Home News Bright MLS and California Regional MLS Partner to Change How Residential Real Estate Data is Collected and Distributed for Institutional Use

Bright MLS and California Regional MLS Partner to Change How Residential Real Estate Data is Collected and Distributed for Institutional Use

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The two companies will launch REdistribute, LLC to create a new venture to support MLS innovation while ensuring fair compensation for brokers.

Rockville, MarylandWhen Chino Hills, California, July 14, 2022 / PRNewswire /-Bright MLS and California Regional MLS (CRMLS), the largest multiple listing service in the United States, today announced the launch of a joint venture, REdistribute, LLC, which will change the way MLS data is collected and distributed on behalf of real estate. did. Industry for institutional use.

REdistribute aggregates and distributes data on behalf of participating MLS organizations and intermediaries, providing up-to-date, unbiased MLS data directly from sources to agencies involved in the housing industry, with intermediaries rights to the data. And regain control of data usage. .. In addition, the revenue generated by REdistribute is shared with participating brokers and MLS organizations to ensure that they are rewarded fairly and with true market value for the data they provide.

“The exchange of real estate data is currently one-way,” he said. Art carter, CEO of CRMLS. “Third parties aggregate MLS data and provide it to government agencies and many other for-profit companies. What is lacking is the rights, data management, and data rights provided to the brokers who own the data. It’s a fair market reward. “

“Today we are rewriting the rules of engagement,” he said. Brian Donneran, President and Chief Executive Officer of Bright MLS. “Now is the time for professional MLS organizations to invest in solutions that add value to brokers while providing the most comprehensive, accurate and up-to-date data for key participants in the housing industry. Mortgage lenders, governments. The insights and components that create the entities and other asset valuations that are sponsored by the company will benefit significantly from redistributables. ”

Bright and CRMLS began collaborating late last year on solutions to improve the services of the broker community, including recent work on displaying service hubs to help increase broker choices.Redistribution is the next step that the two companies are working on together, aggregating Bright and CRMLS MLS data at launch to launch Beaches MLS. Florida We will also sign a letter of intent to participate in the launch.

“Beaches MLS is excited to be the first owned partner of BrightMLS and CRMLS at REdistribute to bring more value to our brokers,” he said. Diona HallCEO of Beach MLS.

REdistribute not only distributes MLS data from sources, but also provides innovations that enable creditors such as lenders, insurers, and government-sponsored companies to gain real-time insights on a market-by-market basis.

REdistribute will begin beta testing in August and will deliver content to clients in 2023.

For more information on the REdistribute initiative, Read the open letter to the industry.

If you are an MLS organization or broker interested in learning how to join this exciting new venture, [email protected]..

About California Regional MLS

California Regional MLS is the largest and most recognized subscriber-based MLS in the United States dedicated to serving more than 110,000 real estate professionals from 41 associations, boards and MLS organizations. .. CRMLS provides accurate data through innovative technology solutions that enable real estate professionals to work together and succeed. For more information on CRMLS, please visit: www.crmls.org..

About Bright MLS

Bright MLS was founded in 2016 as a collaboration between 43 visionary associations and two of the most prominent MLS in the United States to transform what MLS is and how it works. A future through an open, clear and competitive housing market for all. Bright is proud to be a reliable source of comprehensive real estate data on the Mid-Atlantic coast, and market intelligence currently covers six states (6 states).Delaware, Maryland, New jersey, Pennsylvania, Virginia, West Virginia) And that Washington District.. Bright MLS’s innovative tool library (both creation and curation) provides service and award-winning support. 100k A real estate expert. We promise to deliver homes to more than 500,000 home buyers and sellers each month. In 2021, bright subscribers promoted $ 141 billion In real estate transactions through the company’s platform. For more information, please visit BrightMLS.com.

Art carter
[email protected]

Christie Leap
[email protected]

Source California MLS

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