The Core-Logic Data Co-op is a network of MLS’s across the United States that have agreed to cooperate in making their listing content available to the members of other MLS’s. Using the Data Coop you can actually search other MLS’s inventory in a single search environment.
To get there, in Paragon go to RESOURCES > Data Co-op. While GBRAR MLS currently shares data with about 20 other MLS’s we have not until now, established an agreement with GSREIN.
By the middle of the first quarter of 2016 users of the GBRMLS will be able to access the active inventory of the GSREIN MLS through the Data Co-op website.
What’s Different About the GSREIN Agreement?
Unlike the agreements we have with other MLS’s (such as Houston, Las Vegas, etc.) our agreement with GSREIN includes a guarantee of cooperative compensation. This means that through the Data Co-op a GSREIN MLS Participant could show, sell and get compensated on a GBRMLS listing, and that a GBRMLS Participant could show, sell and get compensated on a GSREIN listing. Compensation is scheduled to go live during Q1 of 2016.
As a member of the GBRAR MLS, How Do I Specify Compensation to Reciprocal MLS (GSREIN) Members?
When entering a listing in Paragon, users will see TWO sets of compensation fields. The first set labeled “Compensation Amt” and “Compensation Type.”
These fields are used to identify the amount of compensation you are offering TO ANOTHER MEMBER OF THE GBRAR MLS. Here the standard MLS rules of expressing compensation apply:
- It is required.
- It may not be “zero.”
- It must be expressed as a fixed dollar amount or as a % of Gross Sales Price
The second set of compensation fields is labeled “Reciprocal Compensation Amt” and “Reciprocal Compensation Type.”
These fields are used to identify the amount of compensation you are offering THROUGH THE DATA CO-OP, TO A MEMBER OF ANOTHER MLS THAT HAS A RECIPROCAL AGREEMENT with us. These are now activated on the input forms. Beginning Dec 21st, these field will also be required and must be expressed as a fixed dollar amount or as a % of Gross Sales Price, however there are a couple of important distinctions:
- It may be “zero.” Brokers who do NOT wish to offer compensation to members of other Reciprocal Agreement MLS’s should set the amount to be “0” zero.
- It may be different than the compensation specified in the “Compensation Amt” fields above. You may specify one compensation amount for GBRMLS members and a different amount for Reciprocal MLS members.
THE RECIPROCAL COMPENSATION FIELD WILL BECOME A REQUIRED FIELD ON MONDAY DECEMBER 21, 2015
IT IS IMPORTANT TO NOTE: NOT EVERY MLS IN THE DATA CO-OP HAS A RECIPROCAL COMPENSATION AGREEMENT IN PLACE!
Will I have to meet agents from GSREIN to allow them to show my listings?
No. As part of our agreement, both GBRAR and GSREIN are making changes to our Supra systems so that any Supra Key issued by GSREIN will also be able to open GBRAR lockboxes and any key issued by GBRAR will now also be able to open GSREIN lockboxes.
Will I no longer have to pay to be a member of GSREIN?
This is an individual decision you will have to make. Understand that even though you may now be able to receive compensation through the Co-op, it does not replace either the GSREIN or GBRAR MLS. The Co-op will only contain active inventory (not sold comps). And while you may be entitled to compensation as a result of the data co-op agreement, the amount of compensation offered through the Co-op could be different, than the amount of compensation offered to other members of that MLS. Participation in the Co-op also does not give users access to all the other products and services that might come with being a member of each of the respective MLS’s.