NEW YORK, — The Hudson Gateway Association of REALTORS® (HGAR) and RISMedia hosted “The State of Real Estate Data in NYC” on May 20 to discuss the importance of accurate data in residential listings and the need for a unified system.
Richard Haggerty, CEO of HGAR and president of New York MLS kicked off the morning outlining the costs of disparate data and factors “disrupting” the industry.
Haggerty said inaccurate data is the key driver of “monetary and time drains,” and NewYorkMLS.com can change that. “New York MLS will make it easier for brokers to access accurate data that covers the entire region – from the Hamptons through Manhattan and the boroughs into the Hudson Valley.”
John Featherston, founder, CEO and publisher of RISMedia, moderated a discussion on the benefits and pitfalls of an MLS, with Mitch Skinner, managing member, Larson Skinner; Rene Galicia, director, MLS Engagement, National Association of REALTORS®; and Sam DeBord, CEO, Real Estate Standards Organization.
“We’re talking about ways to thrive, not just survive,” Featherston said. “Your brokers and agents need the most accurate and up-to-date data to compete in this marketplace.”
The second panel examined the state of data in Manhattan real estate. Moderated by Tracy Weir, CEO of August Partners, it featured Stefan Martinovic, vice president, Investments, Midwood Investment & Development; L.D. Samuelson, co-founder and CEO, Cherre; and Lucie Fortier, executive leader, Product Management, CoreLogic.
The keynote was Joseph Rand, chief creative officer, Better Homes and Gardens Real Estate-Rand Realty, on “Why the Time for Accurate Data Has Come.”
New York City doesn’t “have a common repository of information, shared by everybody,” Rand said. “This is not a tolerable state of affairs for a market as critical as Manhattan. It’s not the fault of any particular broker – it’s the fault of the industry.”
Featherston then guided a discussion on the “uniqueness” of Manhattan’s real estate market with Rory Golod, general manager, Compass; Bess Freedman, CEO, Brown Harris Stevens; and Jed Garfield, managing partner, Leslie J. Garfield & Co.
During a closing Town Hall, Featherston asked the audience how they plan to succeed in the future. “You’ll be doomed if you don’t solve your data problems to increase your value to customers,” he said. “Get control of your data.”