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Open Real Estate: what it is, and what it isn't
Four of the biggest names in real estate just made a bet on transparency. Here's what it means for you.
You can only buy what you can see. You can only sell well when the full market can see you.
That's the idea behind Open Real Estate, announced this week by AGNT (eXp Realty and NextHome), HomeServices of America, Keller Williams and Real REMAX Group. Brown Harris Stevens, Lamacchia Realty, Samson Properties and Windermere have already signed on as initial participating members.
One quick note before I go further. I'm writing this as myself and as an eXp leader. I don't speak for Open Real Estate. For the official word, go straight to openrealestate.com and the open letter there.
Here's why I care. More homes are being marketed privately, and listing data looks different from one market to the next. When information fragments, buyers miss homes, sellers reach fewer buyers, and the record that appraisers and lenders rely on gets thinner. For most families, a home is the biggest wealth-building tool they will ever have. Equal access to housing starts with equal access to the listings.
How it works
List once. Share across the industry. Brokerages and agents enter a listing one time, using a standard set of fields. That listing is shared with participating brokerages and sent on to local MLSs, home search sites and the data services appraisers depend on.
It's back-of-house infrastructure. Not a consumer website. Not a new portal. Every brokerage in the country is invited to join, and joining is free. Agents take part through their brokerage.
The next six months are about building it right: engaging brokerages, holding informational sessions, and finalizing governance and technology alongside MLSs and other stakeholders.
What it isn't
The questions are already rolling in. Here are the big ones.
It's not a private listing network. A private network is a walled garden. This is the opposite — an open invitation to every brokerage, built so fewer homes stay out of sight.
It's not a national MLS. MLSs keep setting and enforcing local rules and serving their members. Open Real Estate is designed to work alongside them, not replace them. Same goes for the portals.
It's not meant to create double entry. The whole point is entering a listing once. Exactly how that connects to the tools you use today depends on the technology still being selected, so watch for updates.
It's not a new fee for agents. Brokerages join at no cost.
It doesn't change your NAR or MLS membership. Those stay your decisions, based on the value they bring your business.
The part I keep coming back to: agents should compete on skill, marketing and service. Not on who controls the listing information.
Hear us break it down
Holly Mabery and I took this on in our Hot Takes segment on this week's eXp Big Agent Meeting. What Open Real Estate means for agents today, what it could mean six months from now, and the myths we're hearing most.
Holly brought the agent's-eye view: what happens when a seller cites a nearby sale you can't find in your own research, and what that gap means for appraisals. We also got into why this is happening now, and why it matters most for first-time and minority buyers.
[Watch the Big Agent Meeting on YouTube → LINK]
Go listen. Then tell me what you want us to tackle next on Hot Topics.
Where to go from here
Read the open letter, "Housing Markets Must Remain Open To All," at openrealestate.com. Share it as it is.
Broker or franchise owner? You can sign the non-binding letter of support on the site. Agent? Sign up for updates there, and talk to your broker.
Open markets have always been good for buyers, sellers and the people who serve them. This is worth paying attention to.
Let's grow,
Wendy