John DiMichele
John DiMichele

The Toronto Regional Real Estate Board has announced plans to launch a new “multi-list” technology platform for more than 60,000 TRREB and partner-board members.

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“TRREB will be the first board in the country to offer this ground-breaking platform that will offer a more intelligent way for real estate professionals to help and support their clients, manage their business and elevate their integral role in the home ownership journey,” says TRREB CEO John DiMichele.

“This backend has a few different features that are pretty much leading edge,” DiMichele told REM. “It’s feature rich in allowing more than just one group to use it. The backend is the engine that runs this and it’s got so much more flexibility and opportunity for people to be innovative.

“Because of that flexibility you can make changes quicker, you can customize things better and ultimately it leads into the concept of the blockchain environment where the concept of taking a transaction from contract to conveyance digitally will happen in a very secure, faster, lower-risk environment.”

TRREB has partnered with Teranet, which operates the Electronic Registration System for property in Ontario, and technology specialists AMP Systems (a sister company of Stratus Data Systems) of Scottsdale, Ariz. to launch what it describes as the next-generation multi-list platform and blockchain solution. TRREB worked with T3 Sixty, a real estate industry management consultancy based in San Juan Capistrano, Calif., to help undertake the research.

“We want to be a purveyor of choice – something that will create that opportunity for innovation and for people to choose how they want to use the system and customize it for a brokerage or a member or an association. It’s not necessarily one size fits all,” says DiMichele.

He says with blockchain, “The user experience in today’s world probably won’t change for some time,” but what will change is “what happens after the fact once the contract or transaction is in play. You’re going to see through the system a seamless approach. It’s secure. It’s fast. It will be efficient and transparent with a lot of communication associated with it that will happen digitally. And you’ll be able to see the lending process, the appraisal process. All these things will now become part of this blockchain block.

Another advantage of the new system is that it will be able to bring together data from several different sources. “Right now you’ve got to go to so many places to get the data you need. This will provide the flexibility to create that one dashboard for the member to use rather than having to go to various places,” he says. “As new products come on and people have the opportunity to provide different services, this system will be more of a facilitation environment rather than just an MLS.

“Right now MLS is efficient. It’s effective. It’s worldwide and we do a good job, but the technology that we use today and the concepts that we use today are probably 20-years-old,” says DiMichele. “What we want to do is add things like artificial intelligence. We want to have a much better voice experience for our members and ultimately they can position it and provide consumers with better information.”

The new system will be compliant with Real Estate Standards Organization (RESO) standards, so “basically anybody who wanted to, could effectively map their system to ours,” says DiMichele.

TRREB hopes to be testing the platform at the end of the summer or early fall.

DiMichele said all three partners in the new platform bring specific expertise to the table. AMP Systems is focused on designing more efficient, powerful workflow tools to optimize real estate professionals’ day-to-day business processes. Teranet brings a history and strength in modernizing registry and data intelligence platforms.

“This is about efficiencies too. We want to make this a really efficient experience. A lot of the things we see today – unfortunately, it takes time to do things and it’s not as efficient as it could be,” says DiMichele. “We want to make sure that our members are always on the leading edge and that they have the flexibility and choice while we’re protecting the consumers’ personal confidential information.

“We want to make it a simple experience and solve the complex problems. We want this concept of more choice and transparency. We want to be able to personalize what members want to experience…. We want to be able to have less bureaucracy, better economies of scale…. We also need to be more nimble as the needs and wants of consumers change. We need to be able to adapt and adopt our systems to those particular choices.”

12 COMMENTS

  1. We need slick and interactive client portals, better CMAs, open data to stop clients from using other sites, Holdback info on public listings… I like the other stuff, but I hope it comes with improved client-side tools and usability. Because both MATRIX AND STRATUS are not holding up to servicing today’s client/realtor relationship.

  2. Building this new technology stack is an interesting concept. The basic goal here is to become the gate keeper of the transaction from end to end. Provides a replacement from being the data gate keeper of old. Certainly upside potential to spin off and sell to other orgs on both sides of the border. But something like this, breading edge, that building it is being outsourced is a huge risk both of potential failure and sky high costs. Think of the billion plus fed gun registry. How keeping track of names and addresses that own a gun could cost so much to build is mind boggling, yet it happens when building an idea is outsourced.

    TREB should stay in their lane and let the VC backed tech startups take the risks and TREB members and their dues.

  3. If you want to do something really productive, why not try and combine all of Ontario’s Real estate boards under one roof that will allow all Realtors to search for properties throughout Ontario on one MLS system?
    Can not be done?

    • Yes, it can Peter.
      Alberta did this. The matrix system is currently in use throughout the province (except for Edmonton) It’s not the system we thought, rather it’s like we signed up for a beta test system that fell short on many fields when it was implemented and still is today. It has taken months to implement important changes which should have been in place when the system was 1st implemented.
      The system in my opinion has taken our industry backwards at least 10 years instead of moving us forward.
      Today to make changes to this system, you’d need all the boards on the same page, so changes are going to take time, unfortunately.
      The system once improved will hopefully, be superior to what once was, however, until those improvements are implemented there will be a whole lot of frustration, headache & stress.

  4. Real estate has already come a long way in a short time. Remember black and white MLS books? Mailing pages of listings to clients in other cities by Canada Post? Writing offers, by hand, on sheets of paper with carbon paper between the layers? Delivering the offer to another brokerage by Bicycle Courier? Faxing offers? Now we have colour web based listings which can be viewed instantly all over the world, virtual viewing, zoom meetings and offer presentations, electronic signatures. Beam me up Scotty! 🤓

  5. I’m sure we will have compromised ourselves in this and will lose more control of our data. That’s what we do best.

    • Agree … the people who don’t sell real estate are always telling us how to do more for less money and more fees.
      And this article tells us nothing.

  6. That is a lot of verbage that really tells me nothing about this ground breaking system. Personally I think the system is efficient right now. But “feature rich” must be a game changer. Consumers , in my opinion, are enjoying their “journey” right now in their search for a new home. But I guess the journey will become much more enjoyable by clicking buttons and staring into a computer screen. And imagine that Appraisal process. Riveting! Right up there with being on vacation and spending your time looking at the front door of your house on your smart phone. As I have always thought, just because it is different does that really make it better?

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