Transfers Products to Newly-Formed Real Estate Digital (RED), and Enters into a Joint Marketing Agreement with RED.
In an effort to expand its commitment to and focus on the MLS market, LPS has merged its MLS business unit into LPS Applied Analytics and has sold a number of its real estate products to Real Estate Digital, LLC (RED), with whom LPS entered into a joint marketing agreement. This new alignment will enable LPS MLS Solutions to expand and streamline its current offerings to enhance MLS solutions and better serve our customers and their clients.
“Our assimilation into LPS Applied Analytics is great news for our customers and their members,” said Rich Lull, SVP, LPS MLS Solutions. “First, we have opened up our MLS systems to rapidly deploy innovative technology and services for our MLS members, as demonstrated with the recent version 5 release of our Paragon MLS System. Second, there is no greater demand from MLS’s, their stakeholders, and their members than for insightful intelligence into the value and risks of a real estate transaction to ensure the agent is ‘relevant and valuable’, hence our excitement to leverage the data and analytic assets of LPS Applied Analytics. Lastly, MLS’s need to augment their membership-based revenue model with programs to generate non-dues revenue, for which we will leverage the Applied Analytics products, as well as the products provided through our agreement with RED and other industry-leading third parties,” said Lull.
LPS Applied Analytics’ comprehensive data and analytics solutions provide unparalleled insight into performance trends, proactive risk management and collateral value that are driving the mortgage market today. With this strategic change, the LPS MLS Solutions team will focus its development on MLS platform systems, aggregation and delivery of various data such as listings, public records, loan data, foreclosures, and more. In addition, LPS Applied Analytics offers decision-support applications that convert that data into useful intelligence.
“We see the MLS as the ideal channel to deliver this content to the real estate professional to enable better and faster real estate transactions” said Dan Berman, president, LPS Applied Analytics. “The role of the MLS is changing in response to technology, business models, and the demographics of the consumer. Their members expect the MLS to deliver the information necessary to stay current with their more knowledgeable clients. Serving that need is our goal.”
LPS sold product assets to RED and immediately entered into a joint marketing agreement enabling LPS MLS Solutions to continue to license those products into the MLS market. The products include rDesk® Websites, Real Estate and Living Media, reDataVault, TransactionPoint, DocCentral, FormCentral, MLS Portal, Neighborhood & School Reports, rDesk CRM, rDesk CMA and rDesk IDX. These products will continue to be a critical part of the LPS MLS Solutions product offering, in addition to a rapidly expanding network of third party partners to broaden the solution set.
RED was created through a management buyout for select business lines and operations from LPS’ Real Estate Group. Senior executives Jay Gaskill, Prem Luthra, Mike Kovar and John Hensley will continue in their roles leading the newly formed company.
LPS MLS Solutions is excited about the opportunities this new structure affords and looks forward to continuing to be a valued partner in the MLS channel.
If you have any questions or want to chat, contact Rich Lull at 913.693.6124.