When it comes to real estate in Colorado, access to more complete and comprehensive data means more value – for everyone across the Centennial State.
In today’s world of real estate, online listing platforms and real estate apps guarantee buyers and sellers access to more data than ever – at the touch of a button. Now, consumers increasingly expect their real estate professionals to provide them with access to all of the listings in their region, not just what is available through a single multiple listing service (MLS) used by their agent or broker.
Buyers want access to all of the listings available – unconstrained by the boundaries of MLSs – and sellers want maximum visibility on their home for sale. The good news: shared-data agreements empower real estate professionals with a more complete breadth and depth of listing data.
To ensure Colorado’s industry tools are more effective for consumers along the Front Range, Information and Real Estate Services (IRES) and REcolorado – two of the state’s largest MLSs – recently launched a data-sharing partnership that integrates listing data into each organization’s system.
A world without shared data
Imagine the homebuying and selling process as a quest for buried treasure. If the map you’re using doesn’t offer the most accurate and up-to-date picture of the market, it will be incredibly difficult to find the “x” marking the spot of the home of your dreams or the best prospects on the sale of your home.
Without increased access to shared data, markets across the state become fractured, leaving consumers to wonder whether they are missing some properties. For example, the Broomfield and Erie areas overlap in different MLS systems, so properties found in one system might not be visible to users of another without shared data, yet it’s reasonable for buyers to consider homes in both areas.
Unfortunately, this problem is not unique to just Broomfield and Erie but myriad communities across the state.
Benefits for homebuyers and sellers
With every available listing pooled together, brokers can access the largest collection of properties for sale in the marketplace on behalf of their clients. Leveraging shared information empowers homebuyers with access to a broader inventory set — without any gaps. Additionally, shared data maximizes the amount of eyeballs homes for sale receive.
Sellers working with a real estate professional can rest assured knowing their broker has the most accurate and up-to-date information to make a listing presentation, determine a home’s value and suggest the listed price based on recent transactions. That way, when an offer is received, sellers can consult with their brokers based on the same wealth of information each party has.
With expanded access to a greater breadth and depth of listing data across the state, Colorado consumers have the most complete and accurate information at their fingertips, streamlining and enhancing the homebuying and selling process.
For more information visit: https://ires-net.com/2020/10/22/what-you-need-to-know-about-the-ires-recolorado-data-share/
By Lauren Hansen, Information and Real Estate Services (IRES). Lauren Hansen is the CEO of Information and Real Estate Services (IRES), which powers ColoProperty.com, a real estate resource for homebuyers. IRES is a regional Multiple Listing Service based in Loveland. ColoProperty features thousands of properties to help buyers find their dream home.