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The heads of the nation’s two largest multiple listing services have joined a newly formed board that aims to shape how MLSs treat rentals moving forward, Inman has learned.
The panel is part of an ongoing push to have brokers and real estate agents standardize the way they treat rental information.
It comes amid stubbornly high housing costs that have prevented a growing number of renters from buying homes and marks the latest step in an ongoing push for closer cooperation between MLSs, agents and renters.
“Ultimately, we are in the business of helping brokers,” said Art Carter, CEO of the California Regional MLS, the nation’s largest MLS. “For us to be most successful at that, we need to empower agents so they can effectively meet people where they’re at.
“In today’s world that most definitely includes the ever-growing rental market,” Carter added.
The MLS leaders said their involvement would help them provide guidance for the industry on better serving the rental market.
“Our industry can certainly do a better job in supporting agents and consumers who interact with rentals,” said realMLS CEO Nicole Jensen. “Working closely with other leaders who appreciate the importance of rentals will help us navigate the future and affect positive change.”
The board was formed by RentSpree, a quickly growing rental management software company. RentSpree CEO Michael Lucarelli will serve on the board.
The company has been pushing to align the MLSs more closely with rental listings, given nearly 44 million people rent their homes.
“Over 60 percent of all rental properties never appear on the multiple listing service (MLS), severely limiting their exposure and profitability for landlords and agents,” the company said in June after issuing a white paper calling for more cooperation between MLSs and the rental market.
Rentals are often treated differently from homes for sale within the MLS, and RentSpree has been pushing for closer alignment in recent months, claiming it’s mutually beneficial for consumers looking for a place to rent and agents who can earn revenue placing them in rentals.
“We are thrilled to be bringing together a group of top real estate executives who will play a vital role in guiding the future of rentals in the MLS space,” Lucarelli said. “This board will be instrumental in helping the industry embrace rentals in a way that supports consumers’ housing needs.”
Rental Industry Leadership Board
- Art Carter, CEO, California Regional MLS
- Brian Donnellan, President and CEO, Bright MLS
- Dionna Hall, CEO, BeachesMLS
- Nicole Jensen, CEO, realMLS
- Michael Lucarelli, Cofounder & CEO, RentSpree
In some ways, the coordination between the MLSs and RentSpree is advantageous for the company as it grows.
As part of their cooperation, the MLS leaders will get access to RentSpree’s upcoming products, creating potential alignment between the MLSs and RentSpree as the company grows. It also opens the door for RentSpree to receive feedback on products and services it offers.
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