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The Broker Public Portal, a company formed by a large group of brokers and multiple listing services to launch the nation’s first national public-facing MLS website, has “soft” launched and added its 48th MLS investor.
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On June 30, the BPP went live with what CEO Dan Troup called a “soft launch” on BrokerData.com, which will be part of a three-phase launch program.
Dan Troup
“This is allowing us to test and demonstrate our technology in a production environment that anyone can look at,” Troup told Inman via email.
In October 2022, the National Broker Portal LLC, a joint venture owned 50-50 by Homesnap and the Broker Public Portal shut down, following CoStar’s purchase of Homesnap. CoStar subsequently sunset the Homesnap brand. At the time of their divorce, BPP said it would pivot to creating and providing a national listing data “superset” and forming multiple joint ventures with tech vendors that wish to use that data for their tech products.
According to Troup, the second phase of the BPP reboot “will be the launch of local market websites that are powered by our search solution but displayed on local MLS domains” while the third phase will be the debut of BPP’s national consumer-facing portal, which will replace Homesnap.com.
“Timing will be driven by our stakeholders and their value proposition to their members,” Troup said.
“We will launch as soon as our partners review the product and tell us to turn on their data.”
BPP’s investors are made up of 44 brokerages and 48 MLSs, the latter of which serve 1,047,000 agents combined, according to the company. The latest MLS investor to come on board is Cary, North Carolina-based Doorify MLS, which has nearly 15,000 agent and broker subscribers across 16 counties.
“Our investment in Broker Public Portal is a clear signal of Doorify MLS’s commitment to technology sovereignty in real estate,” said Matt Fowler, CEO of Doorify MLS, in a statement.
Matt Fowler
“By taking ownership in this broker- and MLS-controlled platform, we’re ensuring our industry retains vital control over its technology infrastructure and data. Our core mission is to provide consumers with the most comprehensive MLS search experience, directly connecting them with the local experts – their agents and brokers.
“This investment fortifies a platform truly built by the industry, for the industry, fostering genuine engagement between consumers and real estate professionals.”
Like every investor in BPP, Doorify MLS is limited to one share of the company. Each share, or unit, in the company costs $5,000.
“This has never changed,” Troup told Inman. “We are well-funded as a result of the our dissolution from Homesnap.”
“Every shareholder in BPP has the same rights and our governance has not changed – we are only funded by MLSs and Brokers. The investment from Doorify is in accordance with our governance and follows the same rules that previous shareholders are granted.
“The BPP is a crowdfunded effort that supports a national consumer MLS website to provide some competitiveness to the existing national portals.”
Whenever that national MLS website does launch, it will face a crowded field of well-established and well-funded rivals, including Zillow, Realtor.com, Homes.com and Redfin.
