There are going to be several changes coming to our industry, most notably the changes with the settlement process with loan applications taken after August 1st of this year. We will be covering this in great detail over the next several months.
However somewhat under the radar project "upstream" was announced about two weeks ago. In my opinion one of the biggest mistakes that was made in this industry was when the Brokers gave up control of the data for their listings. Once the data was given to the Multiple Listing Service's they gained control of that data then eventually started syndicating that data when technology allowed. I am sure no one at the time could have imagined the ramifications but now we have Zillow, Trulia and anyone else who can get the data selling the leads they produce back to us.
There will be a lot more to come on this and it will take some time to unfold. I do believe Upstream is the beginning of the Brokers getting together to take back control of their data. In the long run whoever control's the data will control the revenue from the leads it produces. It will be fun to watch how this unfolds, below is a good article on it and a diagram of the flow of data.
Enjoy the coffee,