From The Real Deal · Jake Indursky · · 1m
Open Real Estate Launch Shifts Home Listing Race
Four major brokerages launch Open Real Estate platform to challenge Zillow's listing dominance.
In brief
Four major brokerages launch Open Real Estate platform to challenge Zillow's listing dominance. Keller Williams, HomeServices of America, eXp, and Real REMAX Group created Open Real Estate to require listings within 24 hours of agreement, aiming to return power to sellers and agents. Originally reported by The Real…
Open Real Estate Launch
Four of the largest brokerages announced a platform to distribute listings to Zillow and multiple listing services.
Brokerage Concerns
Homes are increasingly marketed privately outside public listing systems, limiting competition and reducing transparency.
Support for Platform
826 letters of support from brokerage leaders, including 59 percent from independent firms.
Platform Rules
Listings must enter Open Real Estate within one business day of agreement execution and have a participant view.
Compass Response
Compass CEO Robert Reffkin praised the move, saying it returns power to homeowners and their agents.
Industry Reaction
Real estate attorney Marx Sterbcow called it the start of the industry coalescing but warned integration is a monumental task.
The short version
Keller Williams, HomeServices of America, eXp, and Real REMAX Group created Open Real Estate to require listings within 24 hours of agreement, aiming to return power to sellers and agents.
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