CoreLogic has created a data sharing application that allows Matrix customers to add a tab in Matrix that opens a view (read-only) [see screenshot example below] session in another Matrix powered MLS. Northwestern Wisconsin MLS and adjacent NorthstarMLS are among the first MLSs to use the data sharing feature.
Brenda Barnhardt, Executive Vice President of Northwestern Wisconsin MLS says, “This collaboration allows participants and subscribers from both MLSs to view the other organizations’ Matrix listing management platform and reciprocate the terms of cooperative compensation, thus allowing a better consumer experience.” This joint collaboration effort will help elevate some of the market challenges for neighboring MLS markets. NWWMLS serves 1300 participants and subscribers, and is surrounded by three other MLSs in addition to NorthstarMLS; Lake Superior, Central Wisconsin and La Crosse.
Northstar CEO Tim Dain explains that, “NorthstarMLS has long sought to collaborate with neighboring markets in a variety of ways that best suit unique relationships and we appreciate Corelogic for supporting our goals with IntraMatrix. Agents who subscribe to both, or one, of the MLSs will have access.”
CoreLogic also provides utilization statistics related to the feature which launched on March 1st. There is no cost for the service, and it takes a couple of weeks to implement.
In many ways, this is a similar model to the smart-link solution that Rapattoni deployed across their numerous San Francisco Bay Area multiple listing service customers. Read only access solves many issues facing real estate agents who cross markets, but not all of them. We see this effort as a great way for nearby market areas to share data access without incurring the costs and efforts of other data sharing methods.
WAV Group published a whitepaper called the 2016 State of Data Sharing. Not much has changed since then. The paper reviews the many data sharing types that are deployed across the industry. Data sharing is a great path for MLS markets that have overlapping market disorders, but do not want to merge.
If you or your board of directors would like an overview of data sharing methods and the strengths and weaknesses of each, please reach out. We love to share.