Rockville, Md., and Chino Hills, Calif. — November 8, 2022 — REdistribute, LLC, a joint partnership between Bright MLS and California Regional MLS (CRMLS), announced today three of the country’s leading MLSs, BeachesMLS, REcolorado®, and Stellar MLS will join REdistribute as partner investors. In addition, several more MLS investors have signed letters of intent and dozens of MLSs from across the country expect to participate in the venture, reaching a significant milestone: REdistribute expects to launch in January with approximately 54% of the listings in the U.S.
REdistribute will aggregate data on behalf of participating MLS organizations and brokerages, providing unbiased, up-to-date MLS data and analysis directly from the source to financial institutions in the housing industry. The revenue generated by REdistribute will be shared with the brokers and MLS organizations that participate, ensuring that participants are compensated fairly – and at true market value – for the data they provide. REdistribute will deliver innovations to allow licensees such as lenders, insurance companies and government-sponsored enterprises to gain real-time insights on a market-by-market basis. Initial payments to MLSs and their brokers are expected to start by May 2023.
“BeachesMLS is excited to be the first partner to take an ownership position alongside Bright MLS and CRMLS. We recognize how hard brokers work, and it’s only fair that they are compensated for the residential listings that they enter into Beaches MLS. We look forward to this groundbreaking benefit to help our brokers thrive,” said Dionna Hall, CEO of Broward, Palm Beaches & St. Lucie Realtors® and BeachesMLS.
“The data provided by brokers and MLSs powers the residential real estate marketplace,” said Gene Millman, President and CEO of REcolorado®. “REcolorado® is proud to be joining REdistribute as an ownership partner and among the leading MLSs that are delivering solutions that will bring value to the broker and give them control of their data and how it is used.”
“Stellar MLS is investing in REdistribute because it’s the right thing to do for our brokers and the real estate industry. This is a watershed endeavor that will shift the financial gains and downstream benefits of housing data back into the hands of those who own it and need it the most – brokers. Stellar is proud to partner with our counterparts in this progressive industry response and solution,” commented Stellar MLS CEO Merri Jo Cowen.
“After kicking off our conversations with partners and participants across the industry, we quickly understood the MLS community was more than ready for the kind of value that REdistribute will provide and return to the agents and brokers of organized real estate,” said Amy Gorce, REdistribute Acting CEO.
“We are proud of the progress that has quickly been made to attract the industry’s most innovative MLSs to return the value of brokers’ valuable data where it belongs – back to them,” said Brian Donnellan, Bright MLS President and CEO.
“It’s clear that REdistribute’s goals and deliverables are firmly in line with an overdue return on the investment that hundreds of thousands of agents and brokers deposit every single day into the most accurate and dependable source of data – the MLS system,” said Art Carter, CEO of CRMLS. “We welcome our new MLS investors to REdistribute. Their valuable investments put REdistribute’s plans and progress firmly on schedule.”
To read more about the REdistribute initiative, read the venture’s initial open letter to the industry.
MLS organizations or brokers interested in learning more about participating in REdistribute should contact REdistribute@prestaconsultants.com.
A partnership between Bright MLS and California Regional MLS (CRMLS), REdistribute is a joint venture that changes how MLS data is collected and used for institutional use. REdistribute will aggregate data on behalf of participating MLS organizations and brokerages, providing financial institutions with unbiased, up-to-date MLS data directly from the source. Revenue generated by REdistribute will be shared with the brokers and MLSs that participate, ensuring they are compensated fairly for the data they provide. For more information, visit www.redistribute.com.
Broward, Palm Beaches & St. Lucie ® is the 3rd largest local Realtor® association in the nation, representing over 42,000 Realtors®. Their subsidiary, BeachesMLS powers over 43,000 MLS subscribers across South Florida & the Treasure Coast. For more info, visit Rworld.com or contact Communications@rworld.com.
Since 1984, REcolorado® has been focused on providing the most accurate and up-to-date real estate information for professionals and consumers. REcolorado® is the largest Multiple Listing Service (MLS) in Colorado with nearly 28,000 professional subscribers who operate throughout the state. It is REALTOR® owned and serves members of Denver Metro Association of REALTORS®, South Metro Denver REALTOR® Association, Mountain Metro Association of REALTORS®, REALTORS® of Central Colorado, and Steamboat Springs Board of REALTORS®.
About Stellar MLS
Headquartered in Altamonte Springs, FL, Stellar MLS (Stellar) is Florida’s largest multiple listing service (MLS) company, with nearly 77,000 customers in Florida and Puerto Rico. Offering a comprehensive suite of the industry’s best products and world-class customer service, Stellar MLS is committed to helping brokers and agents thrive in tomorrow’s competitive real estate market. Learn more at stellarmls.com.