REDistribute, a multiple listing service joint venture that collects and distributes MLS data for institutional use, has launched.
Its backers say it is the most accurate and current real estate information database available in the country, providing institutional users the ability to access timely data on a modern technological architecture to better serve consumers.
REdistribute aggregates and distributes data on behalf of participating organizations and their broker participants. The data is sourced directly on a daily basis, eliminating the weeks or months of lag common when third parties pull data from public records.
“REdistribute is the best resource for timely and accurate property listing data available in the country today,” said Amy Gorce, acting CEO of REdistribute. “We are thrilled to have the opportunity to deliver more value to brokers and MLS organizations while also bringing value to institutional buyers of MLS data by offering the ability to license the data directly from the source.”
MLS listings hold the most desirable data available because data collection rules are enforced by the MLS, REdistribute said in a statement. It will be a big upgrade for mortgage and insurance companies, REdistribute said.
The company was formed by Bright MLS and California Regional Multiple Listing Service, with investors that include Beaches MLS, REcolorado and Stellar MLS.
Revenue generated by REdistribute will be shared with participating MLSs.
Coverage areas include California, Colorado, Delaware, Florida, New Jersey, New York, Maryland, Pennsylvania, Washingto, D.C. and Virginia. Areas coming soon include Alabama, Louisiana, North Carolina, Minnesota, Tennessee and Wisconsin.
In 2022, Bright MLS and CRMLS, the nation’s two largest multiple listing services, announced plans for data and tech integrations.
