NORTH BETHESDA, Md.--(BUSINESS WIRE)--REdistribute, a Multiple Listing Service (MLS) joint venture that collects and distributes MLS data for institutional use, has secured data coverage of nearly 50% of the residential real estate properties in the country. The accomplishment occurred ahead of schedule, and REdistribute has a healthy pipeline of additional MLS organizations on track to confirm agreements in the coming months to further expand its coverage. REdistribute enables users to innovate their products and services using cleaner, more timely property data to better serve consumers.
“REdistribute has secured agreements with some of the most active markets in the country with additional markets joining every month,” said Amy Gorce, Acting CEO of REdistribute. “Our growth rate puts us on track to reach national coverage by the end of 2023.”
REdistribute aggregates and distributes data on behalf of participating MLS organizations and their broker participants. The data is sourced directly from the MLS community daily, making it the freshest property data available in the country. Often, institutions involved in the mortgage, property technology, and insurance industries source real estate listing, sales, and property data from public records, where data can lag several weeks or months from the time of the transaction to the time the property record is processed. In contrast, REdistribute pulls data from participating Multiple Listing Services, where real estate professionals update property listings daily.
“We know that REdistribute has built a modern technological architecture that provides the most timely and accurate property listing data available in the country,” said Matt Fowler, CEO of Raleigh-Durham, NC-based Triangle MLS. “We had to be a part of this movement and deliver value to our agents and brokers for the data they work so hard to collect and maintain.”
MLS listings hold the most desirable data available because the MLS enforces data collection rules. Real estate agents contribute accurate details that enhance the ability to sell a property; they are motivated to keep the data precise and timely because listings provide a real-time view of the current market activity. With REdistribute, the brokers and MLSs have full transparency about how the data is being used while simultaneously enabling housing-related industries to make better decisions to benefit consumers.
Licensing and access to REdistribute data are now available in the most active real estate markets in the country. To access the list of states and participating markets, visit https://redistribute.com/about/.
REdistribute is a joint venture amongst some of the largest MLSs in the country that changes how MLS data is collected and packaged for institutional use. REdistribute will aggregate data on behalf of participating MLS organizations and brokerages, providing mortgage, insurance and other housing-related businesses with unbiased, up-to-date MLS data directly from the source. Revenue generated by REdistribute will be shared with participating MLSs, that allows them to add even more value to their participating brokers. For more information, visit www.redistribute.com.