1. Project Status Report January 2014
Broker Portal
Project Status Report
January 2014

2. Broker Portal Project Overview
The Project Seeks the Creation of a National MLS Consumer Facing Property Search Website
The Goal is to Create a Portal Funded by MLS dues and data, governed by brokers and MLS, to present listings to consumers with a display that adheres to the Fair Display Guidelines
The First Steps Include the (1)Formation of the Organization, the Development of a Business Plan, and (2) the Development of an RFP to Build the Site.

3. Purpose of this presentation is to enable MLS boards and Brokers to consider participation in the creation of the business

4. Important Catalysts That Create Action
The NAR MLS Issues and Policy Committee have clarified the model MLS rules to deem MLS consumer facing websites a Basic MLS service. This allows MLSs to use dues to develop and market an MLS consumer facing website (either on their own behalf, or via something like the National Portal).
Brokers have developed a model for listing display called the Fair Display Guidelines whose main thesis is to insure that only the listing broker and agent are displayed on a listing. FairDisplay.org

5. November Meeting Attendees 25 Brokers 25 MLSs Discussion
Fair Display Guidelines
MLS Consumer Website as a Basic Benefit

6. November Meeting Outcomes
Creation of a Governance Task Force
Creation of a Technology Task Force

7. December Meeting Report from the Governance Task Force
Report From the Technology Task Force
Next Steps
Raise $250,000 from Brokers and MLSs to form corporation and Build Business Plan and RFP

8. Current Status
Two committees representing brokers and MLSs were formed: Governance Task Force and Technology Task Force
The Governance Task Force provided a draft governance document
The Technology Taskforce has developed a straw man of costs
The next step of the project is to inform brokers and MLSs about the project and solicit involvement and funding
The new class of participant in the project will incorporate the business and develop the formal business plan
* If any of these issues caused a schedule delay or need to be discussed further, include details in next slide.

9. Draft Governance of LLC
Board Of Directors
4 large brokers
3 medium brokers
3 small brokers
3 MLS executives
2 others
The Company will have two (2) Member classes: MLS Members and Broker Members. The Broker Members will be subdivided into three (3) sub-classes: Large, Mid-Sized, and Small Broker Members based on the number of listings submitted to the Company Database determined as of a date prior to the Members’ election of Managers. “Local Operating Companies” in separate markets owned by the same parent company will each be eligible to be Broker Members of the Company.
Firms (brokers and MLS) who provide financial support will guide the finalization of governance and incorporation

10. Estimated Expenses To Launch Minimum Viable Portal
$15 Million
The technology committee recognizes that many of the costs of launching a minimum viable product will hinge on the volume of participation of MLSs and Brokers. Another significantly variable cost will be the website marketing.
Estimated costs to MLS dues $1 to $3 per subscriber per month.
Firms (brokers and MLS) who provide financial support will guide the finalization the website product, business plan, RFP and budget.
Traffic to the site will be driven by 200 Million Monthly MLS customer portal s sent by MLSs today.

11. Current Needs and Use of Seed Funds Minimum raise of $250,000 to move forward.
Meeting Expenses
Consultant/Facilitation Fees
Legal Fees
Incorporation Fees
Public Relations and Communication Fees
Bookkeeping/Banking services
Research and Purchase of a URL

12. Timeline Organizational Meeting November 2014
Governance and Technology Task Force Reports
December 2014
Recruit Financial Support From MLS and Brokers
January 2015
Form Corporation With Seed Funding
March - April
Timeline

13. Looking Ahead Raise at least $250k in $5k increments
Hire legal firm to form corporation
Communicate project and solicit industry wide feedback
Recruit technology task force for RFP creation
Drive MLS and broker participation

14. How You Can Participate
Contribute $5000 in seed funding for the development of the corporate entity, business plan and go to market strategy.
Indication of Interest
Contribute $5000 to cover expenses
Initial $5000 contribution will be credited to any membership, programming (in the case of participating MLSs) or similar fee required for participation in the Broker Public Portal upon its launch.
Any unused contributions will be returned to contributors on a pro rata basis in the even the Broker Public Portal is not launched and there is a remaining balance of contributed funds.
This is not an investment, but a contribution to defray meeting and other related expenses to the possible formation of the Broker Public Portal

15. Other Materials Fair Display Guidelines
NAR MLS Consumer Website Policy
Draft Operating Agreement
Indication of Interest for signature and return
Talking Points
WAV Group has been selected as a consultant to disseminate the information about the portal to broker and MLS. If you have any questions you may reach out to Victor Lund at or