MLS Collaborations Drive REALTOR® Value

MLSs join in endeavors to maximize the value of their greatest asset—the data they provide.

To say real estate is undergoing a transformation would be an understatement. Who could have predicted the landscape would look the way it does today even as recently as five years ago? Technology has driven much of the recent change as providers develop powerful new tools and services that are fueled by listing data, which is entered into our systems by MLS users!

While some industries might fear these rapid changes, real estate has a long history of rolling with the punches and adapting to meet the needs of REALTORS® as well as buyers and sellers. For MLSs, these recent developments have only served to highlight that our listing data is more powerful and valuable than ever before. As a collaborative MLS, REcolorado understands that to keep up we need to embrace innovation and support like-minded organizations. Now is the time for industry leaders to come together and harness technological advances to position REALTORS® for success by putting them front and center on their listings and giving them even more value when it comes to their biggest asset: their data.

Is your organization ready to answer the call? You and your board can take the first step by joining one of these two new initiatives that were launched by MLSs who, like you, are embracing the future with open arms.

Safeguard Data With Redistribute

REdistribute has the potential to transform the real estate industry’s relationship with data by fixing a broken distribution system that’s been in place for far too long. It's an organization formed by innovative MLSs to create transparency and guidelines that ensure MLS data is properly licensed and used as intended.

REdistribute aggregates data on behalf of participating MLS organizations to give mortgage, insurance, and other housing-related businesses unbiased, up-to-date MLS data directly from the source. It also delivers innovations that allow licensees including lenders, insurance companies, and government-sponsored enterprises to gain real-time insights on a market-by-market basis. Revenue generated by REdistribute is shared with participating MLS organizations for the benefit of the MLS subscribers, ensuring fair compensation to the original content creators and more value for the REALTORS who bring this crucial data to the table.

What began as a joint venture between Bright MLS and CRMLS has expanded with the addition of more of the nation’s largest MLSs—REcolorado®, Beaches MLS, Stellar MLS, and MLS PIN as investors along with dozens more who have licensed their data to REdistribute.

REdistribute has the ability to maximize the value of our data while still ensuring that the data licenses are closely monitored for compliance with the permitted use. The goal isn’t to hoard data and keep it from the public – in fact, MLSs want their data to be used because it creates a more robust real estate marketplace.

“We want to let our customers know how much we value them by being good stewards of the data they work so hard to provide,” said Gene Millman, President and CEO of REColorado. “Our partnership with REdistribute is one of the many steps we’re taking to make sure subscriber data is handled in the most secure way possible.”

NESTFULLY CONSUMER PORTAL DELIVERS EXPOSURE FOR LISTINGS AND LEADS FOR REALTORS®

Multiple listing services from across the country, including REcolorado, have joined together to create a new nationwide home search site that cuts through all the noise online to simplify the process of finding a home for consumers while delivering no-cost leads to listing brokers. Because it was created by MLSs whose goal is to help brokers succeed, Nestfully.com doesn’t sell user information to third parties, it won’t charge brokers to have their name associated with a home listing that isn’t theirs, and it puts brokers front and center on their own listings.

“There are no ads on the site. We’re not going to allow people to pay for placement. We're creating an open marketplace so the United States consumer can participate in that property game.” Said Amit Kulkarni, CMO of BrightMLS.

Nestfully plans to roll out a mobile app and several other enhancements soon, including a method for home valuations that will be offer greater transparency into how property valuations are determined, which will help address the inaccuracies and discrimination that exists within many current automatic valuation models.

Since the initial launch of Nestfully, which included data from CRMLS, Bright MLS, and REcolorado, BeachesMLS and the Miami Association of REALTORS® have signed up to include their listings on the site. As organizations continue flocking to Nestfully, the search portal is poised to become even more powerful on the national stage.

JOIN US!

If you’re an MLS organization or broker interested in learning how you can participate in REdistribute or Nestfully, please contact Deborah Shipley at dshipley@ REcolorado.com.