At the CCIAOR & CCIMLS joint Board of Directors meeting on April 11, the Board voted to authorize the CEO to execute agreements with both Zillow and REALTOR.com to provide pending data and sold data. This action came after extensive feedback from members gained through active listening that board members and staff have done since this action was first proposed in the fall.
Here is the situation and the reasoning behind it:
For Pending Data: CCIMLS has received a significant amount of requests from members to provide this data to the two large portal companies: the Zillow Group and REALTOR.com. Members want pending listings displayed online in the portals because currently, listings that are pending are displayed as off-market. Sellers were remarking repeatedly that their property was under contract to be sold and it looked like it was off-market on the portal sites. Because of this, the Board felt that in accordance with our CCIMLS strategic plan principle that “we support and enact policies that produce the most accurate data,” updating this policy to better reflect the current status of the listing was the best way to ensure accurate data is disseminated for all properties on Cape Cod, Nantucket, and Martha’s Vineyard.
For Sold Data: Since we are in a public disclosure state (which means that sold data and the sold price is publicly available), the two major portal companies already display sold data. In the absence of CCIMLS providing sold data, the Zillow Group matches recent solds to the most recent listing agent of the property to give them proper attribution that they represented the sold. However, REALTOR.com was not even putting the sold data on the agent’s profile while our competing MLSs were. Those who are members of multiple MLSs would have their solds on their profiles and attributable when searching the site, but not those who were only CCIMLS members. In short, to give our members — especially buyer agents — proper attribution on the portals and to showcase them for selling the property, CCIMLS will be providing a sold data feed to the portals. To ensure that we keep brokers in control of their listing data per our strategic initiatives, the sold data feed will be a separate feed from listing and pending data and brokers will be able to opt-out from sending sold data separately from opting-in or out of sending listing and pending data.
The implementation date has not been set, but soon and prior to launch, Designated REALTORS will see “Realtor.com Solds” and “Zillow solds” in their broker distribution settings and will have the opportunity to set and continue to control their distribution of listing data. DRs will be notified when the preference setting is available to choose their distribution.