REcolorado CEO Gene Millman on today’s MLS value proposition

In this sponsored episode of the RealTrending Podcast, host Tracey Velt interviews Gene Millman, the President and CEO of REcolorado. They discuss the importance of partnerships and collaboration in the MLS industry, as well as the need to adapt to changes in the real estate industry.

What does the future hold for the MLS? Millman talks about where he is seeing innovation, how important data protection and security are and what opportunities are out there. Millman shares impactful moments and pivots in his career, and concludes by discussing the future of REcolorado.

Here’s a glimpse of what you’ll learn:

• Partnerships and collaborations are essential in the MLS industry to provide a comprehensive and trusted real estate marketplace.
• Adapting to changes in the industry, both legal and economic, is crucial for the success of MLSs and their subscribers.
• The future of MLS lies in embracing innovation and technology, particularly in terms of data management and providing a seamless experience for subscribers.
• Data protection and security are top priorities for MLSs, and they must ensure the responsible use and protection of subscriber data.
• MLSs have opportunities to enhance their value proposition by focusing on the needs of their subscribers and providing choice in services.
• Impactful moments and pivots in a career can lead to valuable insights and improvements in the MLS industry.

Here’s a small preview of today’s interview. The transcript below has been lightly edited for length and clarity:

Tracey Velt: I think there is such a negative tone out there, but there are a lot of opportunities right now to be more transparent and to make those policy changes that will help your subscribers do business no matter what the market or the legal environment is. I want your opinion on what you see as the future, not just of REcolorado, but the future of the MLS moving forward and what kind of new innovations or new things are on the horizon.

Gene Millman: I think first you have to understand what your value proposition is. For us, we really view ourselves as a data company and a service company. Definitely with that data, we embed that into technology and bring products to our subscribers. I truly believe an MLS creates this ecosystem around this transaction. We touch it from the beginning. Throughout that whole process, MLS data is used.

How does that relate to your subscribers in order for them to give a more seamless experience to their buyers and sellers? I really think the MLS of the future is creating around data. Data now isn’t just, it’s a four bedroom, two and a half bath with a two car garage. It’s holistic property data. I think it’s becoming more and more important to our subscribers and to the industry that we look at. Because if we can give them all this information, they can in turn be educated more and they will be able to share that information with their buyers and sellers.

The RealTrending podcast features the brightest minds in real estate. Every week, brokerage leaders, top agents, team leaders, and industry experts share their success secrets, trends, and lessons learned navigating this ever-changing industry. Hosted by Tracey Velt and produced by Elissa Branch.