REAL ESTATE TECHNOLOGY
Bright MLS | July 15, 2022
Bright MLS and California Regional MLS (CRMLS), the nation’s two largest Multiple Listing Services, announced today the launch of REdistribute, LLC, a joint venture that changes how MLS data is collected and distributed on behalf of the real estate industry for institutional use.
REdistribute will aggregate and distribute data on behalf of participating MLS organizations and brokerages, providing unbiased, up-to-date MLS data directly from the source to institutions involved with the housing industry, and puts brokers back in control of their data rights and data usage. Additionally, the revenue generated by REdistribute will be shared back with the brokers and MLS organizations who participate, ensuring that participants are compensated fairly – and at true market value – for the data they provide.
“The exchange of real estate data is currently a one-way street, Third parties are aggregating and providing MLS data to government entities and a host of other for-profit companies. What’s missing are the data rights, data management and fair market compensation provided back to the owners of the data – the brokers.”
Art Carter, CEO of CRMLS
“Today, we are rewriting the rules of engagement,” said Brian Donnellan, President & CEO of Bright MLS. “Now is the time for professional MLS organizations to invest in solutions that create additional value for brokers, while also delivering the most comprehensive, accurate and freshest data to critical participants in the housing industry. Mortgage lenders, government sponsored entities and others creating property valuations and insights and their constituents will benefit greatly from REdistribute.”
Bright and CRMLS began working collaboratively late last year on solutions that improve services for the brokerage community, including recent work on a showing services hub that supports more choice for brokers. REdistribute is the next step the two companies are taking together, and at launch aggregates the MLS data of Bright and CRMLS, with Beaches MLS in Florida also signing a letter of intent to join for the launch.
“Beaches MLS is excited to be the first ownership partner with Bright MLS and CRMLS on REdistribute to bring even more value to our brokers,” stated Dionna Hall, CEO of Beaches MLS.
In addition to distributing MLS data from the source, REdistribute will also deliver innovations that will allow licensees such as lenders, insurance companies and government-sponsored enterprises to gain real-time insights on a market-by-market basis.
About California Regional MLS
California Regional MLS is the nation's largest and most recognized subscriber-based MLS, dedicated to servicing more than 110,000 real estate professionals from 40 Associations, Boards, and MLS organizations. CRMLS provides accurate data through innovative technology solutions, empowering real estate professionals to cooperate and succeed.
About Bright MLS
Bright MLS was founded in 2016 as a collaboration between 43 visionary associations and two of the nation’s most prominent MLSs to transform what an MLS is and what it does, so real estate pros and the people they serve can thrive today and into our data-driven future through an open, clear and competitive housing market for all. Bright is proud to be the source of truth for comprehensive real estate data in the Mid-Atlantic, with market intelligence currently covering six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia) and the District of Columbia. Bright MLS’s innovative tool library—both created and curated—provides services and award-winning support to well over 100k real estate professionals, enabling their delivery on the promise of home to over half a million home buyers and sellers monthly. In 2021, Bright subscribers facilitated $141B in real estate transactions through the company’s platform.
REAL ESTATE INVESTMENT
Doma Holdings | July 28, 2022
Doma Holdings, Inc. a leading force for disruptive change in the real estate industry, today announced that Point, a home equity financial platform, is leveraging the Doma Intelligence platform to quickly scale its operations and provide more financial freedom to its customers. Through Doma’s machine learning-driven Intelligence Platform, Point is experiencing some of the fastest title commitments and customer service responses in the industry, further matching Point’s goal for growth and customer satisfaction.
Prior to working with Doma, title clear-to-close was a source of delays for Point and its customers. As a company focused on scaling its Home Equity Investment (HEI) offering, Point needed a like-minded, tech-forward partner to enable its growth without sacrificing the quality of customer service. Since onboarding with Doma, Point has increased its order volume by approximately 200 percent across 17 states in only four months. Further, Point has received title clearance in under a minute in over 70 percent of its orders.
“Previously, getting title clear-to-close was a common source of delays for us, which ultimately jeopardized the closing dates, causing angst for our affected customers,” said Eddie Lim, CEO and co-founder at Point. “Since partnering with Doma, we have seen both a reduction in delays related to title and an increase in positive feedback from homeowners about the smooth process—a win-win for everyone involved.”
