The Toronto Regional Real Estate Board (TRREB) has been focused on the Future Facing MLS initiative. To that end, they created PropTx Innovations Inc. (PropTx), a wholly owned subsidiary of TRREB. A unique guiding principle of the Future Facing MLS initiative is the prioritization of protection of privacy and MLS data intellectual property rights.
To secure and protect MLS data, there is a separation between the backend database and the applications that use that data. Applications are served information from the backend database through secure Application Programming Interfaces (APIs). Much in the same way that you can use Outlook or Gmail for email, in TRREB, agents can use a variety of MLS systems.
TRREB has long offered Stratus MLS. More recently, and as a result of Stratus purchasing the AMP platform from the National Association of REALTORS®, they developed a new MLS system called REALM. REALM is a mobile-first, parcel centric Multi-List Platform that combines Teranet’s GeoWarehouse with the Stratus Amp MLS System. Teranet is the land registry.
Most recently in 2021, CoreLogic’s Matrix application was launched as another MLS choice. Although TRREB is the largest MLS in the Greater Golden Horseshoe region and the largest MLS in Canada, supporting almost 80,000 subscribers, they have about 4,500 subscribers with dual memberships in other surrounding MLSs. Those surrounding MLSs predominantly use the Matrix application. By launching Matrix, those subscribers feel comfortable using a familiar application. In June 2023, additional tools were launched to enhance the Matrix ecosystem; this includes OneHome, Matrix’s client collaboration portal and Prospects Mobile, the industry’s fastest growing mobile app for agents. Matrix is now used by more than 10,000 TRREB members.
The Many Benefits of Choice
Overlapping market disorder is a condition that impacts brokers and agents who work across more than one MLS. Different MLSs often have different systems and different rules. It’s disorientating for those agents. It’s like having an iPhone and an Android and switching back and forth all of the time.
Offering the choice of MLS applications gives the user the opportunity to use the system that they like the most.
From a cost perspective, the MLS incurs some more cost, but also reduces some costs simultaneously. From a staffing perspective, the help desk and trainers need to learn more systems. However, for those 4,500 crossover-agents who are already trained on Matrix, TRREB reduces the onboarding costs of teaching them REALM.
Below are the core services of PropTx
Choice goes further than that. One size does not fit all for agents. It will be interesting to see how the Matrix adoption is impacted by the recent launches of Prospects Mobile and OneHome. Another opportunity is for TRREB to integrate Teranet’s Land Registry GeoWarehouse more deeply into Matrix. In some ways, REALM has a data advantage for agents today over Matrix, but we understand that those gaps can be filled for those agents who make that choice.
Looking forward, TRREB has accomplished an enormous milestone in launching their strategy of MLS of choice, with more than 10% of the subscribers adopting the CoreLogic platform. Bravo to the team at TRREB for a successful launch.