A new, larger regional listing service for marketing homes is expected to debut next fall, say midstate real estate groups supporting the plan to consolidate existing services.
Local Realtor associations voted this fall to join with two larger groups in the Philadelphia and Baltimore areas to create what will be called the Bright MLS, a new multiple listing service for real estate brokers and agents that would cover much of the Mid-Atlantic region.
It would replace a fragmented system in which most associations operate their own listing services.
Large brokers, including Howard Hanna Real Estate Services, have been vocal in the support of the regional effort because it creates greater economies of scale and eliminates duplication of services among neighboring associations.
There is value for professionals and consumers in streamlining management of the data in one system, said Iva Fiorina, vice president and regional manager for Howard Hanna. It saves businesses money and reduces buyer confusion often driven by association overlaps and differing MLS systems.
The consolidation effort has been led by Metropolitan Regional Information Systems Inc., or MRIS, and the Delaware Valley Real Estate Information Network Inc., more commonly known as TREND.
Together, the Maryland-based MRIS and King of Prussia-based TREND have more than 70,000 subscribers to their listing services. These organizations surround the midstate associations and collectively cover real estate markets that span 32,000 square miles, including parts of Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia.
TREND officials declined to comment on the timeline of the new MLS until after other real estate associations invited to join the effort have all voted. Nearly a dozen groups have been involved in the recent discussions.
The final groups are expected to join by January and the goal is to formally launch the Bright MLS by next fall, said Fiorina, who is on the consolidation task force.
