Leading MLSs come together to launch consumer home search portal
Three of the nation’s largest multiple listing services — California Regional MLS, Bright MLS and REColorado — announced the joint venture for Nestfully.
Key points:
- Nestfully is expected to debut by April 1 with listings from a pool of 240,000 agents and brokerages that are MLS subscribers.
- Agents will get leads at no cost, and consumers will have direct access to the property’s listing agent.
- “With Nestfully, we believe we are in the best position to deliver what agents want and need in this changing market,” said Brian Donnellan, CEO and president of Bright MLS.
With the goal to "promote a more competitive marketplace," three of the largest multiple listing services announced plans to launch a new consumer home search portal this spring.
Called Nestfully, the website will be owned and operated by California Regional MLS (CRMLS) and Bright MLS, under a joint venture, and REColorado has signed on as a participant. The founding MLSs designed the site and its features, and real estate tech company Constellation1 is providing technology services.
"Nestfully is run by MLSs whose primary goal is to promote an open, clear, and competitive marketplace," Art Carter, CEO at CRMLS, told Real Estate News. "We are a neutral source working in the best interests of consumers, brokers and their agents."
For agents, Nestfully offers a financial advantage over advertising-powered portals. The site will not have ads, and leads will be delivered directly to agents and their brokerages at no cost, "taking a significantly escalating cost out of the existing system," Carter said.
Agents and brokerages companies will also have access to a lead management platform on Nestfully with lead tracking, analytics and metrics that gauge success.
"We believe we are in the best position to deliver what agents want and need in this changing market," said Brian Donnellan, CEO and president of Bright MLS, adding that the new search engine will "serve as an extension of the agents' marketing initiatives to promote listings, attract qualified lead prospects and forward these opportunities directly to the agent at no cost."
The goal is not to monetize the consumer search, he said, but to help answer consumer questions about properties for sale and connect potential buyers with property listing agents or with a local agent or broker in their communities.
Asked in an interview if MLSs will be compensated for the initiative, a company spokesperson said that "financial arrangements are not being disclosed."
On the consumer side, Nestfully strives to differentiate itself by providing direct access to listing agents for each property on its website, unlike some search portals that require consumers to fill out a form or do not provide direct contact details. Nestfully listings will include the name, email and phone number of the listing agent.
Another advantage of the new portal over its competitors, according to the participating MLSs, is that it will provide more accurate, up-to-date information for home shoppers.
"Since Nestfully is a site powered by MLSs, consumers can have confidence in the information they're getting on each property — no stale listings or misleading information about what's really active and for sale," said Donnellan.
"Consumers will get the freshest information at their fingertips, optimized for mobile viewing, so they'll be able to make educated decisions about homes they're considering quickly and efficiently," he said.
Gene Millman, CEO and president of REcolorado, described Nestfully as "a perfect complement" to his MLS's strategic focus on improving the consumer experience in the real estate marketplace.
At launch, 240,000 agent and brokerage subscribers will contribute listings to Nestfully. Those subscribers had more than $280 billion in sales in 2022, according to figures provided by the three MLSs.
With property data delivered directly from participating MLSs, the goal is for Nestfully to grow as a trusted source for online property information, organizers said. Other MLSs are expected to join soon, with the Nestfully team in talks with about a dozen MLSs across the country.