Key facts
- Jessica Edgerton has assumed leadership of the Council of MLSs (CMLS).
- Edgerton believes MLSs are essential and neutral foundational infrastructure for the real estate industry.
- She aims to protect and educate consumers about the benefits of the MLS system.
- Edgerton plans to increase CMLS's advocacy in legislative discussions.
- She will focus on improving broker-MLS relationships and providing resources for innovation.
Jessica Edgerton has taken the helm of the Council of MLSs (CMLS) at a time of significant uncertainty and evolving dynamics within the real estate industry. Edgerton stated that the challenging environment is precisely why she decided to take on the role, emphasizing her belief in the MLS system's crucial advantage for consumers in terms of transparency and efficiency.
In her previous position as chief legal officer for Leading Real Estate Companies of the World, Edgerton gained a deeper appreciation for the U.S. MLS system. She expressed concern that the industry might drift away from the MLS as an anchor and is committed to preventing that. Edgerton believes MLSs should be recognized as "deeply essential" and "neutral parties" that serve as the foundational infrastructure for the industry, regardless of other market developments.
Edgerton views the current competition and innovation within the MLS space as beneficial for consumers, drawing from her background in antitrust. She argues that if MLSs are undermined by these competitive battles, the resulting industry environment will be less effective. She envisions MLSs as the enduring structure upon which innovation can be built, providing neutral, complete, and real-time data.
Acknowledging the challenges, especially in an AI-driven world, Edgerton stated that contentious moments are natural in a healthy, competitive ecosystem. For CMLS, her focus will be on educating members about data integrity and serving them with clean, timely data. She also aims to expand CMLS's role as a stronger advocate in legislative discussions surrounding listing marketing.
Leveraging her experience in the brokerage sector, Edgerton plans to bridge the gap between brokers and MLSs, stressing the need for non-siloed conversations and mutual understanding. She believes MLSs must listen to brokers, agents, and consumers to survive, highlighting the interconnectedness of the industry ecosystem. CMLS will provide resources to support innovation and development among its members, recognizing that each MLS will make its own decisions and innovations.
Edgerton stressed that the MLS's unique value lies in its unbiased and comprehensive repository of real estate listing data. She believes this neutral standpoint makes it an ideal partner to bolster competition and serve as a reliable resource for all industry innovations. However, she also urged MLSs to innovate rapidly, moving past a potential complacency about their relevance and actively listening to the industry to thrive.