Using Doma’s proprietary, machine learning technology backed by a first-class operations team, Point was able to improve many of its key operational metrics, including processing times for title commitments, time to receive clear to close for investments and customer service responses. As a result, Point is able to provide its customers with a different way to access to their home equity, putting thousands of homeowners on a path towards financial independence.
“It’s inspiring to see how Point has implemented Doma’s technology to enable homeowners to access their home equity, We look forward to continuing to support Point’s rapid growth and our shared commitment to providing homeowners with an instant and frictionless closing experience.”
Max Simkoff, Doma CEO
Doma is a real estate technology company that is disrupting a century-old industry by building an instant and frictionless home closing experience for buyers and sellers. Doma uses proprietary machine intelligence technology and deep human expertise to create a vastly more simple and affordable experience for everyone involved in a residential real estate transaction, including current and prospective homeowners, mortgage lenders, title agents, and real estate professionals. With Doma, what used to take days can now be done in minutes, replacing an arcane and cumbersome process with a digital experience designed for today's world.
Point is a home equity platform that makes home wealth more valuable for everyone. With a Home Equity Investment (HEI) from Point, homeowners can unlock their home equity, enabling them to eliminate debt, get through periods of financial hardship, and diversify their wealth. For investors, Point provides access to a previously untapped asset class in the residential real estate space. Founded in 2015 by Eddie Lim, Eoin Matthews and Alex Rampell, Point is backed by top investors including Westcap, Andreessen Horowitz, Ribbit Capital, Greylock Partners, Bloomberg Beta, Redwood Trust, Atalaya Capital Management, Kingsbridge Wealth Management, Deer Park Road Management, The Palisades Group, Alpaca VC, and Prudential. To date, Point has raised over $170 million in equity capital. The company is headquartered in Palo Alto, CA.
REAL ESTATE TECHNOLOGY
LightBox | July 13, 2022
LightBox, a leading information and technology platform for commercial real estate and location-based intelligence, announced the launch of the LightBox Data Platform. The platform serves as the most complete, connected data solution in the market bringing together third-party, public and customer data with LightBox proprietary content in a consistent data model for straightforward onboarding and integration. Clients can now use the newly launched Developer Portal to discover and connect to the full breadth and depth of LightBox data using a unified API and the LightBox ID, a permanent identifier that creates powerful connections to LightBox’s information model and allows users to easily identify relationships across LightBox’s property graph.
LightBox’s expanding suite of APIs, data solutions and professional service offerings provide companies the flexibility to determine what solutions scale best to enable businesses and industries to make strategically sound decisions in broadband modeling, site selection, property research, portfolio management, risk analysis and more.
LightBox SmartFabric™ will serve as the foundational dataset for the platform. SmartFabric brings together geospatial and non-geospatial datasets in a proprietary connected model. It provides customers with the insights and relationships across LightBox’s core parcel, building footprints, addressing, property characteristics, transactions, and other datasets for a complete view of a property.
“The LightBox Data Platform builds on our strong data management capabilities and demonstrates the openness and connectivity we need to develop as an industry, The demand for data remains unabated, clients continue to look for a competitive edge through data, and we are innovating to meet the demand. Our new APIs coupled with LightBox’s identifier and geocoder provides customers with the connected data solution that they are looking for.”
-Eric Frank, Chief Executive Officer at LightBox.
The real estate industry’s desire to access and append more data has been growing at an exponential rate. Data management is a difficult process in the era of big data and a one size approach does not fit all, said Adam Cardarelli, Vice President of Product Management at LightBox. Users need the technological components to access and manage data according to their own specifications. The LightBox Data Platform will consistently deliver a diverse body of APIs and data in a usable fashion. It will meet the needs of everybody in the industry—buyers, sellers, lenders, appraisers, environmental professionals, and more—who can scale it according to need.
LightBox’s APIs are now available through the LightBox Developer Portal allowing users to explore the catalog, discover new solutions, access sample code, and connect with other LightBox users in forums to gain input and insight about their business challenges. Developers will be able to discover LightBox APIs and LightBox data, with enough documentation and samples to put the system to immediate use however they require. The portal features over 75 endpoints with more being continuously added.
LightBox is a leading real estate information and technology platform. Through operational excellence and a passion for innovation, LightBox facilitates transparency, efficiency, insight, and prediction for real estate investment and location analytics. LightBox customers include commercial and government agencies requiring definitive real estate data and powerful workflow solutions, including brokers, developers, investors, lenders, insurers, technology providers, environmental consultants, and valuation professionals. LightBox is backed by Silver Lake and Battery Ventures.