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A company founded by the nation’s two largest multiple listing services has launched its MLS data product for financial institutions.
California Regional MLS, which has more than 110,000 subscribers in the Golden State, and Bright MLS, with more than 98,000 subscribers across six states and Washington D.C. in the Mid-Atlantic region, formed a joint venture in June called REdistribute LLC. The company’s aim is to aggregate and distribute data for MLSs and brokers that participate; sell it to institutions including government-sponsored entities, mortgage lenders and insurance companies; and share the revenue with brokers.
On Wednesday, REdistribute announced it had “launched the most accurate and current real estate information database available in the country” with data sourced directly from MLSs daily.
“Often, institutions involved in the mortgage, property technology and insurance industries source real estate listing, sales and property data from public records where data can lag several weeks or months from the time of the transaction to the time the property record is processed,” REdistribute said in its announcement.
“In contrast, REdistribute pulls data from participating multiple listing services where real estate agents must promptly update property listings for changes.”
“MLS listings hold the most desirable data available because data collection rules are enforced by the MLS,” the company added. “Real estate agents contribute accurate details that enhance the ability to sell a property; they are motivated to keep the data precise, timely and unbiased.
“Licensing and access to REdistribute data is available now for many of the top markets in the country with coverage growing every day.”
Timely listing, sales, and property data allow housing-related industries to innovate and make better decisions to benefit consumers, according to the company.
“REdistribute has disrupted the traditional real estate data collection and distribution model, while simultaneously bringing innovation to the property data market,” said Matt Casey, president and CEO of property information company CRS Data. “We are excited to have the opportunity to evaluate the REdistribute solution as part of CRS Data’s overall growth strategy.”
In an emailed statement, Amy Gorce, REdistribute’s acting CEO, told Inman that the company’s data offering had been in beta with “several potential customers” but declined to disclose them.
Since REdistribute’s founding, three other mega MLSs — BeachesMLS, StellarMLS, and REcolorado — have joined the company as investors, according to the company’s website. The site also lists nine MLSs who are licensing their data through the company:
- Brooklyn MLS
- Greater Southern MLS
- Information Real Estate Services (IRES)
- Longleaf Pine Realtors
- OneKey MLS
- Triangle MLS
- Valley MLS
So far, 16 MLSs in total have signed agreements with REdistribute while another 39 MLSs are currently reviewing the license agreement, Gorce told Inman.
“We are projecting 55 to 60 percent of national [active] listing coverage in the next 30 days between those who have signed and those who are currently reviewing license agreements,” Gorce said.
This is not the first time something like this has been tried in the real estate industry. In June 2010, CoreLogic launched Partner InfoNet, a revenue-sharing program in which MLSs licensed their data to CoreLogic for use in new risk management products for mortgage lenders, servicers and the capital markets.
That program debuted shortly after the National Association of Realtors announced the formation of Realtors Property Resource LLC (RPR), which went live in September 2010.
RPR, by NAR’s own admission, has generated very little money while its cost has ballooned over the past 12 years to some $283 million total by the end of 2022.