Imprev recently completed their 2016 Summer Thought Leader Survey where they focused on Upstream.   The independent research surveyed more than 300 broker-owners and top executives at leading franchises and independent brokerage firms that were responsible for more than half of all U.S. residential real estate transactions last year.  The study showed that widespread support for Upstream where 57% of top real estate executives say they are “very supportive” of Upstream, and 27% say they are “supportive.”  Only 2% say they are “not at all supportive,” and 14% say they are “somewhat supportive.”   
 
I was fortunate to sit next to Renwick Congdon, Imprev's CEO accidentally, shortly after the survey was published on my way home from Inman Connect.  We both were intrigued by the support brokers are demonstrating.   As I dug into the raw data, I found nuances that were worth sharing:

• Only 16% of the respondents thought "Upstream is the first effort to create a nationwide MLS of listing data from brokerages."   The low percentage is fascinating, and while I love that the majority of respondents understand that Upstream will never try to compete with any MLS, I find a version of this issue asked every time I speak.  I’ll state again that Upstream has no intention of creating a national MLS.  An MLS is a corporate entity that offers localized services for a fee.  They are far more than a listings database.   It may not be possible to normalize policy, services, etc. at a national level since real estate is so local.  Should the individual pieces of information that make up a listing be rationalized?  Yes, if for nothing else but efficiency.  That wouldn’t diminish the value of an MLS.  I’ve never met an MLS executive who said all the offered was just a database.
• Over 90% of the respondents thought the following two value propositions were (Very Valuable / Valuable):
  • Provide single point of data entry, eliminating the need to enter the listing data multiple times/places
  • Protect data integrity and reduce listing errors by using one centralized, accurate data source
• Surprisingly, only 64% of the respondents thought “Providing ready access to high-resolution, non-watermarked photos for marketing services” was valuable.   My intuition was leveraging high-resolution photos for mailers, single property websites and even property detail pages would have brought that number higher.
• Brokers and MLS executives have a good understanding of Upstream, but agents have little knowledge of Upstream’s goals or the benefits.  I had originally hoped to leverage the brokerages to disseminate information to their agents.   That plan remains valid, but I plan to add webinars and agent specific content to help accelerate a basic understanding.
• A common thread is woven throughout the comments. “Include all stakeholders into the process, incorporate feedback and stay true to the mission.”  Nothing resonates more or aligns to my values than those words.   If you’ve heard me speak or read my writings, there a few phrases I often repeat and are true to how I operate.
  • “The success of Upstream requires the collective intelligence of industry practitioners.”  I will always solicit and consider feedback from every stakeholder.
  • “Our first tenet is transparency.”  We will constantly update anyone interested… warts and all.
  • “We serve at the pleasure of the broker community.”
  • Upstream has many stakeholders with many agendas (sometimes competing).  I specifically wrote about stakeholder optimization months before being hired for Upstream.  You can find the article here: http://bit.ly/1p09wnf

Here is a summary of their findings... Enjoy

​Alex

TESTING: The pilot testing continues with MLS Listings, RMLS Portland, West Penn MLS, North Texas Real Estate Information Service (NTREIS) and NorthstarMLS.   Broker site visits continue and providing general education about Upstream, UI demos, customizing training needs, identifying broker business rules and qualifying vendors.  As a reminder here is the final list of pilot brokers:

• MLSListings Inc.
  • Pacific Union International, Inc.
  • Keller Williams Los Gatos Estates
  • RE/MAX Gold
• NorthstarMLS
  • Edina Realty, Inc
  • RE/MAX Results
  • Keller Williams Classic Realty Northwest
• NTREIS
  • RE/MAX DFW Associates
  • Keller Williams Arlington
• RMLS
  • Coldwell Banker Bain/Seal
  • RE/MAX Equity Group
  • Berkshire Hathaway HomeServices Northwest Properties
  • Keller Williams Realty of Eugene and Springfield
• West Penn MLS Inc.
  • RE/MAX Select
  • Northwood Realty Services
  • Berkshire Hathaway HomeServices The Preferred Realty
  • Howard Hanna

 
We are working closely with our pilot brokers and have identified 19 vendors to begin testing.  A few notables include DotLoop, LoneWolf, BackAgent, Blueroof360, Showingtime, and Obeo.   
 
DEVELOPMENT:  The vendor has completed Sprint 7 and is well under way with Sprint 8.  This Sprint focus is to support and extend the pilot market integrations through further development of the API by adding new listing features.  Additionally, new functionality of rules engine framework, property search, and treatment of photo uploads will be addressed. Concurrently, the RPR Business Analyst team will focus its efforts on analyzing the rules framework.  The Upstream Technology Work Group recently reviewed the proposed UI and workflow and is actively influencing the design with a focus on simplicity and ease of use.
 
STAFFING: A Project Coordinator has been hired to assist the CEO in managing work groups, develop both MLS and Broker Advisory groups, marketing and communications.
 
AGREEMENTS: The Agreements Work Group continues to refine participation agreement templates between Brokers and 3rd Party Vendors, Upstream and MLSs, and Upstream and Participants to help define usage rights and protect the confidentiality of proprietary information Upstream maintains in its system. 
 
GOVERNANCE: One new governance items has been addressed.   One of our board members has changed companies allowing the brokerage holding the seat to select a new representative or relinquish their board seat. If they decide to relinquish their seat, the board will need to vote on a replacement.  Stay tuned for the decision.
 
NOTE FROM THE CEO: My excitement continues to grow as I've "hit the road" speaking across the country.   Although communicating facts about Upstream and it's benefits to stakeholders has just begun, and there are many questions across the industry, support is very strong and growing.  The most recent independent survey conducted by Imprev showed the vast majority of real estate leaders – 84% – say they are supportive of Upstream.   Look for updates on UpstreamRE.com regarding the survey, questions I've encountered during my travels and more.