Top Brokerages Unveil Open Real Estate Database to Counter Compass Strategies

Four of the largest residential real estate brokerages in the United States have launched a shared property listing database to give consumers a more complete view of available homes. The new platform, Open Real Estate, requires participating firms to submit new listings within one business day. AGNT, HomeServices of America, Keller Williams, and the Real REMAX Group are the founding partners of the initiative. They have invited other brokerages to join the network.

The group is responding to the rise of off-market sales, commonly known as pocket listings. These private transactions are often associated with Compass, a major brokerage that has faced legal challenges regarding its data practices. Leo Pareja, CEO of AGNT, stated that the platform aims to provide a 'capital T truth' about the housing market. He emphasized the need for reliable data regardless of how fragmented the Multiple Listing Service landscape becomes.

There are no initial fees for joining the system. The four founding brokerages are covering the costs for infrastructure and technology development. Brown Harris Stevens, Lamacchia Realty, Samson Properties, and Windermere have already signed on as initial participants. This coalition suggests a move toward a national standard for listing visibility that goes beyond local MLS structures.

Jonathan Miller, director of markets at StreetMatrix, described the new database as a direct counter to Compass. He noted that the platform addresses the issue of Compass hiding listings from competitors by design. The transparency is intended to level the playing field for agents and provide buyers with a fuller picture of inventory.

Compass CEO Robert Reffkin reacted positively to the announcement on the social media platform X. He said the company is excited about a national listing service that returns power to homeowners and their agents. Reffkin called the development good news for all agents and clients. He declined to elaborate further when asked for comment.

Pareja responded to Reffkin's welcome by inviting Compass to participate in the new system. The leadership of AGNT indicated a willingness to include the rival brokerage if it chooses to join. This open-door policy signals a desire for a unified approach to data sharing in the industry.

The system includes a provision for private listings called 'participant view.' This feature allows certain properties to be visible only to agents associated with participating brokerages. In this mode, the property cannot be publicly marketed by anyone, including the listing agent. Pareja explained that this option will be used sparingly, primarily for high-profile or celebrity sellers who require additional privacy protections.

The launch coincides with escalating legal battles in the real estate sector. New York's OneKey MLS recently joined a federal lawsuit filed by the California Regional Multiple Listing Service against Compass. The organizations are seeking a court ruling that affirms the lawfulness of rules protecting public marketing of listings. Richard Haggerty, CEO of OneKey MLS, stated that the case addresses core issues regarding how homes are shared and how buyers access information.

These legal efforts follow a previous joint federal lawsuit filed last month by six regional MLSs. That group represents more than 120,000 real estate professionals nationwide. Pareja clarified that the new database is not intended to replace existing MLSs. He emphasized that the platform is designed to work alongside them as a complementary tool.