This week, Devi Mateti, President of CoreLogic’s Enterprise Digital Solutions posted an op-ed about the Clear Cooperation (CCP) issue that has divided brokerages, and put the MLS in the middle. As the Department of Justice organizes an antitrust case against NAR and its MLSs for using CCP to prevent start-up listing companies–like the Top Agent Network from competition–brokers are trying to find a path forward that will either keep CCP, or remove it.
Mateti offers a different solution, a compromise of sorts that is supported not only by CoreLogic’s Matrix MLS system, but other MLS systems used widely across the United States.
- Broker’s agents enter all their listings into the MLS system
- The Broker’s agent chooses the appropriate status when entering a listing, including a “Private” status
- The MLS is able to include their “private listing” into the data feed back to the appropriate broker in near real time through the RESO API.
- Listings marked private remain private to the broker, and only that broker
- Listings marked as private are only available in any searches by the broker’s own agents or the broker’s agents’ clients.
- Listings marked as private will be suppressed from broader syndication
- Listings marked as “private” can be changed to “public” based on any trigger mechanism aligned between the brokers and the MLS
- Trigger mechanisms can include:
- Agent driven: Agent changes status of listing
- Time-bound e.g. After 10 days
- Activity bound: Marketing, showing etc.
- Once listings switch from private to public, normal syndication and availability of listings to the broader agent population starts
A technical scenario like this one could be a win-win for all parties.
- Brokers: Get more control and flexibility over their listings to support their clients and business models, but with appropriate levels of transparency to ensure a thriving housing ecosystem. Brokers also get access to a data feed of their own listings both private and public, standardized across MLSs, saving them significant tech expenses at a time when budgets are tight.
- Agents: No dual entry of listings ensures listings remain in standardized formats, and switching a listing from private to public may be as simple as clicking a button.
- MLS: Remains the central repository for all listings in local markets, enabling appropriate compliance across all transactions. This will also ensure MLSs continue to provide an aggregated full market picture as to what is happening at a local level.
- Homeowners: More options on how their home is listed.
“The scenarios outlined above can be implemented in weeks, as the infrastructure already exists, rather than dismantling the entire MLS operating model. The MLS and Broker cooperative system in the U.S. has enabled transparency, broad distribution and facilitated a robust housing market that in many ways is the envy of the world. There is built-in technical flexibility within the MLS systems that can allow for changes in policy. Regardless of which direction the policy takes the industry, CoreLogic is here to support the people that help it thrive,” says Mateti.
President, Enterprise Digital Solutions, CoreLogic
Devi Mateti is an experienced senior executive general manager with a record of successfully leading strategy, innovation, customer- focused new product development, and go-to-market for companies in the technology, information and data services sectors. Currently, Mateti serves as President, Enterprise Digital Solutions, overseeing CoreLogic’s property intelligence, data and analytics, and real estate solutions which collectively support the process of targeting, selecting and marketing a new or existing home during the sale process.
Mateti was previously the Chief Data Officer, with responsibility for Data and Analytics strategy, innovation, operations and product fulfillment. He also served as the Executive General Manager for CoreLogic’s Collateral Valuations Technology business unit where he was responsible for strategy, acquisitions, innovation and sales for the market leading technology and risk management platforms that serve 1000+ mortgage lenders and financial services clients.
