REcolorado Approves Commingling of Listings on Broker IDX Sites
Colorado MLS Strengthens Pro-Consumer Policies
Greenwood Village, CO – August 18, 2022 – REcolorado, Colorado’s largest real estate multiple listing service (MLS,) the business partner for nearly 28,000 real estate professionals across the state, today announced it has further strengthened its pro-consumer policies by allowing commingling of listings on broker IDX websites. The section of REcolorado’s MLS policy that previously required broker IDX websites to display non-MLS properties separate from those that are entered into the MLS system has been removed. Supplemental data from sources outside the MLS can be displayed immediately on Broker IDX sites.
“REcolorado is dedicated to and passionate about creating a transparent, pro-consumer marketplace that empowers brokers of all sizes with robust data,” said Gene Millman, president and CEO of REcolorado. “The MLS makes the market work. To accelerate the advancement of our industry it is critical for us to embrace a forward-thinking mindset that streamlines access to all available data in the market for brokers and consumers.”
Listings from REcolorado MLS that display on broker IDX websites are required to prominently display certain fields including listing broker attribution and the IDX logo, which distinguishes MLS listings from non-MLS listings. Commingling of listings is an optional policy of the National Association of REALTORS® (NAR).
”This update to our MLS policy facilitates additional transparency for both consumers and brokers by allowing listing data from multiple sources to be displayed together, which eliminates the need to perform multiple searches to get a full picture of the market,” said Leesa Baker, vice president and chief care and compliance officer.“ As Colorado’s largest MLS, which is used for more than 70% of the state’s transactions, our vision is to maintain a well-rounded set of policies that fosters our mission of bringing transparency to the real estate process.”
As the real estate landscape has evolved, REcolorado has responded by proactively updating policies that increase transparency, ensure accuracy, and provide access to the full market. In November 2019, REcolorado passed a rule that ensures broker commissions are available in IDX data feeds for display on broker IDX sites and REcolorado proactively began displaying broker compensation on its public site, REcolorado.com. Additionally, earlier this year, REcolorado created the Closed Off MLS property type, which gives agents the ability to comply with the Clear Cooperation Policy while also entering listings in the MLS system that were not exposed to the market prior to being sold. Furthermore, REcolorado customers can choose to include Closed Off MLS listings in their productivity reports.
“As a business partner with Colorado real estate professionals, we understand how important property data is to their businesses and to their success serving consumers,” stated Millman. “We are thinking differently about the value the MLS provides and can continue to offer in the future. The MLS is more than just rules and the books. With data as our foundation, REcolorado is building on our strengths and providing data-driven solutions for our subscribers.”
REcolorado subscribers help shape MLS policy through peer representation on its Rules and Regulations Committee. Brokers, agents, and appraisers from throughout the state serve on the committee. All changes are reviewed and approved by the REcolorado Board of Directors.
Since 1984, REcolorado has been focused on providing the most accurate and up-to-date real estate information for professionals and consumers. REcolorado is the largest Multiple Listing Service (MLS) in Colorado with nearly 28,000 professional subscribers who operate throughout the state. It is REALTOR® owned and serves members of Denver Metro Association of REALTORS®, Mountain Metro Association of REALTORS®, REALTORS® of Central Colorado, South Metro Denver REALTOR® Association, and Steamboat Springs Board of REALTORS®.