We’re pleased to announce that we’ve formed a strategic partnership with REdistribute. Through this partnership, REcolorado along with other MLSs across the country will provide listing data to REdistribute, who in turn will ensure the data is licensed responsibly to deliver on the promise of maximizing the value of the data while ensuring full transparency into who is using it and how it is being used.
Listing Data Powers Diverse Tools
Listing data is vital to your business, but it extends far beyond the MLS. Not only does listing data make local real estate markets work through the MLS (including listing search, CMAs, appraisals, and more), housing data is widely used by organizations large and small to understand the housing market and make important decisions.
Aggregate data from all MLSs participating in REdistribute—which is collected and distributed ethically, securely, and reliably—will be sold to large entities like the US government and banking institutions who use housing data to understand the local and national real estate market and implement services or products that help communities. Any profits will go back to the MLSs and ultimately benefit you, our customers!
Data Integrity is the Name of the Game
This partnership will help us to ensure proper licensing of your data and bring a new level of transparency into how institutions use MLS data. Ultimately, most institutions want to license MLS data that has quality and integrity. By licensing data to REdistribute, you can be confident that your data is being used to the benefit of your clients, the real estate industry and our local community.
Today, listing data is often obtained through the “gray market.” When organizations don’t have simple access to the data they need, they might find an unofficial source for that data by combing through websites or getting secondhand information. This leads to serious concerns about the accuracy of that “gray market” data, which has even more significant consequences when it’s used to make decisions. It can also mean the data is being accessed in a way that does not return the full set of benefits to you as the content creator.
REdistribute will fully enforce the data license terms and create a new level of transparency. The bundled aggregate listing data will come straight from the source (MLSs!), ensuring its accuracy and reliability. This will bring value back to you by:
- Delivering clean data to the housing industry (data providers, government organizations, etc.)
- Providing data for use in risk management
- Providing data for use in valuation models, AVMs, and other related purposes
- Sharing revenue back to the brokers and MLS organizations that participate
Advocating on Your Behalf
We believe so much in REdistribute’s mission—to maximize the value of MLS data and deliver transparency to our brokers—that we decided to invest in the joint venture. With an equity stake, we have a seat at the table and will use it to advocate on your behalf. Plus, the revenue generated by REdistribute will be shared back, ensuring that participants are compensated fairly and at true market value for the data they provide.
Questions? Contact REcolorado Customer Success at (303) 850-9576, option 1, or support@REcolorado.com.