Our CEO at Prestige MLS, Jean-Laurent Lepeu, gladly agreed to write an article to present the MLS system in details. A great opportunity to learn everything about the collaborative approach in the luxury real estate industry.
The real estate market is predominantly a local market, and the collaborative side of the job of a realtor can only reach its full meaning through a shared capacity to address a local client base.
The development of a « classic » MLS (Multiple-Listing-Service) organization consists in regrouping real estate agents working in the same area and stimulating them towards a collaborative process, regulated locally, and designed around a common file of exclusive qualified listing agreements.
Indeed, the real estate market is predominantly a local market, and the collaborative side of the job of a realtor can only reach its full meaning through a shared capacity to address a local client base.
Therefore, the geographical proximity between all realtors and the cohesion on a local level, in a common MLS file, is a key factor of success, and it has repeatedly proven its value in terms of performance and productivity for real estate agents.
Once we try to target the high-end real estate market, the collaborative approach needs to be distinguished from a “classic” MLS system.
Besides, the globalization of the luxury industry observed especially during the last decade has not left the real estate market unchanged, and today it has become extremely difficult for a real estate agency offering a high-end properties to know beforehand the geographical origin or nationality of its potential target buyers.
That time when it was relatively easy to identify “flows” of clients linked to the desire of a specific nationality of buyers towards a targeted geographic area
seems to be behind of us. And we cannot talk about “flows of the luxury real estate”, but more of the “cloud of the luxury real estate”.
Thus, the communication and client management strategy of real estate agencies specialized on this market is becoming increasingly more complex, since they should work on obtaining the capacity to spread their offers of property sales more widely inside the “cloud”, towards a multiplicity of regions, nationalities and cultures, and they should also guarantee this service in all languages.
For local or regional agencies, this globalization of the market represents a breaking point in their business operations, causing a necessary adaptation of their method and operational modes. Faced with this breaking point related to the necessity to reach an international clientele that is more and more spread out, the development, for every agency, of its own network of international partners is not an option anymore, it has become a necessity.
In this context, the collaborative approach offered by Prestige MLS becomes obvious, designed around an international label, strict in the selection of its Members and their offers of sales and rentals.
The efforts led by the Prestige MLS team during the last three years to make realtors sensitive to both the added-value of this approach and the implementation of the tools, rules and processes associated with the collaborative method, are starting to pay off, and the results quickly obtained on the credibility and visibility of the Prestige MLS signature are already remarkable.
We strongly believe that this is only the beginning, and that the most beautiful stories of Prestige MLS still need to be written.