MLS data is more valuable than ever. The industry has to decide how to protect it

No matter where they stand on a variety of MLS issues and debates, industry participants seem to all agree that at the heart of the MLS is the listing data. While not brokers, economists Selma Hepp and Danielle Hale both told attendees of the Council of MLS’s (CMLS) Open House conference that having the most complete data possible is integral to the continued smooth functioning of the housing industry. “The value of the MLS is that it brings everyone together,” Hale, the chief economist at Realtor.com, said. “And one plus one is a lot more than two because a complete picture of the housing market is vital to anyone who’s trying to set a price on their home or for buyers who are trying to figure out how much to offer when they’re putting in an offer on home.” As someone whose job it is to evaluate all of this data, Hale said the MLS’s ability to aggregate the data enables her and other economists and industry professionals to get a sense of how the entire housing market is performing. It also noted that federal policy makers also use this data to help them set or change financial policies. “We can’t even describe what is happening right now in the market without that vital piece of ...