Four of the nation’s largest real estate brokerages have teamed up to create a shared listing platform, Open Real Estate, in an effort they say will improve marketplace transparency as it is threatened by increased private listings.
The portal, which is expected to open in roughly six months, is founded by AGNT Inc., parent of eXp Realty and NextHome; Home Services of America Inc.; Keller Williams Realty LLC, and Real REMAX Group, all of which will contribute their listings while continuing to post to local MLSs.
As envisioned, agents will enter listings once on Open Real Estate, which will then distribute it across MLSs, real estate portals and other platforms. The founders did not say which, if any, MLSs have agreed to participate.
“This is not a walled garden or another marketplace that favors one company over another,” the founders wrote in an open letter. “Open Real Estate is designed to work alongside MLSs and existing real estate portals, making it easier for real estate professionals to share property information and connect buyers and sellers across the housing market.”
The creation of the platform is in response to an increase in private listings and as Compass battles Zillow in court over its Private Listing Network and partnership with MRED. Compass’ partnership with the Chicago-based MLS is coming under increased regulatory scrutiny over fair housing and antitrust concerns as well.
While Compass is not directly mentioned in the letter, the effects of its aggressive pursuit of private listings is clearly a key driver of the effort.
“This effort is bigger than any one company,” the founders wrote. “No single brokerage, technology company, portal or trade organization should determine the future of housing information for everyone else.”
Open Real Estate is designed around four founding principles:
- Expand buyer opportunity.
- Empower informed seller decisions.
- Protect data integrity.
- Promote fair competition.
“For decades, shared listing systems have kept the U.S. housing market open, so that a buyer working with any agent could see most homes for sale and a seller’s home could reach the whole market,” the founders wrote. “Today, more homes are being marketed privately, creating greater inconsistency in how listing information is made available and shared with buyers and the broader marketplace.”
Open Real Estate has invited any brokerage that wishes to participate to join the platform as a free participating member. So far, Brown Harris Stevens, LaMacchia Realty, Samson Properties and Windermere Real Estate have signed up.
The founders noted that Open Real Estate is not a competitor to traditional MLSs; rather, it is designed to operate alongside them.
“A healthy market is one where sellers can make truly informed decisions, buyers have access to the broadest possible inventory, and success is determined by those who create the most value — not those who control the most information,” the founders wrote.