VIRGINIA BEACH — The Hampton Roads-based Real Estate Information Network MLS and Richmond-based Central Virginia Regional MLS have announced a data share agreement to serve a combined population of over 3.1 million people and approximately 16,000 members.
“As always, our goal is to provide value to our members, and this data share agreement will allow REIN agents to more completely serve clients with interests in that area,” said Joan Griffey, Executive Vice President of REIN. “REIN’s Board of Directors believes that sharing access to listings and data will help members of the two MLSs thrive when it comes to their real estate business.”
The Real Estate Information Network, Inc. (REIN) is the multiple listing service for the Hampton Roads region, representing nearly 9,000 licensee members from more than 750 firms and almost 900 offices. The Central Virginia Regional (CVR) MLS supports over 6,800 realtors who work in metropolitan Richmond and the Tri-Cities area.
Griffey noted that the two service areas are less than 100 miles apart and sometimes the two MLSs experience overlap in membership and in people looking to buy or sell a home.
“Our Board of Directors considered this strategic decision as one that would benefit our members and give them a broader reach, whether working with a buyer or a seller,” she said. “It will expand the reach of their listings and give them easy access to listings in the Richmond and Tri-Cities metro areas.”
There is no additional cost for REIN members, it said.
As part of the data share agreement, standard property details will be shared within the mutual MLS systems, REIN explained. It will include active listings and properties that have sold within the past three years, as well as rental listings and roster data. It will not, however, include commercial listings.
Griffey said that REIN listings can’t be syndicated by CVR, and vice-versa, meaning REIN listings will not show up on websites or platforms owned by members of CVR MLS.
Liz Moore, Broker-Owner of Liz Moore & Associates, is a former REIN board member and is also a member of CVR MLS.
“I have long been a proponent of a data share agreement between CVR and REIN,” Moore said. “It’s logical for MLSs in contiguous markets to make it easier and less expensive for their agents to do business.”
The data share agreement will be especially beneficial for agents who do business in both markets, she said.
“Right now, agents in overlapping markets must belong to several MLSs to effectively serve their clients — both buyers and sellers. It is very frustrating when a listing is only available in one MLS,” said Moore. “That makes it challenging to complete a CMA accurately, and frustrating for helping buyers search for everything that may meet their needs.”
While the agreement won’t change how REIN agents use Matrix for a property search, Griffey said that the systems that the two MLSs use are somewhat different in terms of property information. That means, she said, that when REIN members view a CVR listing, the various fields may not show up in the REIN system exactly as members are used to seeing them.
REIN notes in the past couple of years, data share agreements have become more common among multiple listing services nationwide.
“It expands perceived boundaries for our members and makes perfect sense with the traditional movement of consumers between Hampton Roads and Central Virginia,” said Griffey. “For real estate professionals looking to grow their business, this agreement will help them easily expand their reach into a new market.”
Moore emphasized that she sees the data-sharing partnership as an encouraging development.
“It’s fantastic to see the two MLSs working together,” she said. “It equally benefits the membership of both, and I see this as a very positive partnership for years to come.”
The data share is expected to go into effect as of Oct. 1.
