broker portal project status report january 2014
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Broker Portal
Project Status ReportJanuary 2014
Broker Portal Project Overview• The Project Seeks the Creation of a National MLS Consumer
Facing Property Search Website
• The Goal is to Create a Portal Funded by MLS dues and data,
governed by brokers and MLS, to present listings to consumers
with a display that adheres to the Fair Display Guidelines
• The First Steps Include the (1)Formation of the Organization, the
Development of a Business Plan, and (2) the Development of an
RFP to Build the Site.
Purpose of this presentation is to enable MLS boards and Brokers to consider participation in the creation of the business
Important Catalysts That Create Action
• The NAR MLS Issues and Policy Committee have clarified the
model MLS rules to deem MLS consumer facing websites a
Basic MLS service. This allows MLSs to use dues to develop
and market an MLS consumer facing website (either on their
own behalf, or via something like the National Portal).
• Brokers have developed a model for listing display called the
Fair Display Guidelines whose main thesis is to insure that
only the listing broker and agent are displayed on a listing.
FairDisplay.org
November Meeting
Attendees
• 25 Brokers
• 25 MLSs
Discussion
• Fair Display Guidelines
• MLS Consumer Website as a Basic Benefit
November Meeting Outcomes
• Creation of a Governance Task Force
• Creation of a Technology Task Force
December Meeting
• Report from the Governance Task Force
• Report From the Technology Task Force
Next Steps
• Raise $250,000 from Brokers and MLSs to form
corporation and Build Business Plan and RFP
Current Status
• Two committees representing brokers and MLSs were
formed: Governance Task Force and Technology Task
Forceo The Governance Task Force provided a draft governance
document
o The Technology Taskforce has developed a straw man of costs
• The next step of the project is to inform brokers and MLSs
about the project and solicit involvement and funding
• The new class of participant in the project will
incorporate the business and develop the formal
business plan
Draft Governance of LLC
• Board Of Directorso 4 large brokers
o 3 medium brokers
o 3 small brokers
o 3 MLS executives
o 2 others
• The Company will have two (2) Member classes: MLS Members and Broker
Members. The Broker Members will be subdivided into three (3) sub-classes: Large,
Mid-Sized, and Small Broker Members based on the number of listings submitted to
the Company Database determined as of a date prior to the Members’ election of
Managers. “Local Operating Companies” in separate markets owned by the same
parent company will each be eligible to be Broker Members of the Company.
• Firms (brokers and MLS) who provide financial support will guide the finalization of
governance and incorporation
Estimated Expenses To Launch Minimum Viable Portal• $15 Million
• The technology committee recognizes that many of the costs of
launching a minimum viable product will hinge on the volume of
participation of MLSs and Brokers. Another significantly variable
cost will be the website marketing.
• Estimated costs to MLS dues $1 to $3 per subscriber per month.
• Firms (brokers and MLS) who provide financial support will guide
the finalization the website product, business plan, RFP and budget.
• Traffic to the site will be driven by 200 Million Monthly MLS
customer portal emails sent by MLSs today.
Current Needs and Use of Seed FundsMinimum raise of $250,000 to move forward.
• Meeting Expenses
• Consultant/Facilitation Fees
• Legal Fees
• Incorporation Fees
• Public Relations and Communication Fees
• Bookkeeping/Banking services
• Research and Purchase of a URL
Organizational Meeting• Novembe
r 2014
Governance and Technology Task Force Reports• December
2014
Recruit Financial Support From MLS and Brokers• January
2015
Form Corporation With Seed Funding• March -
April
Timeline
Looking Ahead
• Raise at least $250k in $5k
increments
• Hire legal firm to form corporation
• Communicate project and solicit
industry wide feedback
• Recruit technology task force for
RFP creation
• Drive MLS and broker participation
How You Can Participate
• Contribute $5000 in seed funding for the development of the corporate
entity, business plan and go to market strategy.
• Indication of Interesto Contribute $5000 to cover expenses
o Initial $5000 contribution will be credited to any membership, programming
(in the case of participating MLSs) or similar fee required for participation in
the Broker Public Portal upon its launch.
o Any unused contributions will be returned to contributors on a pro rata basis
in the even the Broker Public Portal is not launched and there is a remaining
balance of contributed funds.
o This is not an investment, but a contribution to defray meeting and other
related expenses to the possible formation of the Broker Public Portal
Other MaterialsFair Display Guidelines
NAR MLS Consumer Website Policy
Draft Operating Agreement
Indication of Interest for signature and return
Talking Points
WAV Group has been selected as a consultant to disseminate
the information about the portal to broker and MLS. If you
have any questions you may reach out to Victor Lund at 805-
709-6696 or victor@wavgroup.com
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