4 major brokerage firms unveil Open Real Estate listings platform
KW, HomeServices of America, eXp parent AGNT and Real REMAX Group framed the move as a response to a rise in private exclusives and as a companion to the MLS.
Four of the nation's largest brokerage and franchise companies today announced plans to build shared infrastructure that they say will keep more homes in front of consumers as listings transparency faces increasing challenges.
The founding members of the Open Real Estate initiative are AGNT Inc., parent of eXp Realty and NextHome; HomeServices of America; Keller Williams Realty; and Real REMAX Group.
When all participating firms' listings "go into one place, fewer homes stay out of sight," the founders wrote in an open letter titled "Housing Markets Must Remain Open To All."
Brown Harris Stevens, Lamacchia Realty, Samson Properties and Windermere Real Estate are listed as participating members. Open Real Estate says any brokerage can join as a free participating member.
How it will work: The Open Real Estate system will allow member participants (brokerages and agents) to enter a listing once "using standardized fields." That listing will then be shared with other participating brokerages and agents and "simultaneously syndicated to local MLSs, home search sites and other platforms, and industry participants, such as appraisers and data services."
Relationship to MLSs: The system is not an MLS replacement, the Open Real Estate announcement said. Specifically, the platform "is designed to work alongside MLSs, which play an essential role in establishing local listing rules and providing services to real estate professionals."
The announcement does not say whether any MLS has agreed to accept listings entered through Open Real Estate, or how the process would align with MLS rules that require listings to be entered within a set time.
'Not a walled garden': Open Real Estate lists four founding principles: expanding buyer opportunity, empowering informed seller decisions, protecting data integrity and promoting fair competition.
The fourth includes "clear rules around governance and ownership designed to keep the platform open, fair and competitive."
"This is not a walled garden or another marketplace that favors one company over another," the letter says. "No single brokerage, technology company, portal, or trade organization should determine the future of housing information for everyone else."
While the letter does not mention Compass by name, the Open Real Estate announcement arrives as Compass is fighting MLSs and Zillow in court over rules that limit how brokerages can market private listings before sharing them broadly.