3 major MLSs expand their reach with national data sharing
CRMLS, Bright MLS and BeachesMLS in South Florida entered a data share agreement that gives subscribers access to "large swaths of alternate areas."
Key points:
- The three MLSs, including the two largest in the U.S., together encompass a marketplace of 50 million consumers.
- With migration on the rise, MLS members can benefit from having access to current and historical listing data across the country.
- In 2022, the number of people moving to Florida reached a half-million, the highest it has been in five or six years, according to Bright MLS.
With more buyers searching for homes outside their local markets, three MLSs have launched a data-sharing plan to optimize the marketplace for agents and their clients.
Bright MLS, the California Regional MLS and BeachesMLS in South Florida are partnering to share detailed listings information in a combined marketplace that represents 50 million consumers.
"We are excited to provide our practitioners a direct linkage to these meaningful marketplaces and work between these key markets seamlessly," said Dionna Hall, CEO of Broward, Palm Beaches & St. Lucie Realtors and BeachesMLS.
Florida is a popular destination for people moving from other parts of the nation and the world, with many new residents pouring in from California and the mid-Atlantic states. In 2022, the number of people moving to the Sunshine State reached a half-million, the highest it has been in five or six years, according to Bright MLS.
As part of the data share, the three MLSs will have access to information on migration patterns of these consumers.
Subscribers from all three MLSs will be able to search for properties in each other's databases.
They also will be able to look up and see active and sold listing records for all residential property categories.
Given the record number of buyers searching for homes outside their market, subscribers can benefit from having access to listings beyond those provided by their local MLS. With the data share, agents and brokers can tap into a larger pool of listings in locations that may be of value to the consumers they serve. "Having access to large swaths of alternate areas outside one's individual MLS positions agents to quickly serve their clients without a long lead time, or extra research," said a Bright spokesperson.
Bright MLS, CRMLS and BeachesMLS have begun to work together to implement necessary changes to all three platforms on the data and operations side. The companies expect to launch the data share later in 2023.
"Even pre-pandemic, the world and the workforce have become more mobile. The explosion of the internet enables people to do jobs remotely from locations never dreamed of 10 years ago. COVID has sped that up," according to a statement from the three MLSs.
Art Carter, CRMLS CEO, sees this latest collaboration as building upon similar data sharing projects underway. He noted plans led by CRMLS and Bright for Nestfully, a new consumer home search portal launching this spring, and for REdistribute, a revenue-sharing plan that will compensate brokerages for sharing their data.
"These data shares are one of the bricks in what we are building for this industry. Combined with Nestfully and REdistribute, we are innovating fast, and at scale, to help brokers and our subscribers best service consumers in this dynamic real estate environment," Carter said.
"Home buyers and sellers' needs have changed in a dramatic way over the past several years," said Brian Donnellan, Bright MLS president CEO. "Geographic boundaries are changing for homebuyers and sellers as they go about making decisions about homes that fit their changing needs."