Major Brokerages Launch Open Real Estate Database to Counter Private Listings
Four of the largest residential real estate brokerages—AGNT (eXp Realty/NextHome), HomeServices of America, Keller Williams, and Real REMAX Group—have announced the creation of 'Open Real Estate.' This new platform utilizes an open API designed to centralize property listings and combat market fragmentation caused by private, off-market 'pocket' listings. The initiative specifically targets the business model used by Compass (COMP), which has faced criticism and antitrust litigation for maintaining walled gardens of data. Open Real Estate aims to provide a complete, reliable dataset for consumers by requiring participating brokers to submit new listings within one business day, though it does allow for certain private listing options.
Topics: API Integration Listing Databases Market Competition Real Estate Brokerages
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