Colorado’s largest MLS makes 4-state data-share deal
REcolorado has signed agreements with regional MLSs in Georgia, Florida, California and Kansas, increasing listings access for agents.
Key points:
- The partnership includes First MLS, the Miami Association of Realtors, MLS Listings and Heartland MLS.
- Agent and broker subscribers of the five participating MLSs will have access to listings across the entire network.
- The move reflects a trend of data-sharing and collaboration among leading MLSs.
Colorado's largest MLS has expanded access to home listings outside its service area — while also greatly increasing exposure for its own listings.
REcolorado, which supports more than 75% of the transactions in the state, announced a data-sharing partnership with four MLS powerhouses: Atlanta-based First MLS, the country's fourth-largest MLS; the Miami Association of Realtors, with nearly 50,000 members; MLS Listings in Northern California; and Heartland MLS, which serves the greater Kansas City area.
The deal will allow REcolorado member agents and brokers to see property listings in several new markets — information that can be invaluable when working with clients who are looking to relocate.
In announcing the partnerships, REcolorado President and CEO Gene Millman said the collaboration will "give brokers and agents the information they need to help their clients find available homes, learn about communities, and connect with local experts in communities outside Colorado," adding that "in today's climate of geographically mobile consumers, the real estate agent must be able to assist right here in Colorado before a client needs to move."
Embracing the power of cooperation
Millman has been vocal about the benefits of joint ventures, telling Real Estate News last June that MLSs can accomplish more by working together. "We, as an industry, have a bad habit of forming silos around our different operations. Cooperative ventures really give us a good opportunity to rethink that approach."
REcolorado is also a participant in REdistribute, which was spearheaded by Bright MLS and CRMLS and provides MLS data to institutional users.
The news from REcolorado reflects a trend toward data sharing among like-minded MLSs. In the past year, significant data-share agreements were formed nationally and regionally in Utah and New Mexico and across the Southeast.
"A lot of the data sharing that's going on in these ventures can help MLS service providers deeply understand what's going on in their market," Millman said. The newest partnerships are the "first of many," according to the news release.
Property information from FMLS will become available to REcolorado subscribers first, with data from other partners opening up soon after.
FMLS President and CEO Jeremy Crawford called the partnership a "real win" for agents and said in the announcement that "FMLS looks forward to doing more with other like-minded MLSs nationwide."
"The bottom line is we are all better together," Crawford told Real Estate News. Having more licensed agents exposed to listings across markets is simply better for all parties, especially sellers and buyers."