Interealty has lain low for the past several years, but like the legend Sleeping Beauty, it has been awakened with a kiss.

While it appeared to be slumbering, the company had retrenched to do some serious R & D, working on a robust new MLS information management software. MXLchange, a Web-based program designed to meet the needs of MLS providers of all sizes, would revolutionize MLS data access standards by integrating MLS data with new marketing features including agent Websites and lead/client management capable of providing instantaneous listing alerts to brokers and agents, as well as to client Web page interfaces.

But before MLXchange was released, the world was already changing in MLS information management. Interealty, the second biggest legacy MLS information system vendor was outpaced by smaller Web-based system providers which began to chip away at Interealty’s market share. In addition, competitor FNIS, also a legacy service provider, had gobbled up two good Web-based technologies to compete with the new Web-based MLS information service providers.

If ever the company needed a handsome prince to save the day, it was now.

New president Bryan Foreman arrived just in time, taking over the company in February, just as MLXchange was ready for market. With a strong sales background, Foreman participated in the launch, and he could see that MLSs, once shown the new products, were renewing contracts with little resistance. Since he took over management, Interealty has inked an astounding record in contracts – one a week - representing $23 million in revenues, and with more in the pipeline, says the company.

Foreman marched to the parent’s board of directors (GEAC) and made a presentation that showed the board that is was time to grab back lost market share or put this company back to sleep for good.

Like other software companies during the tech downturn of the last few years, GEAC has had its own problems. A subsidiary that had been losing market share seemed a beggarly choice to demand more resources. But after Foreman’s presentation, the board decided to do - give Interealty whatever it needs to compete in its space, including the green light to add sales and customer support staff and to acquire companies with technologies or partnership abilities to further its goals.

”My mandate from the board is to grow market share and look at opportunities through partnering with value-added partners, and they are helping with resources,” says Foreman. “We are a profitable company, we want to look at new opportunities in our core products for MLSs that help agents /brokers sell more homes. Technology for technology’s sake is something we are avoiding like a bad cold. It has to provide value to agents and brokers whether we build it or buy it.”

According to the company, Interealty is going to compete on service, including the assignment of one account manager per contracted MLS, so that the MLS and members will have one contact person for any problem. The company will also have a traveling “emergency” team to come in and do quick fixes, such as it did last year for the Birmingham MLS when it was totally knocked offline by a rainstorm.

Foreman’s aggressive sales strategies are paying off.

In an unprecedented arrangement, the largest MLS in the country, MLS of Northern Illinois agreed to offer MLXchange as a second browser of choice for its members, alongside a FNIS product. While some MLSs offer parallel systems, namely Web-based systems that run parallel to the primary MLS legacy system, it was unheard of for an MLS to offer its members a choice between two primary MLS systems.

See how the sequel system works in this diagram:

Known for its ease of use and full suite of tightly integrated technology tools, the Web-based MLXchange expands the functionality of the traditional MLS system far beyond listing management, which was why MLSNI was interested in it, says Foreman. “It brings together in one place all of the core software Realtors use on a daily basis, plus: Web marketing tools, lead management and client management technology,” he says.

Said MLSNI chairman and CEO Jay Huffman at the time, “We believe it's important to offer our members multiple solutions and as a result, are continually evaluating technology products. With MLXchange, our Realtors have access to a well organized, Web-based application from Interealty that includes sophisticated e-mail capabilities and seamless integration with its agent Web pages."

Multiple choice in MLS browsers aren’t necessarily a trend. In fact, this is the only case Foreman says he has ever heard of, but multiple browser choices could be a solution for very large MLSs to “take the politics out” of selecting one vendor over another.

That may raise sales costs for MLS information vendors who may find themselves not only wooing MLS decision makers but large brokers and agents, too.

Foreman says he’s ready no matter what the trends show themselves to be or how big his competitors get.

“I think we are the force to be reckoned with,” he says. “We spent two years developing MLXchange, and we brought 35 years of experience and built a product that people told us they wanted. FNIS does a bunch of things besides selling to MLSs. We’re focused 100 percent on keeping the MLS happy. When I think of competing, I think I am going to be a heartache in their life. We have a great product and we are winning. Now Rapattoni and Marketlinx, when we were building MLXchange, we lost some market share to those folks, but now we have a product that is robust, and we are going to go on and keep the clients happy and win new business as well.”

Published: November 21, 2002

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