2023 T3 Sixty MLS Executive Compensation Synopsis Report by Clint Skutchan

MLS Executive Compensation Synopsis Report

CONFIDENTIAL SUMMARY AND ANALYSIS OF SURVEY RESULTS RESEARCHED AND COMPILED BY T3 SIXTY

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t360.com 2023 T3 Sixty MLS Executive Compensation Study Synopsis Report March 2023 | 1 of 14 Pages TABLE OF CONTENTS REARCH STUDY OVERVIEW ................................................................................................................................ 2 DATA INTERPRETATIONS ..................................................................................................................................... 3 SALARY COMPENSATION .................................................................................................................................... 4 BONUS COMPENSATION ...................................................................................................................................... 5 TOTAL COMPENSATION ........................................................................................................................................ 6 BENEFITS: INSURANCE......................................................................................................................................... 7 BENEFITS: RETIREMENT ...................................................................................................................................... 8 BENEFITS: ALLOWANCE ....................................................................................................................................... 9 CONTRACT DURATION ....................................................................................................................................... 10 RESPONDENT SEGEMENT COHORTS ........................................................................................................ 11 SUMMARY OF FINDINGS .................................................................................................................................... 13

REARCH STUDY OVERVIEW

T3 Sixty conducted a compensation survey of Multiple Listing Service (MLS) executives from 522 organizations in January 2023, with 122 responses across all sizes and types of MLSs in the United States as a part of our annual research of the Multiple Listing Service (MLS) organizational landscape to better understand compensation practices for MLS Executives. MLS study respondents ranged in size between 66 and 80,000 participants/subscribers and averaged 7,568 with a median of 2,218.

The survey included MLS executives with varying levels of experience, employee counts, and revenue to provide additional context that has been anonymized for the purposes of this report While all respondents are executives for MLS’s that deliver similar core services for participants and subscribers, it's essential to keep in mind that differences remain in terms of the unique structures by which each of the entities are managed and governed, regardless of the common organizational elements.

This report presents objective information from respondents regarding current compensation levels. The use of average and median values is for reference purposes only and is not a recommendation. Each organization should establish its own compensation philosophy that addresses compensation levels relative to their market. The report acknowledges that some organizations seek to compensate their CEO and executives at or above a median market value for various reasons, including recruitment, retention, experience, and exemplary service.

In addition to salary, the report covers bonuses, incentives, and the benefits received by executives such as insurance, retirement contributions, and other ancillary benefits or perks. The Premium report includes additional elements beyond this basic synopsis report such as comparable individual datasets, expanded cross-tabulations for key segments, gross MLS revenue and percentage of expenditures data, cost of living considerations, and T3 Sixty’s in-depth analysis of the data collected, including trends and comparisons based on the executive’s organization size, revenue, and location

The survey results indicate that compensation for MLS executives varies widely, with the highest compensated executives receiving significantly more than the lowest compensated. The report also highlights the importance of having a compensation philosophy that addresses compensation levels relative to the market served by the MLS and comparable MLS organizations. The compensation philosophy should be tailored to each organization's unique circumstances and goals, including recruitment and retention of top talent.

This report provides valuable insights into compensation trends and practices specific to the uniqueness of the MLS employment environment. MLS executives, board members, and stakeholders can use this information to make better informed decisions regarding compensation and benefits for executives in their respective organizations in alignment with their established compensation philosophy.

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DATA INTERPRETATIONS

To assist with your use and interpretations of the overall and segmented data included in the reports you should consider the following definition and limitations.

Analysis of Results: Ranges, Medians, Averages, and Cross-tabulations

This report contains information on statistical ranges, percentiles, medians, and averages, which are defined as follows:

• A range arranges the collected salaries in the survey from the lowest/minimum to the highest/maximum.

• The median is the central point of the distribution of values within the range, where half of the values are above the median, and the other half are below it (also known as the 50th percentile).

• The average is the total sum of values in the range divided by the number of respondents who answered the question.

• Which is more accurate, the median or the average? The average is calculated by adding up all the statistical responses to a question and dividing the total by the number of respondents. However, since the survey includes several variables such as type, size, and location, the average may be skewed by an oversampling of responses from certain variables. To provide more meaningful results, many findings have been segmented according to these variables. Additionally, because the median is less sensitive to extreme values in the range, it may be considered more statistically reliable.

