REdistribute, a joint venture multiple listing service (MLS), announced this week that it has secured data coverage of almost 50% of residential real estate properties in the country, just two months after it launched.
The milestone was reached ahead of schedule, with REdistribute anticipating further expansion through agreements with additional MLS organizations in the coming months.
“REdistribute has secured agreements with some of the most active markets in the country, with additional markets joining every month,” Amy Gorce, the acting CEO of REdistribute, said. “Our growth rate puts us on track to reach national coverage by the end of 2023.”
REdistribute acts as an aggregator and distributor of data on behalf of participating MLS organizations and their broker participants. The data is sourced directly from the MLS community on a daily basis, making it the freshest and most up-to-date property data available in the country.
The goal is to offer users cleaner, more timely property data to enhance their products and services and better serve consumers, according to REdistribute.
Institutions in the mortgage, property technology, and insurance industries often rely on real estate listing, sales, and property data from public records, which can result in a lag of several weeks or months from the time of the transaction to the processing of the property record.
On the other hand, REdistribute retrieves data from participating MLSs, where real estate professionals update property listings on a daily basis.
“We know that REdistribute has built a modern technological architecture that provides the most timely and accurate property listing data available in the country,” Matt Fowler, CEO of Triangle MLS, said. “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.”
REdistribute is a joint venture that provides mortgage, insurance, and other housing-related businesses with unbiased and up-to-date MLS data directly from the source. The revenue generated by REdistribute is shared with participating MLSs, according to the company.
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