Industry NewsNews Brief

NAR must vie for sold listings

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Multiple listing services that have been invited to participate in a national property database being constructed by the National Association of Realtors must now weigh similar offers from First American Corp. and Move Inc., which say they, too, would like to license historical listings data. Unlike NAR subsidiary Realtors Property Resource LLC (RPR), First American is offering to share revenue with MLSs that enter into licensing agreements. First American says it's willing to pay MLSs regardless of whether they also decide to feed data to RPR, although the company is offering more generous revenue splits with MLSs that provide historic data to First American on an exclusive basis, according to those who have heard the company's pitch. Further complicating the situation, operator Move Inc. is also seeking sold and expired listings data from MLSs for display on its public-facing sites, in exchange for the use of a new search tool that the company says could als...