Understanding the Cross-tabulations: Statistical Reliability and Informational Guidelines

The findings have been organized into cross-tabulations, where the data is divided into smaller subgroups, or cohorts, based on criteria such as the type of MLS, number of MLS subscribers in an MLS, and so forth. However, as the number of respondents decreases in the subgroups/cohorts, the statistical reliability of the data also decreases. In certain instances, the number of responses in the cross-tabulations is inadequate (usually less than 30) for acceptable statistical reliability, meaning that these findings should be used as informational guidelines rather than as a measure of statistical accuracy.

Segment and Cohorts Clarifications

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Understanding the Cross-tabulations:

Segment Respondent %* Cohort Clarification Details MLS Type 27.3% Regional Owned by two or more Realtor® associations or serve regional markets. (108 total) 72.7% Local Owned by a single local REALTOR® association and serve a local market. (414 total) MLS Size 23.1% Mega MLSs with participant/subscriber counts 10,000 and above 18.2% Large MLSs with participant/subscriber counts between 9,999 and 3,500 26.4% Medium MLSs with participant/subscriber counts between 3,499 and 1,000 18.2% Small MLSs with participant/subscriber counts between 999 and 400 14.0% Micro MLSs with participant/subscriber counts below 400 US Census Regions 12.8% Northeast Included states: CT, MA, ME, NH, NJ, NY, PA, RI, VT 22.2% Midwest Included states: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI 38.5% South Included states: AL, AR, DC, DE, FL, GA, KY, LA, MD, MS, NC, OK, SC, TN, TX, VA, WV 26.5% West Included states: AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY

SALARY COMPENSATION

Combined and cross-tabulated results reported in rounded US dollars regarding salary, or base compensation. We have segmented all MLS executive respondents by MLS type, MLS size, and US Census region. Reported in rounded US dollars for ease and clarity of understanding.

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Segments Cohorts (Average Cohort MLS Size) $ Average Salary $ Median Salary $ Maximum Salary $ Minimum Salary Overall 122 Total (7.6k) $158,342 $115,000 880,000 21,060 MLS Type Local (3.7k) 120,778 100,700 492,694 21,000 Regional (17.7k) 265,355 215,800 880,000 68,775 MLS Size Mega (25.2k) 322,059 270,000 880,000 87,000 Large (5.8k) 159,496 160,000 300,000 83,000 Medium (1,910) 119,456 120,300 210,000 63,000 Small (701) 84,185 81,500 126,675 39,000 Micro (233) 52,101 55,000 82,000 21,060 Census Region Northeast (8.9k) 164,322 163,215 293,550 21,060 Midwest (4.0k) 115,821 86,787 300,000 24,000 South (9.7k) 169,807 120,000 880,000 24,000 West (8.2k) 194,678 149,227 611,000 54,650

BONUS COMPENSATION

Combined and cross-tabulated results reported in rounded US dollars regarding bonus and/or incentives segmented by MLS type, MLS size, and Census region to provide additional context while maintaining anonymity. Reported in rounded US dollars for ease and clarity of understanding.

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Segments Cohorts (Average Cohort MLS Size) $ Average Bonus $ Median Bonus $ Maximum Bonus $ Minimum Bonus Overall 122 Total (7.6k) $18,931 $5,160 $330,000 $0 MLS Type Local (3.7k) 11,752 5,000 197,078 0 Regional (17.7k) 41,102 24,000 330,000 0 MLS Size Mega (25.2k) 53,301 27,500 330,000 0 Large (5.8k) 14,447 10,000 50,000 0 Medium (1,910) 10,111 7,250 38,175 0 Small (701) 8,119 5,000 85,000 0 Micro (233) 1,529 1,500 6,000 0 Census Region Northeast (8.9k) 21,319 11,290 150,000 0 Midwest (4.0k) 9,498 2,500 75,000 0 South (9.7k) 26,680 10,000 330,000 0 West (8.2k) 20,603 11,250 100,000 0

TOTAL COMPENSATION: CROSS-TABULATIONS

Combined and cross-tabulated results in rounded US dollars regarding total compensation, including salary and bonus/incentives, segmented by MLS type, MLS size, staff size, gross revenue, years of industry experience, US Census region, and designations to provide additional context while maintaining anonymity

