REcolorado Moves Away from Data Sharing – Your Questions Answered

By myoh@recolorado.com insights With 0 Comments

At REcolorado, we care deeply about our subscribers. We don’t take any business decisions that will impact subscribers lightly, especially decisions like withdrawing from the data sharing agreement with IRES. 

The data share agreement has been limiting brokers, agents, and appraisers in many ways. You deserve a better solution that will give you every bit of information to serve Colorado’s home buyers and sellers. That is our goal. Now is the time to come together to move the industry forward. 

So you can be empowered with more information about data sharing and REcolorado’s decision to withdraw from the CCM Data Share agreement, we’d like to take this opportunity to answer some of the questions we’ve been receiving from phone calls, emails, and via social media. If this post generates additional questions, please do not hesitate to contact us at support@REcolorado.com or (303) 850-9576.  We’d love the opportunity to hear from you and help you!   

Was REcolorado’s withdrawal from the CCM Agreement in retaliation for IRES not accepting our offer to purchase the MLS?

Absolutely not. The REcolorado Board of Directors spent the bulk of last year speaking with brokers, agents, and appraisers and studying the pros and cons of data sharing. In addition to hearing loud and clear that data sharing was not working, they confirmed what you know to be true—REcolorado and IRES markets have become one and one MLS would be the most effective solution to give brokers, agents, and appraisers what they truly need to be effective. 

With this information in hand, REcolorado decided to take a bold step forward and offer to purchase IRES in lieu of immediately withdrawing from the data feed. 

If REcolorado knew they were going to withdrawal from the data feed with IRES, why didn’t you tell anyone?

Colorado brokers, agents, and appraisers deserve the benefits that can only be realized through true consolidation. In this spirit, we chose to focus our efforts not on data share, but instead on moving the industry forward, which means bringing the Denver and northern Colorado markets together. We made IRES aware of intention to withdraw from the data share when we made our offer to purchase the MLS, but did not make it public because we did not want it misconstrued as a threat.  

If you want to bring the Denver and northern Colorado markets together, why not keep the data feed while you negotiate with IRES?

The offer REcolorado presented to purchase IRES on December 7 was meant as a way to start conversations. We reached out to IRES several times after presenting the offer, but did not hear from them until January 30 when they declined. So, there were no negotiations. 

Is REcolorado pulling out of the CCM Data Share Agreement just to make more money by forcing brokers, agents, and appraisers to join both MLSs?

Not at all. Most brokers, agents, and appraisers in the northern Denver Metro Area and northern Colorado are already members of both MLSs.

Is REcolorado trying to create a statewide MLS?

REcolorado’s vision for the future of the industry includes developing partnerships with local MLSs and REALTOR Associations that make sense. In some markets those partnerships come in the form of agreements to provide wholesale MLS Services. We are currently providing MLS Services to REALTORS® of Central Colorado.  In other markets—like Denver and northern Colorado—they come in the form of consolidation. 

When you say data sharing doesn’t work, what do you really mean? 

There are many reasons data sharing doesn’t work. The primary reason, and most important to you, is that it doesn’t give you COMPLETE data. Let us give you a practical example: 

1. Many Colorado home buyers want to search for homes using very specific criteria – parking options, access to open space and school district, for example. To make certain you can provide your clients what they want, you set up a saved search in Matrix that includes these specific fields. Because you are not getting complete data through the data share, your search will not deliver homes for the client that are available and meet their search criteria.

2. When viewing a shared listing have you ever noticed that its listing history, price change information and cumulative days on market aren’t available? It’s because that information is not shared and can’t be calculated. Therefore, it can’t help you as it should in contract negations or price offers.

How will I be able to conduct my business without the CCM Agreement in place?

Many agents from the northern Front Range are members of REcolorado. These agents’ listings will remain in the Matrix MLS for you to access for your clients. These listings will also be advertised on REcolorado.com. If you know of an office or agent who now wants to join REcolorado, please ask them to contact one of us. We’d be happy to explain the options that are available and work with them to ensure they are able to join. 

Who can I talk to if I have additional questions?

Questions? We’re always happy to help. Contact Customer Care at support@REcolorado.com or 303-850-9576