Open Real Estate Claims Early Broker, MLS Support as Initiative Touts 'Significant Interest’By RISMedia Staff
Open Real Estate, the national initiative launched by big brokerage leaders last week that has promised to create a shared “infrastructure” for property listing data, today announced it has received 826 letters of support from real estate brokerage leaders.
Behind the strength—and size—of its four founding brokerages (HomeServices of America, AGNT, Keller Williams and Real REMAX Group), the announcement made waves as it promised to maintain an “open and transparent” real estate market while allowing brokers to control their listings. Open Real Estate is claiming that pledge and those principles have quickly found support among the broader brokerage community. “We have already received significant interest from across the real estate industry since our announcement, and we look forward to continuing to engage with brokerages of all sizes, MLS organizations, and technology providers as we develop a platform that expands consumer choice and transparency for home buyers and sellers,” said the founding members of Open Real Estate. Of the support letters received, 493 (59%) came from independent brokerages, according to Open Real Estate—from single-office independents to some of the largest independent brokerages in the country, including Atlanta Communities, Iron Valley Real Estate, LoKation Real Estate and Realty of America. Open Real Estate is also claiming support from prominent MLS leaders. Designed to complement existing MLS organizations, the initiative aims to work alongside them to expand access to listing information for brokerages, agents and the consumers they serve, Open Real Estate said. RISMedia spoke to a handful of MLS leaders about Open Real Estate, who largely said they were “cautiously optimistic” for the initiative. Council of Multiple Listing Services (CMLS) CEO Jessie Edgerton specifically said she had “deep, deep hope” around its principles and founders, while adding there were many unanswered questions around governance and execution. In a release from Open Real Estate, four prominent MLS leaders also offered statements of support. “We welcome the initiative of Open Real Estate and look forward to actively participating and partnering with industry leaders to build on the capabilities already in place at Bright and advance a more connected, efficient, broker-driven marketplace,” said Brian Donnellan, president and CEO, Bright MLS. “Strategically, California Regional MLS and Open Real Estate are in alignment with the concept of allowing brokers to bring listing data in from outside the CRMLS MLS Input Platform,” said Art Carter, CEO, CRMLS. “We look forward to working with Open Real Estate to see how that possibility comes to fruition within their platform.” “NTREIS remains dedicated to fostering a transparent, cooperative, and neutral marketplace that serves all Broker Participants equally by delivering consistent listing access and empowering exceptional consumer service. In alignment with this mission, we welcome constructive dialogue with Open Real Estate,” said Chris Carrillo, CEO, North Texas Real Estate Information Systems (NTREIS). “Broker-led innovation shouldn’t be viewed as a threat to the MLS. It’s an opportunity to strengthen the cooperation that has served our industry for decades,” said Tim Dain, president and CEO, NorthstarMLS. “I hope this initiative brings even more brokers and MLSs to the table.” MARIS MLS previously wrote a letter offering similar support of “the concept of (Open Real Estate),” while saying it hoped for more details as well. One MLS leader, who requested anonymity in order to speak candidly about the initiative, previously told RISMedia they saw the initiative as similar to a private listing service, adding they believed it would push MLSs to go “back to basics.” |
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