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Segments Cohorts (Average Cohort MLS Size) $ Average Compensation $ Median Compensation $ Maximum Compensation $ Minimum Compensation Overall 122 Total (7.6k) $177,273 $125,000 $1,200,000 $21,310 MLS Type Local (3.7k) 131,990 107,000 689,772 21,300 Regional (17.7k) 300,211 236,500 1,200,000 71,275 MLS Size Mega (25.2k) 375,359 314,920 1,210,000 87,000 Large (5.8k) 172,687 176,000 350,000 85,000 Medium (1,910) 128,935 125,750 225,000 63,000 Small (701) 91,936 88,000 160,000 44,000 Micro (233) 53,630 57,000 86,000 21,310 Census Region Northeast (8.9k) 185,641 170,000 420,000 21,310 Midwest (4.0k) 124,707 87,500 350,000 24,000 South (9.7k) 195,894 132,000 1,210,000 27,000 West (8.2k) 213,697 169,000 711,000 54,650

BENEFITS: INSURANCE

This section includes overall percentages and individual comments related to insurance benefit offerings.

Q: Which of the following insurance offerings are provided to you as a benefit...

Short-term Disability coverage

Long-term Disability coverage

Full Individual coverage (No personal out of pocket)

Full Individual and Dependent coverage (No personal out of pocket)

Full Individual and Partial Dependent coverage (Some personal out of pocket)

Partial Individual coverage (Some personal out of pocket)

Partial Individual and Dependent coverage (Some personal out of pocket)

No coverage provided Other/Unsure

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38.7% 34.4% 44.9% 32.7% 33.6% 13.7% 9.8% 5.9% 2.7% 3.5% 11.3% 12.3% 5.1% 4.6% 5.3% 3.2% 3.3% 1.7% 1.8% 1.8% 4.0% 1.6% 25.8% 37.7% 41.5% 52.7% 52.2% 3.2% 0.8% 0.9% 5.5% 3.5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Health Insurance Dental Insurance Life Insurance

BENEFITS: RETIREMENT

This section includes overall percentages and individual comments related to retirement benefit offerings.

Q: Do you receive retirement benefits in the form of a 401k or IRA?

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By MLS

35.5% 35.5% 4.8% 24.2% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Provided with fixed organizational contribution Provided with matched organizational contribution Provided without organizational contribution Not Provided 43.8% 33.3% 43.8% 28.4% 6.3% 4.9% 6.3% 33.3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Regional MLS Local MLS Provided: Org. Fixed Contribution Provided: Organizational Match Provided: No Org. Contribution Not Provided

Type

BENEFITS: ALLOWANCE

This section includes overall percentages and individual comments related to additional allowances beyond compensation and insurance offerings

Q: Which of the following allowance offerings are provided to you as a benefit...

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77.2% 17.0% 10.1% 78.2% 95.9% 26.7% 5.1% 22.0% 78.0% 84.0% 19.4% 3.3% 65.8% 86.4% 0.9% 2.5% 0.8% 0.9% 0.8% 4.2% 3.4% 1.6% 0.8% 7.5% 7.6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Technology Vehicle Spouse/Significant Other travel Professional organization memberships Professional development/continuing ed Club memberships Deferred compensation Provided to me Never provided to me Provided to me in the past, but not now Not provided to me, but perhaps in the future

CONTRACT DURATION

This section includes overall percentages for the duration of contracts for participants.

Q: What is the duration of your current employment contract?

Other (please specify), 4.1%

Do not have employment contract, 38.5%

5+ years, 10.7%

Year to Year, 18.0%

2 years, 7.4%

3 years, 18.0%

4 years, 3.3%

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RESPONDENT SEGEMENT COHORTS

This section includes information on those that responded to research study including MLS Type, MLS Size, experience, professional designations, number of employees, and revenue.

