REdistribute, LLC—a joint partnership between Bright MLS and California Regional MLS designed to aggregate MLS and broker data in order to serve as an unbiased source of information for financial institutions—has announced that BeachesMLS, REcolorado®, and Stellar MLS will join as partner investors. In addition, several more MLS investors have signed letters of intent and dozens of MLSs from across the country expect to participate in the venture, reaching a significant milestone. REdistribute expects to launch in January with approximately 54% of the listings in the U.S.
“BeachesMLS is excited to be the first partner to take an ownership position alongside Bright MLS and CRMLS,” said Dionna Hall, CEO of Broward, Palm Beaches & St. Lucie REALTORS® and BeachesMLS. “We recognize how hard brokers work, and it’s only fair that they are compensated for the residential listings that they enter into Beaches MLS. We look forward to this groundbreaking benefit to help our brokers thrive.”
“The data provided by brokers and MLSs powers the residential real estate marketplace,” said Gene Millman, president and CEO of REcolorado®. “REcolorado® is proud to be joining REdistribute as an ownership partner and be among the leading MLSs that are delivering solutions that will bring value to the broker and give them control of their data and how it is used.”
“Stellar MLS is investing in REdistribute because it’s the right thing to do for our brokers and the real estate industry. This is a watershed endeavor that will shift the financial gains and downstream benefits of housing data back into the hands of those who own it and need it the most—brokers. Stellar is proud to partner with our counterparts in this progressive industry response and solution,” commented Stellar MLS CEO Merri Jo Cowen.
REdistribute will aggregate data on behalf of participating MLS organizations and brokerages, providing unbiased, up-to-date MLS data and analysis directly from the source to financial institutions in the housing industry. The revenue generated by REdistribute will be shared with the brokers and MLS organizations that participate, ensuring that participants are compensated fairly and at true market value for the data they provide. REdistribute will deliver innovations to allow licensees such as lenders, insurance companies and government-sponsored enterprises to gain real-time insights on a market-by-market basis. Initial payments to MLSs and their brokers are expected to start by May 2023.
“After kicking off our conversations with partners and participants across the industry, we quickly understood the MLS community was more than ready for the kind of value that REdistribute will provide and return to the agents and brokers of organized real estate,” said Amy Gorce, REdistribute acting CEO.
“We are proud of the progress that has quickly been made to attract the industry’s most innovative MLSs to return the value of brokers’ valuable data where it belongs—back to them,” said Brian Donnellan, Bright MLS president and CEO.
“It’s clear that REdistribute’s goals and deliverables are firmly in line with an overdue return on the investment that hundreds of thousands of agents and brokers contribute every single day to the most accurate and dependable source of data—the MLS system,” said Art Carter, CEO of CRMLS. “We welcome our new MLS investors to REdistribute. Their valuable investments put REdistribute’s plans and progress firmly on schedule.”
For more information, please visit https://www.redistribute.com.