‘Unfiltered’: ‘Smaller MLSs cannot adapt’ to industry changes
Watch the conversation as Merri Jo Cowen explains why MLS consolidation “has to” continue even as she prepares to leave her role as CEO of Stellar MLS.
Editor's note: The Real Estate Insiders Unfiltered podcast explores the people and forces that shape the real estate industry. Check out our top takeaways and this episode from NextHome CEO James Dwiggins and Keith Robinson, NextHome's chief strategic officer.
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On this episode of Real Estate Insiders Unfiltered, Stellar MLS CEO Merri Jo Cowen discusses recent developments at her Florida-based association and predicts what the future will hold for her MLS and others like it.
Shortly after entering a data-sharing partnership with Bright MLS and California Regional MLS (CRMLS), Stellar announced that Cowen is preparing to step aside after 16 years in the top leadership role. The transition will be gradual, Cowen explained, with current COO Shayne Fairley "fully in the driver's seat" as Stellar's new CEO in early 2026.
While reflecting on her 42 years in real estate, Cowen voiced pride in what she has helped build at Stellar. "This industry's in my blood," she said. "Leadership and MLS — they're my passion. And we have built an amazing organization at Stellar from top to bottom."
The CEO transition process: Fairley "was always top of mind" when Cowen thought about her successor options. "Shayne is certainly not a carbon copy of me, but I know him well enough — I know his heart, I know his drive, I know his passion," Cowen said, adding that she is "so excited" he will be the one to assume the role.
More consolidation needed: Looking ahead, "I think the MLS of the future is going to be foundationally, as it is today, based on data and service," Cowen said. She believes there will be efforts by MLS leaders to coordinate multiple data feeds and gather "everything we can get together" to support brokers and agents.
Consolidation has meanwhile led to an 8.8% drop in the total number of MLSs since 2020. Will this trend continue? "I think it has to," Cowen said. After the last few years of rule changes inspired by litigation and larger industry shifts, Cowen believes it's the larger MLSs that are better positioned to survive.
"Speaking as an MLS, not knowing what the future's going to bring — smaller MLSs cannot adapt," she said. "They just can't pivot like the larger MLSs can."
The Stellar-Bright-CRMLS partnership: While the country's three largest MLSs see the benefits of sharing data, some are not so willing. The reasons boil down to identity, fear of losing their jobs and protectionism, Cowen said — concerns that have also slowed consolidation.
But she thinks sharing data is important. "It's about giving access to our customers to help their consumers buy and sell properties," she said. "That's the whole reason we exist."
The key to agent success? Connect, care and serve: New and experienced agents alike should "learn everything you can, and then just go do" if they want to succeed in today's uncertain market, Cowen said.
"Be the one that answers the phone," she advised. "Be the one that answers the text. Be the one that does the open house. Be the one that asks, 'Hey, how's your family?' Be the one that actually cares. Be the one that serves — because that's what it's all about."