Exploration into turning REALTOR.ca into a for-profit subsidiary of CREA has included the most comprehensive due-diligence process undertaken in CREA history.. It’s about keeping REALTORS® at the forefront, looking at how this invaluable tool could be better leveraged to serve members, and addressing changing consumer needs. The proposed path forward is outlined in REALTOR.ca Forward: the draft business case for REALTOR.ca as a taxable entity.

Understandably, the discussion has sparked curiosity from members.

On this episode of REAL TIME, Janice Myers, CREA CEO, and James Mabey, CREA Chair, answer common questions regarding the draft business case and what the transformation could mean for REALTORS®.

Transcript

Erin Davis: Hi there. This isn't the first time that we have dedicated an episode to a discussion about REALTOR.ca and what's next for its future. Well, for today's conversation, we're doing something a little bit different. Before we look ahead, we're going to peel back the curtains a bit, and I guarantee you'll learn something about REALTOR.ca you didn't already know. I'm Erin Davis, and welcome to REAL TIME. For today's conversation, we're joined by CREA's CEO Janice Myers, and the chair of the 2024-25 CREA Board of Directors, James Mabey, who's also a broker owner from Edmonton, Alberta. Welcome both to REAL TIME.

James Mabey: Thanks so much for having us, Erin.

Janice Myers: Pleasure to be here.

Erin: Thank you. Now in Canada, if you're someone who has any interest in real estate, there's a very good chance that you have heard of REALTOR.ca. And we know that because of the market share. So how did REALTOR.ca come to be? And we'll start with you, James.

James: That's a great question, Erin, and something that we're very proud of at CREA. So historically, of course REALTOR.ca started as MLS.ca and that was way back in 1995 when a group of associations and boards came together to create a single source for listing information for consumers. And because it's a trusted source for Canadian consumers, it has become, of course, wildly popular and meets the needs of buyers and sellers, but also REALTOR® members across the country.

Janice: And I would add to that that, you know, the success has come from that initial collaboration of boards and associations, the community across Canada and and the strategic foresight that those people had to and REALTORS®, of course, had to create REALTOR.ca. And it is really, truly the envy of, of and a prime example of collaboration. It's the envy of the world. So we're very fortunate to have it.

Erin: You would ask a question that would kind of bring to light just what REALTOR.ca is. When you talk with new members. Janice, tell us about those sort of off the cuff but very insightful conversations.

Janice: Well, REALTOR.ca would come up in the context of talking about MLS, the MLS trademark, and what MLS systems are and when. I'd have a group of new REALTORS® just starting in the business, we'd talk about the three pillars of the MLS and what an MLS system is with respect to the data, etc. and then REALTOR.ca would come into the conversation and I'd say, well, so what is REALTOR.ca? It's not the MLS system. And then we talk through, oh yeah, it's the consumer portal. And everybody knew of REALTOR.ca. And when I would say to them that is your industry owned consumer portal. And every single board and association sends data to REALTOR.ca, which is managed by CREA. They would be very impressed.

Erin: I guess so, and it is obvious that this tool has resonated with Canadians. But did its success come as a surprise?

Janice: I guess in a way, I mean, I don't think that everybody thought that, you know, that collaboration, that initial collaboration was going to be so successful. But then the CREA team really worked hard to build it and maintain it and build it into the incredible market share that we have today. And that's really what we want to continue.

Erin: Yeah, anything but an overnight success. It is built and built and built. But what was the initial impact for REALTORS®? James.

James: Um, I think that's a really important thing because it gets at the heart of why we are re-examining REALTOR.ca. The initial impact of having a portal, a single portal for consumers to access MLS listing data was that it really helped members to make sure that their listings were front and center, and that they weren't competing for eyeballs. Even when I started in real estate 10 years ago, or 20 years ago. Almost part of me. I know I look fresh faced, but it's been almost 20 years. You know, you were competing for eyeballs. You were spending a lot of money on advertising to reach consumers in newspapers and print advertising. You know, that has largely gone by the wayside because of things like the internet. And consumers demand to be able to access all of the information in one place online. And that was really the secret sauce of MLS that became REALTOR.ca, and has really put downward pressure on the costs to our members to compete for those eyeballs and make sure that their listings are getting full exposure.

Erin: Yeah. For sure. I mean, $310 seems like a steal of a deal for exposure like that.

Janice: For sure. And not all of that $310 a year goes to supporting REALTOR.ca Approximately 43% of those dues go to support REALTOR.ca. But we are in an incredibly competitive environment when it comes to technology. Consumer expectations continue to shift and change, and we want to make sure that this primary asset continues to grow and innovate for members.

Erin: Yeah, yeah. There's no resting on your laurels at all because the internet has come such a long way since 2008. And has that changed? REALTOR.ca's mission or goals?

James: You know, Erin, it really hasn't changed the mission or goals because, you know, it was created again to create value for members. And that has never changed. But what has changed is how consumers' expectations have increased and the demands on the system have increased. And so, you know, REALTOR.ca has evolved over the years. You know, we have Android and Apple apps. We have the web based experience or desktop based experience. We've moved to a mapping search tool as opposed to drop down menus. So there's been incredible innovation to try and keep up with consumers' demands of the site. And of course, that is a very expensive process to go through. And every time we have to retool REALTOR.ca, we take that very seriously. And faced with what's coming now with artificial intelligence, I mean, that's going to reshape the way that consumers search the internet. And so, you know, with a finite resource like member dues fueling REALTOR.ca, that creates a bit of a problem for the Canadian Real Estate Association to make sure that the tool stays competitive and keeps that market share. That really allows our members to save money as they transact across the country.

Erin: Yeah. And of course, it bears mentioning that this is a not for profit environment, too, when you're talking about the costs of keeping up with everything and staying ahead of everything as you have.

Janice: And we and the team have done an incredible job, there's no doubt about it. But there's so much more, as James has said, that we can do. We need to build on what consumers are expecting in the portal world, some deeper insights into properties looking to provide more consumer insights. A better educated consumer will connect with a REALTOR®. And so these are the types of things that we're looking at that we need to continue to evolve the platform.

Erin: Yes. And it's not just popularity that has grown, but the market share from 25 to 48%. That is incredible. So how has that aligned with changing REALTOR® business needs as well?

James: You know, I think that the online lead world has evolved in quite a long way. So there's a fraction of transactions compared to the number of actual leads that are generated online. And more and more, our members are demanding transaction ready consumers. They're expecting warm leads, better leads. They don't want quantity. In fact, sometimes we struggle to make sure that consumers are getting the response that they desire from our sight and from our members, because the leads aren't seen as being as warm or as good. As for, say, a handshake and a referral from a past client or somebody that you know is in your sphere of influence. And so with that changing landscape, we really just want to make sure that the website is delivering for both consumers and for the members. And that takes constant innovation. And we know we're struggling a little bit with, for instance, younger demographics, people who are new to Canada, people who are just familiar with the REALTOR® brand and with REALTOR.ca specifically. And so it's really important that we continue to keep that up. Innovation will take us a good chunk of the way, but we also just have to make sure we're listening to people, consumers and members to make sure that the site is as good as it possibly can be.

Janice: REALTOR.ca really, really does exist to connect consumers with REALTORS®, and it's all about anticipating those needs and filling that gap