MLS Milestones: Data shares in Texas, plus a new buyer agreement tool
Three major Texas MLSs — Unlock, HAR and SABOR — agree to share data; REcore unveils new compliance product for buyer agents; Stellar subsidiary goes global.
Editor's note: From large, regional players to locals focused on a single market, multiple listings services are the backbone of residential real estate. Here we highlight some of the latest news about the 500-plus MLSs that are shaping the future of the industry.
3 MLSs enter regional data share in the Lone Star state
Three Texas powerhouses announced a new data share agreement between Unlock MLS, a subsidiary of the Austin Board of Realtors; HAR MLS, operated by the Houston Association of Realtors; and the San Antonio Board of Realtors. The organizations comprise three of the four largest MLSs in Texas, with a combined subscriber base of more than 80,000 real estate professionals.
The agreement — which Unlock said has been in the works since January — consolidates listing data from the Austin, San Antonio and Houston regions, which account for about 60% of all listings in Texas.
As a part of the agreement, for-sale and active listing data from all three markets will be available to subscribers via Unlock's Matrix platform. HAR subscribers can also access up to five years of historical listing data.
"Through data sharing, we are broadening our members' access to crucial information and promoting a collaborative spirit that benefits the entire real estate community in Texas," Gilbert Gonzalez, CEO of the San Antonio Board Realtors, said in a press release.
The move reflects a shifting trend toward data sharing — rather than consolidation — among MLSs across the U.S.
New product helps agents comply with buyer agreement rules
Tennessee-based REcore, which provides customized technology solutions for MLSs and associations, unveiled its latest product last week — one which the company says will help agents manage the evolving compliance landscape following the NAR commissions lawsuit settlement.
The product, known as MLS Buyer Registry, has multiple features aimed at helping agents comply with the new buyer agreement rules. For instance, the system allows agents to ensure a buyer agreement is in place before working with a client, and it will notify an agent if a buyer already signed a deal with another agent. The tool also helps agents find high-value leads and offers clarity around buyer representation so agents can avoid overlapping agreements.
MLS Buyer Registry can be used as a standalone tool or as an integration with REcore's dashboard, REcenterhub, the company noted.
"The real estate industry often says, 'buyers are liars,' because agents frequently deal with buyers who may unintentionally mislead them about working with other agents," CRMLS CEO Art Carter said in a news release. "This tool gives agents the ability to verify buyer relationships and avoid conflicts, adding a layer of transparency and protection that hasn't existed before."
Stellar MLS subsidiary ramps up global expansion
Universal Consulting Opportunities — a subsidiary of Stellar MLS, the third-largest MLS in the U.S. — has been inking deals worldwide, recently announcing strategic partnerships with entities in Europe and the Middle East as it seeks to expand its global footprint.
Last week, UCO announced it had signed an exclusive strategic advisory agreement with Romania-based MLS Leader. UCO plans to help MLS Leader upgrade its agent toolkit, market data and client portals for buyer representation, helping the organization become "more transparent and efficient," Stellar MLS CEO Merri Jo Cowen said in a news release.
The MLS Leader partnership marked UCO's entrance into the European market, and it was quickly followed on Oct. 8 by the announcement of another European partnership, this time with Prague-based digital technology firm Igluu, which aims to expand its MLS service to other European Union nations.
UCO said it will consult with Igluu's team regarding MLS structuring, rules and compliance, governance, training, customer support, technology vendor management and communications.
The consulting firm is also advising Arab MLS, which serves Egypt, Dubai, Kuwait, Bahrain, Qatar and Saudi Arabia. In addition to providing MLS services, Arab MLS offers a government-hosted comprehensive marketplace, according to a news release. Cowen said the partnership aims to create a "modern and accessible real estate ecosystem" for the Middle East/North Africa and Arab markets.