Announcing the Martha’s Vineyard Multiple Listing Service
We are excited to announce the Martha’s Vineyard Multiple Listing Service, a new initiative we are launching as part of our effort to meet our strategic vision of being the most comprehensive property data source for Cape Cod, Martha’s Vineyard and Nantucket. Martha’s Vineyard Multiple Listing Service will be a hyper-local, data driven service for real estate professionals that want to operate on Martha’s Vineyard — similar to what we have done really well for decades on Cape Cod.
Those who know the Martha’s Vineyard real estate market know that it is currently disjointed. The multiple listing service with the most significant market share is a private company called LINKMV. Martha’s Vineyard brokers and agents have asked for a solution that can work in their marketplace. We have listened and designed a structure that meets their needs.
Through extensive research and listening, we realized that to better serve our members on Martha’s Vineyard – and to provide more value to our Cape Cod members – we needed to create a MLS product for Martha’s Vineyard tailored to our island members wants and needs. Our members on Martha’s Vineyard wanted changes to their rules and governance that we could not square with the bylaws and rules of CCIMLS as desired by our current Cape Cod members. As such, the decision was made to create the Martha’s Vineyard Multiple Listing Service.
Creating a Martha’s Vineyard-specific MLS presented a unique business opportunity for CCIMLS to gain significant (and eventually, the vast majority) of market share on Martha’s Vineyard. We feel this service will be a success, which, ultimately, will lead to more resources that can be reinvested to CCIAOR members through enhanced member services and value. In that vein, there are two goals of this endeavor: to be responsive to our Martha’s Vineyard members, but also to increase member services and value for our Cape Cod members.
What is the governing and ownership structure of Martha’s Vineyard Multiple Listing Service?
The company has been incorporated with all the shares of stock owned by the Cape Cod & Islands Multiple Listing Service. Since all the shares of stock of CCIMLS are owned by the Cape Cod & Islands Association of REALTORS, the members of CCIAOR are ultimately the owner of it. At the end of the day this was a strategic business investment for CCIAOR that provides us with the opportunity to better serve our members on Martha’s Vineyard and, ultimately, to provide even more enhanced tools and services to all members.
Why Can’t Martha’s Vineyard Brokers Just Join CCIMLS?
To grow market share, a real impediment was the bylaws of CCIMLS, which require REALTOR-principal membership to qualify for access for CCIMLS. Numerous times over the last several decades, CCIMLS brokers have voted down a change in the bylaws to allow non-REALTOR principal brokers in CCIMLS. Without that change, we were not able to field a competitive product in the Martha’s Vineyard marketplace. By separately incorporating, we are able to have separate bylaws that allow for the participation in Martha’s Vineyard Multiple Listing Service by non-REALTOR principal brokers
What about all the Cape Cod members who list and sell on Martha’s Vineyard?
Over the last 5 years, there have been only 18 properties listed by 12 different active members of CCIMLS that are not members of LINKMV. Those agents will have access to join MVMLS if they desire. It is our belief is that if you are want to become a local market expert in an area, you need to join MLS with the most comprehensive data set for that marketplace.
However, all listings in MVMLS will be shared into CCIMLS, so you will not lose the ability view or search for Dukes County property. In fact, when we grow our market share on Martha’s Vineyard, your ability to search and view properties will only expand as we get more brokers signed on.
How does this benefit me as a Cape Cod CCIMLS member?
This is a unique business opportunity for CCIMLS. It presents an ability to provide a needed service to Martha’s Vineyard brokers, and, ultimately, to provide a return to CCIMLS and CCIAOR that can be reinvested into member services, value, and benefit for the existing Cape Cod member.
What is the current market share of CCIMLS on Martha’s VIneyard?
As of Friday, May 11, 2018, CCIMLS had 58% of all properties available for sale in LINKMV. We believe that by separating out this database and creating an enhanced localized system for Martha’s Vineyard we will be able to get existing REALTOR members on Martha’s Vineyard to also join MVMLS, who do not currently participate in CCIMLS. This could take our market share above 75%, putting CCIAOR in the position of owning the market-leading MLS in two locations. Few other REALTOR associations in the country are in this position, putting the Cape Cod REALTOR at the forefront of the national REALTOR community. Our goal is by the end of the year to have more than 95% market share on Martha’s Vineyard.
To find out more about the Martha’s Vineyard Multiple Listing Service, please visit marthasvineyardmls.com