Why did we implement Rental Beast?
RentalBeast was chosen by the Board to expand access to rental listings for all Subscribers and to provide a more complete service for rentals than that found in the standard MLS systems.
RentalBeast is the largest of its kind by far and has been adopted by some of the largest MLSs in the nation.
By the numbers, RentalBeast has met its objectives.
A TMLS Board Task Force is studying ways to Improve or Replace RentalBeast when the contract expires at the end of 2024.
Will there be a mobile APP? Helpdesk says no.
All three MLS Platforms have Mobile Apps. TMLS will be releasing a mobile app for Add Listing later this year.
Do we only have a 1x opportunity to select a service?
No, you will always be able to choose to move platforms. The only limiting factors are the billing system and how we manage the proration of subscriptions.
As of today, you have until the end of February to choose, but we are about to announce that it will be extended until the end of March.
Why does TMLS continue to blame Paragon for failures when our previous system was 100% functional?
We have honestly tried hard NOT to blame anyone, including Paragon, and to take responsibility for any turbulence. We have shared the progression of what happened, how those decisions were made with BK leadership, and how the outcome was not what either company wanted or expected.
Outages and mismatched fields in Paragon are ultimately BK’s responsibility since my engineers cannot update their systems. We have to rely on them to do it right and quickly, and they have done neither.
What was the reason for the change?
We covered that in the opening slides, but the short answer is for these three reasons:
- Own, not Rent: Achieve Data Sovereignty: TMLS now has a complete and usable copy of our data so that we more authentically own the data than at any point in our history. If all the MLS vendors disappear, we still have everything necessary to ensure business continuity.
- Standardize Open Systems: All modern PropTech apps can plug into standardized databases. The new TMLS system is built for innovation and collaboration, future-proofing the MLS for the next decade and beyond.
- Collect Analytics: The old platforms need more engagement metrics and usage analytics. The tools modern organizations use to learn and focus.
Do I or my agents need to do anything if we want to continue using Paragon?
No. BK and TMLS went to great lengths to allow existing users of Paragon to stay on Paragon if they wanted. In August 2023, BK suggested mapping TMLS’s new data back into the old Paragon to meet our deadline. TMLS agreed based on their assurance that it would be done by November 29th.
Both TMLS and BK now agree that, given the opportunity, we would do it differently. Their assurance was based on a well-meaning but under-informed executive at BK making an impossible promise in the time frame.
Why is a Mandatory NAR membership a requirement to be a member of MLS?
The short answer is that RRAR owns us, and it’s in our Bylaws that you have to be a member of an Association somewhere to be a member.
This is being discussed by almost every MLS I know of.
Will the Price Analysis feature be available again?
That was a Paragon function in the Add Listing Workflow. Since we left Paragon for that function, we lost that feature.
We are talking to FBS about adding something similar.
We are talking to a half-dozen companies about offering an alternative to the TMLS Listing Manager for Add Listing. Several companies, including Ocusell, automatically fill out the Add Listing forms from the photos. They say it’s 4x faster.
How can we fully understand the competing services?
Take the classes and watch the videos.
There is also no substitute for trying them out after watching the initial videos or taking the classes. That’s why the lengthy trial period has been anticipated and negotiated with the MLS vendors.
In addition to that, I can tell you a little about each company from my perspective as a 30-year industry veteran.
Trying not to steer anyone, only to inform.
CoreLogic's Matrix platform is by far the biggest of the three. They have the most users nationally and are associated with a large parent company valued at $5.8 Billion. Their strengths are their OneHome and MLSTouch products and the flagship Matrix. Also, their Public Records system, called Realist, includes many features; think RPR on steroids. For example, it consists of a FinTech integration that shows if a property has a below-rate assumable mortgage and other things you'll want to know about. Matrix and the different products are connected to the TMLS Listing Management System using the latest transport mechanism, the API, so their property alerts are fast.
CoreLogic was purchased in June 2021 by a venture capitalist, https://www.stonepoint.com, the current owner. https://www.corelogic.com/ and https://www.corelogic.com/real-estate/multiple-listing-enterprise-solutions/.
