Listing Standards: Are We Moving Backwards?

Can't We All Get Together? ... How would you answer the question: Will there be a listing standard for the commercial real estate industry? That's exactly the question that I was asked when I delivered a presentation to LACRA (Los Angeles Commercial Realty Association) last week. Implicit in the question was an enormous sense of frustration. I could imagine this professional thinking: "Life is hard enough for me working on the multitude of details inherent in any real estate transaction. So why do I have to respond to multiple listing services all wanting to know the latest space availability information? There's got to be a better way."

Funny thing is, I felt frustrated, too, because I couldn't answer his question very well. That's because in some ways, it seems like we've actually taken a step backwards. I remember when I was in the business (pre-1996) that it was an administrative burden just trying to keep CoStar current with our listings. Then along came the explosion of Internet-based listing services like LoopNet, PropertyFirst and RealtyIQ. Simultaneously, specialized services emerged like CityFeet, Commrex, MrOfficeSpace and Storetrax. And the new leasing transaction platforms like NetStruxr and Zethus will also need to feed their databases with current (and future) space available information. Yes, there are many more listing services that I have not mentioned!

In response to this dilemma, some services are building standards into their systems. For example, PropertyFirst has announced that its Universal Listing System (ULS) will enable companies to share information with competing listing services using an "open-access, web-based system." Likewise, Seattle's Commercial Brokers Association enables brokers to export data to selected listing services. And, of course, many listing services themselves enable firms to export their data electronically directly into their proprietary systems. But it's still a huge hassle for owners, managers and brokers. Am I right? So how will we solve this problem? Send e-mail to me.

--Peter Pike