuracy and completeness of a REMO depend heavily on the data received from Multiple Listing Services (MLS). AreaPro integrates with MLSs to various extents, which directly impacts the data available for your REMO. This article will guide you through the essential data needed for a REMO, the different MLS integration statuses, and their implications on your REMO’s completeness.
Understanding MLS Data Access #
It’s important to recognize that access to data is contingent upon the specific agreements and limitations set by each MLS. MLS organizations have distinct rules and regulations regarding the distribution of their data, which can affect the level and type of data AreaPro can integrate into your REMO. These variations are why we experience different degrees of support across MLSs. This added context underscores the importance of being aware of the policies of your MLS and how they impact the data available for market analysis.
Essential Data for a Complete REMO #
To ensure your REMO is comprehensive and provides value to your clients, it’s crucial that the following data components are included:
- Active listings, including price and list date.
- Pending listings.
- Sold listings, including the sold price and sold date.
The absence of any of these data components from your MLS feed means we cannot offer a complete and accurate REMO. Knowing what data is essential sets the stage for understanding the level of support your MLS provides to AreaPro and, by extension, the completeness of your REMO.
Fully Supported MLS Integrations #
When an MLS is fully supported:
- What This Means: We have an active integration with this MLS.
- Data Received: We are receiving real-time data updates, including:
- Active listings
- Pending listings
- Sold listings, with both the sold date and sold price.
Impact on Your REMO: A fully supported MLS ensures that your REMO is comprehensive, providing complete market insights with details on active, pending, and sold listings. This level of detail is invaluable for advising clients accurately.
Partially Supported and Unsupported MLS Integrations #
When dealing with partially supported or unsupported MLS integrations, it’s crucial to take proactive steps to ensure you can still provide valuable market insights to your clients:
If Your MLS is Partially Supported #
- Understand the Limitations: Clarify which data points are missing and why. This will help you set expectations with clients about the type of market insights you can provide.
- Seek Alternative Sources: Look for other reputable sources to supplement missing data. This might include public records, other real estate platforms, or collaborative sharing among local real estate professionals.
- Contact Your MLS: Express your needs and ask if there are any upcoming changes that might allow for full data access in the future.
If Your MLS is Unsupported #
- Explore Integration Possibilities: Contact AreaPro to discuss the potential for future integration. In many cases we are already working on integrations or can consider it based on user demand.
- Advocate for Integration: Engage with your MLS to advocate for integration with AreaPro. Sometimes, MLS decisions are influenced by their members’ demands.
Understanding the integration status of your MLS with AreaPro is critical for managing your REMO’s accuracy and completeness. The access to data is inherently dependent on the specific MLS and its regulations, highlighting the importance of being informed about your MLS’s data sharing policies. Should you have any questions or need further assistance, please reach out to our support team. We’re here to help you make the most of AreaPro’s features for your real estate business.