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MLS Type MLS Size Years of MLS Experience Years in Current Position Highest Level of Education Professional Designations 27.3% 72.7% Regional Local 23.1% 18.2% 26.4% 18.2% 14.0% Mega (10k+) Large (3.5-9,9k) Medium (1-3.5k) Small (400-999) Micro (< 400) 5.7% 9.0% 6.6% 25.4% 12.3% 14.8% 26.2% Under 1 1-3 years 4-5 years 6-10 years 11-15 years 16-20 years 21+ years 11.5% 21.3% 8.2% 25.4% 13.1% 7.4% 13.1% Under 1 1-3 years 4-5 years 6-10 years 11-15 years 16-20 years 21+ years 25.2% 49.6% 5.9% 19.3% High school College Degree Some Graduate Graduate Degree 59.0% 34.4% 6.6% Yes No In process

Chief

In-house

C-Level Positions

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of Employees Full-Time Employees Part-Time Employees

Number

Revenue and Cost

Living Considerations Gross Revenue* January 2023 Median Housing Cost*

on projected/reported 2022 Budget Performance

on MLS headquarter location 1 5.7% 2-4 29.5% 5-10 19.7% 11-15 6.6% 16-20 5.7% 21-30 3.3% 31-40 4.9% 41+ 7.4% None 55.7% 1 25.4% 2 9.0% 3 6.6% 4 0.8% 5-10 2.5% 61.5% 26.2% 21.3% 20.5% 5.7% 3.3% 4.1% 4.1% None

MLS

*based

Operations Officer (COO)

Finance Officer

(CFO)

Technology Officer (CTO)

Officer (CIO)

Information

Officer (CDO)

Data

Revenue Officer (CRO)

General Counsel 33.6% 14.3% 23.5% 15.1% 13.4% Under 500k 500-999k 1.0-2.9 Million 3.0-9.9 Million 10.0-50.0+ Million 29.4% 22.7% 20.2% 10.9% 16.8% Under $199.9k $200-274.9k $275-424.9k $425-749.9k $750k+

SUMMARY OF FINDINGS

The following represent our key findings from the 2023 T3 Sixty MLS Executive Compensation study, including insights into salary compensation, bonus compensation, total compensation, benefits, and contract duration.

Salary Compensation: The average salary for MLS executives across all organizations was $158,342, with a median salary of $115,000. Regional MLS executives received the highest average salary ($265,355), while local MLS executives received the lowest ($120,778). Salaries also showed considerable variation based on MLS size and Census region, with the highest average salary reported for mega-sized MLSs ($322,059) and the lowest for microsized MLSs ($52,101). The West region had the highest average salary ($194,678), while the Midwest had the lowest ($115,821).

Bonus Compensation: The average bonus for MLS executives was $18,931, with a median bonus of $5,160. Regional MLS executives received the highest average bonus ($41,102), and local MLS executives received the lowest ($11,752). Bonus amounts also varied significantly based on MLS size and Census region.

Total Compensation: The average total compensation, including salary and bonuses, was $177,273, with a median total compensation of $125,000. Total compensation varied based on MLS type, size, and Census region, with regional MLS executives receiving the highest average compensation ($300,211) and local MLS executives receiving the lowest ($131,990).

Benefits: Health insurance was provided to 74.2% of respondents, with varying degrees of coverage. Dental insurance was provided to 62.3% of respondents, while life insurance, short-term disability coverage, and long-term disability coverage were provided to 58.5%, 47.3%, and 47.8% of respondents, respectively. Retirement benefits in the form of a 401k or IRA were provided to 75.8% of respondents, with 35.5% receiving fixed organizational contributions and 35.5% receiving matched organizational contributions.

Contract Duration: The most common employment contract duration was "Do not have employment contract" (38.5%), followed by "Year to Year" (18.0%) and "3 years" (18.0%). Other contract durations, such as 2, 4, and 5+ years, were less common among the respondents.

The data highlights significant variations in salary, bonus, and total compensation based on factors such as MLS type, size, and Census region. Additionally, the results offer information on the provision of various benefits and contract durations, enabling organizations and executives to benchmark their compensation packages and practices against industry standards.

This complementary Synopsis report is intended to provide valuable overarching insights into the compensation practices for MLS executives across the United States. For a deeper understanding when considering compensation related decisions, you may want to consider our Premium report. The Premium report offers a wealth of additional information, including comparable individual datasets, expanded cross-tabulations for key segments, gross MLS revenue and percentage of expenditures data, cost of living considerations, along with T3 Sixty's independent analysis based on your unique situation.

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2023 T3 Sixty MLS Executive Compensation Synopsis Report