Two of the largest multiple listing services in the country have formed a partnership.
California Regional MLS, the largest subscriber-based MLS in the US, is joining forces with Bright MLS, which covers the states of Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia and the District of Columbia, according to a recent announcement.
The partnership will cover the services’ combined subscriber base of 200,000 users.
The deal centers on a data sharing arrangement that is meant to accelerate product launches. The two services also plan to launch a new website as part of the collaboration.
“We’re excited for this collaboration because it means we can give… agents and brokers improved tools much more quickly,” said Art Carter, the CEO of CRMLS.
In December, CRMLS launched its own venture fund. The investment vehicle, which the service described as “a hedge against changing market forces in its industry,” will target firms that “align with CRMLS’s vision for the future.”
CRMLS’ first investment was in Perchwell, a data and workflow platform that targets the residential real estate industry. The service was among the investors in the start-up’s $15 million Series A, along with Founders Fund, Lux Capital and Matterport.
CRMLS and Bright have been expanding their coverage areas for the past few years. CRMLS began in Southern California then expanded throughout the entire state. Bright MLS, meanwhile, is made up of nine separate MLS entities in the mid-Atlantic region.
Recent deals in the MLS space include real estate start-up Remine, which was acquired by a joint venture led by the Austin Board of Realtors’ ACTRIS MLS.
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