The new database, named Open Real Estate, is being developed by AGNT, HomeServices of America, Keller Williams, and Real REMAX Group, with the intent to create a shared platform for property listings that all participating brokerages must update within one business day.
This move is seen as a direct response to Compass, which has faced criticism for its use of private listings that limit competition and transparency. Leo Pareja, CEO of AGNT, emphasized the importance of providing a complete and accurate dataset for consumers, aiming to combat the fragmentation caused by private listings.
Jonathan Miller, a housing market analyst, noted that this initiative is a significant pushback against Compass's practices. Compass CEO Robert Reffkin acknowledged the new platform but maintained that it should empower homeowners and their agents. The legal landscape is also heating up, as Compass faces multiple lawsuits from various MLSs that challenge its listing practices.
The Open Real Estate platform is not intended to replace existing MLSs but rather to complement them, ensuring broader access to property information for buyers and sellers