FBS's Flexmls platform is the second-largest in the number of users nationally, but they are by far the smallest company. Their Flagship Flexmls product has been updated, so most screens are fully responsive for mobile. They also have two mobile apps, one for brokers/Agents and one for Consumers. Flexmls is connected to the latest data using a modern transfer mechanism called an API, so the Property Alerts are fast. Flexmls integrates with CRS for Public Records and includes the popular CRS Tax Suite. FBS is a Fargo, ND-based, 100% employee-owned company managed by the founder's family. FBS was hired to build the new TMLS Listing Management software because of the prominence of its back-office utilities. Their API is described at https://SparkPlatform.com and best supports integrations and growth. https://wearefbs.com/.
ICE-Black Knight has made Paragon the only option in the TMLS area for almost ten years (October 2014). Paragon developers have focused on updating parts of the program used by Consumers. So, the Collab Center and its Paragon Connect products have gotten the most attention. Paragon integrates with CRS for Public Records and includes the popular CRS Tax Suite. Paragon is working to do two things with TMLS. One is to thoroughly review all field mapping and update processes to ensure accurate data in Paragon's current version. Second, to release a new version of Paragon, Paragon Connect, running on the latest transfer mechanism to provide fast alerts and updates. Black Knight is called Black Knight because the CEO, now retired Billionaire William Foley II, went to West Point, where the mascot is the Black Knight. In 2022, BKFS was sold to the parent company of the New York Stock Exchange, a financial services vertical called Intercontinental Exchange, for $11.8 Billion. ICE describes its investment in BKFS as part of its vertical mortgage servicing strategy. https://www.blackknightinc.com/ and https://www.icemortgagetechnology.com/.
Is Paragon RESO compliant in their other metropolitan markets nationally? If so, the TMLS failures are specific to us and not necessarily Paragon driven.
They are not RESO compliant in most markets. Paragon’s shortcomings start on their backend, which relies on outdated RETS transport protocol. It sends listings over in batches on a timer. The other vendors have invested millions in new methods called Application Programming Interfaces. CoreLogic’s is called Trestle, and FBS’s is called Spark. Black Knight uses Zillow’s Bridge Interactive system and is still using RETS.
When will training be available for Flex as a whole?
Training on Flexmls is available from the Training Calendar on the Dashboard. Flexmls Mobile Pro, Flexmls CMAs, and Getting Started with Flexmls are all available over the next several days.
Watch for a big push for Matrix Training starting in about two weeks. Matrix is by far the largest platform of the three and has an excellent Public Records interface with Realist, which includes RatePlug’s Below Market Rate Mortgage reports.
Paragon Connect classes will start late next month.
Is Home Spotter still the App we are to use? When will documents show up on the app?
FBS and Matrix both have Pro and Consumer Mobile Apps with documents. For Paragon users, TMLS does recommend HomeSpotter as a good product.
Documents are out of HomeSpotter since the Transaction Desk was retired at the conversion. Documents will be available once they move from the new data systems. We currently do not have an ETA from LoneWolf, their parent company.
Documents, in general, are being re-evaluated. We have a proposal from Skyslope that is currently being evaluated.
Will BICs have access to incomplete office listings? And withdrawn and canceled listings?
Yes, those associations did not come over with the conversion. If you are a BIC and are waiting to see the scope of office listings you should visit in the LMS, please email firstname.lastname@example.org with your ID and the Office ID(s) you should be seeing.
What if I don’t like any one service?
That’s a good one. When I was 31, I was an appraiser and started an MLS software company because I thought there was a better way to do it. TMLS holds quarterly meet-ups with new ProTech CEOs around RTP to help them understand the landscape.
In 2024, you can expect two new choices added alongside Paragon Connect, Matrix, and Flexmls. Candidates are Remine Pro and Perchwell, so far.
Why did you roll this out knowing that 3rd party providers weren’t ready?
We didn’t know they were not ready, and many were.
Some, most, were not ready. Even though we have all the records to show that all vendors were informed, many attended Zoom calls, and all were aware of the Nov 29 date.
There are several reasons it took so long. Most were related to the speed of the RETS system and issues with the Roster causing blocks. We simply believed everyone would be ready.