The consolidation of multiple listing services (MLS) is sought to alleviate pain points experienced by brokers, who currently must belong to numerous MLSs. The CEO of Canopy MLS noted that the top 25 MLSs have over 1 million subscribers compared to the NAR's 1.45 million members. Histories of consolidation, like Seattle's reduction from five to one MLS, show substantial cost savings for brokers. The industry has also seen recent data sharing agreements indicating a shift in approaches toward merging, focusing on problem-solving rather than simply merging entities.
The top 25 MLSs by member count represent more than 1 million subscribers. The National Association of Realtors (NAR) had roughly 1.45 million members, indicating many real estate agents subscribe to multiple MLSs to do their jobs effectively.
The push for consolidation aims to assist brokers and firms by solving pain points like the necessity of belonging to multiple MLSs. Cost savings benefit firms significantly.
In Seattle, the reduction of five MLSs to one saved $900,000 annually for brokers. With evolving technologies, brokers seek more from MLS, advocating for consolidation to streamline information retrieval from listings.
The industry is observing consolidation efforts, though traditional mergers are less common. Focus has shifted towards addressing problems through consolidation, collaboration, or data sharing agreements. Recent agreements include notable partnerships between various MLSs.
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