Over the next couple weeks, we will be posting blogs on those three questions.

“I consider WolfNet a trusted and innovative partner.” – Jim Harrison, CEO of MLSListings

What is Data Aggregation?

Data Aggregation is the process of taking numerous data points and standardizing the information in a uniform format. In real estate, this is a common problem when attempting to work with data from different markets. For example, one market may list bedrooms as “beds” and another market may list bedrooms as “bedrooms”. It may seem like a simple solution to correct the “beds” field to “bedrooms,” however this becomes a very time consuming and complex task when you consider the amount of data and number of fields requiring changes when working with tens or hundreds of markets.

Why is Data Aggregation Important?

Data aggregation is important because companies want to focus on getting products to market quickly and continue developing them and making updates. They don’t want to focus their time on data management. We help by standardizing data from more than 640 markets and make it available for approved companies, as well as helping with gaining access/permission to the data, contract processing, and so on.

Tech vendors and companies are looking for an easy button for data access. However, obtaining this information is a lot harder than expected. There are no resources in the market that answer simple questions like:

• What data is available?
• How do you comply with rules and regulations?
• What contracts need to be reviewed and signed?
• How much does it cost?
• How long does it take?

Not only are there no resources, none of these questions have easy answers. Some people my try to dig and find this information but that approach is inefficient and creates more costs.  WolfNet can find the data by using data aggregation.

What is the Data Aggregation Infrastructure?

When you originate the data like WolfNet does, it is definitely more complex than being the recipient of a standardized fee. To be successful with data aggregation, you need to have the infrastructure; and WolfNet does.

• Staff (database, sys admin, developers, project management, tech support, customer service, administrators)
• Hardware/Cloud (data and photo servers for loading, transforming, processing, and hosting data and images)
• Bandwidth (250-400 terabytes/month)
• Data Storage (40 terabytes SAN, CEPH)
• Content Delivery Network for photo distribution via URL
• Data transformation scripts to get the data into a single format
• Sophisticated Data Monitoring and Data Validation Systems (Data is what we expect and is correct)
• Maintenance: There are a lot of unexpected changes daily.

WolfNet has spent $5-$10 million building this data aggregation infrastructure over seven years. Not every company can have this complex of infrastructure and manage it as well as WolfNet does.

Check out the webinar below to hear Joel speak in more detail about what data aggregation is. If you would like to learn more about WolfNet’s data aggregation and distribution services, click here, or call 1-866-WOLFNET. 

The post What is Data Aggregation? appeared first on WolfNet.

The MLS Approval Process

Gaining MLS approval can be a long tedious process, especially for new agents. No sure where to get the needed paperwork? What signatures you need to acquire? How long does the entire process take? Working with MLS’s on a daily basis, me along with the rest of the WolfNet team have developed some great relationships and have tips on expediting this process. We’ve laid out some key things to keep in mind when looking for approval!

• Make sure you have the most up-to-date version of the data access agreement from your MLS. You get this from the MLS directly or your IDX/VOW provider may have a copy on file too!
• Know your website address by heart and make sure it’s accurate on your data access agreement.
• Do you know your “Broker of Record” on file with your MLS or brokerage? This may be different than your own broker. Make sure to find out who this may be and obtain their signature on your data access agreement if necessary.
• Submit your completed data access agreement directly to the person that handles each approval.

The most innovative solution providers should be able to monitor this whole process for you starting from access to the right documents all the way up to approval so ensure you have a speedy turnaround.

How WolfNet Can Help

Here at WolfNet, our staff members are dedicated to the MLS’s we service, which means our team members are experts in all things related to your MLS. Having an intimate knowledge of your MLS’s rules and regulations helps us provide you with the necessary tools for success!

The post Tips on Expediting the MLS Approval Process appeared first on WolfNet.

Defining a Multiple Listing Service

A Multiple Listing Service is essentially a large database where agents and brokers input the properties they have for sale. This helps real estate professionals search and find the houses their customers are looking for and also gets properties they are selling in front of other potential buyers. Agents get commission from both the sale of homes they’ve personally listed in the MLS as well as when a client they’re representing, purchases a home listed by another agent.

With an MLS, sellers now get more eyeballs on their property and buyers have access to a plethora of homes on the market. The process by which this occurs – buying agents and selling agents sharing properties – is defined as broker reciprocity. This provides a unique business situation within an already competitive market. Agents and brokers have to work with their competition in order to provide a successful experience for their clients.

How MLSs Manage Data

A Multiple Listing Service is paid for and managed by real estate professionals on a daily basis. Clients have access to MLS listing information through their specific agent or broker’s website thanks to IDX providers like WolfNet. Every MLS is different in how they collect and share their data with agents. We take the data from 600+ MLSs across the country and standardize it across the board to represent the data correctly on agent’s and broker’s property searches.

MLSs are influential players within the real estate industry, allowing every type of professional to participate, from single agents to large brokerages. With the continued growth and innovation, MLSs will continue to provide new ways for real estate professionals to access and share their data.

The post Know Your Lingo: What’s a Multiple Listing Service? appeared first on WolfNet.