Property information and analytics provider CoreLogic has rolled out a new report that combines public property records with data the company is now collecting from multiple listing services, providing a "comprehensive view" of local market conditions to risk managers, underwriters, appraisers and loan servicers, the company said.
CoreLogic’s Listing and Market Activity Report — the first in a series of new products the company is developing to generate revenue from the data it receives from cooperating MLSs — provides key information including updated listings, comparable sales, property valuations, days on market, price trends and inventory.
While CoreLogic’s public property records database "confirms the status of markets today," the new report "shows you where the market is headed tomorrow," said Ben Graboske, CEO of CoreLogic’s MarketLinx division, in a statement.
Earlier this month, CoreLogic announced that MLSs and Realtor Associations representing more than 140,000 real estate professionals and more than 400,000 listings had agreed to provide listings data for such reports through CoreLogic’s Partner InfoNet program.
The Partner InfoNet program, launched in May, pays participating MLSs a share of the proceeds generated by the sale of the analytics reports. Participating MLSs are also able to offer new valuation products, such as CoreLogic’s RealAVM, to their members.
The National Association of Realtors has created a subsidiary, Realtors Property Resource LLC, that is also using historic MLS data to generate revenue through sales of automated property valuations and reports to lenders, investors and government agencies.
Instead of a revenue share, RPR is providing participating MLSs with access to public property records compiled by Lender Processing Services, a CoreLogic competitor. Only Realtors will have access to the RPR database itself. RPR generates revenue by selling reports derived from the data.
RPR spokeswoman Mona Steen said the company now has 220 MLSs representing 340,000 Realtors enrolled, 89 of which had launched as of Friday. The company has posted an interactive map showing the location and status of partner MLSs around the country.
Several large lenders began testing and benchmarking of RPR’s "Realtor Valuation Model" property valuations when they became available in October, and are now moving forward with implementation, said RPR president Marty Frame.
Once it’s fully operational, all Realtors will be able to access the RPR database, although RVM property valuations and integration of historical listings data and public property records will be available only in markets with participating MLSs or real estate brokerages.
Realtor.com operator Move Inc. is also seeking historic listings data from MLSs, offering access to its "Find" search tool in return. In a conference call with investors this month, Move CEO Steve Berkowitz said the company has signed agreements with 13 MLSs representing more than 100,000 members to provide historic listings data.
CoreLogic is offering more generous revenue splits to MLSs and Realtor associations that provide historical listings data to Partner InfoNet on an exclusive basis, which would make it difficult or impossible for RPR and Realtor.com to access historic listings data in those markets.
In November, a CoreLogic executive said more than half of the licensing agreements it had entered into with 19 MLSs representing 125,000 agents were exclusive.
CoreLogic had previously said it would have exclusive access to historic listings data through agreements with Atlanta’s First Multiple Listing Service (FMLS), North Texas Real Estate Information Systems (NTREIS), the Greater Las Vegas Association of Realtors (GLVAR), Northern Ohio Regional MLS (NORMLS), Ohio’s Centralized Real Estate Information Services (CRIS), and Downeast MLS (DMLS).
