IRES today received notice from REColorado that they are discontinuing data sharing between our companies, just two days after we declined their offer to purchase our company. IRES is very disappointed and concerned with the termination announcement from RECO, especially since the impetus of data sharing was a result of broker requests.
The need for providing more information in the hands of real estate professionals has grown, not diminished. Data sharing has been a solution for more than 10 years, and given that Colorado today is one of the hottest and fastest growing real estate markets in the country, the need for such collaboration has only increased, not decreased.
REColorado has stated they believe that data sharing is simply a “stop-gap” solution to industry consolidation and that is why they are stopping the practice. While we also support industry consolidation, this decision is not based on technological barriers. Our ability to data share is already in place and could be expanded and improved.
Data sharing has been a valuable tool for brokers and appraisers since 2003 – well over 10 years.
- CCM Agreement includes cooperation and compensation between the parties.
- Data sharing provides a more complete picture of the market to all brokers and appraisers.
- Data is integrated in one search vs. 2 systems, 2 logins, 2 sets of data (e.g. CMA)
- Sellers: Properties for sale, regardless of the primary MLS of the listing broker are accessible to users of both systems through the MLS system of their choice.
- Buyers: Listing inventory is inclusive, regardless of the subscriber’s primary MLS.
- Dual MLS subscriptions and fees (as determined by subscriber)
- Dual entry of listings (as determined by subscriber)
- Negotiating cooperation and compensation
- Significant inconvenience for brokers and appraisers to sort through duplicates from 2 systems, currently filtered if selected by the IRES MLS system, and merging data into one report (e.g. CMA).
Since we know this issue is important to our customers, IRES formally requested RECO reconsider discontinuing data sharing and hopes they will do so.
If you would like to weigh in on this issue, we have created a form here.