MARIS buys into MLS joint venture
The Midwestern MLS, which covers parts of Missouri and Illinois, is investing in REdistribute, a data revenue-share program.
Key points:
- MARIS is the latest partner to invest in the joint venture, which launched in April.
- REdistribute collects and sells MLS data to institutional users then shares revenue back to participating MLSs.
- The venture recently signed its first client agreement, with more in the works.
A joint venture between several Multiple Listings Services has added a key partner as it continues to increase its coverage across the U.S.
REdistribute announced Aug. 3 that the Mid-America Regional Information Systems (MARIS) has become an investor and data licensor in the venture. REdistribute monetizes MLS data by selling it to companies like insurance and mortgage firms, and the revenue is then shared with participating MLSs.
MARIS has more than 14,000 members and 14 associations throughout eastern Missouri and southern Illinois.
The partnership is a key addition as REdistribute attempts to reach 70-80% coverage of the U.S. residential market by the end of the year, said Amy Gorce, CEO of REdistribute.
"With the addition of the Greater St. Louis and Southern Illinois market, REdistribute strengthens our ability to offer cleaner, more timely property data to serve consumers better," Gorce said.
Other large MLSs — Bright MLS, CRMLS, BeachesMLS, REcolorado and Stellar MLS — are also funding the project, which launched in April. REdistribute licensors are currently in 28 states and Washington, D.C.
In an email, Gorce said REdistribute has begun landing clients, who can use the data internally but are prohibited from displaying any listing data publicly. One agreement is officially signed, while several others are in the data-testing phase and are expected to be ready in the coming weeks.
MARIS President & CEO David Price said his organization believes REdistribute is a valuable product that will benefit members.
"The opportunity to be part of this movement and deliver value to our agents and brokers was paramount for us," Price said.
REdistribute's key selling point is the freshness of the data. Because it is sourced directly from the MLSs, the data is more up-to-date than the public records typically used by institutions like mortgage and insurance companies. Public records data can lag several weeks or months behind, according to REdistribute.