Changing a business model can be a risky bet. But for property data and analytics firm Remine, it seems to be paying off — and benefitting tens of thousands of agents along the way.
Chicago area-based multiple listing service Midwest Real Estate Data (MRED) is the latest to provide its subscribers with Remine Enterprise Pro, a new offering that allows MLSs to give all their agents access to Remine’s entire suite of services as a member benefit at no additional cost to the agents. MRED has more than 45,000 agent, broker and appraiser members.
Remine Pro’s services include map-based, public records-enhanced property searches, a comparative market analysis (CMA) tool that incorporates both MLS and off-market properties, a customer relationship management (CRM) system that doesn’t require agents to enter data themselves, chat and collaboration tools for consumers and their agents, a scoring system that predicts the likelihood that someone will sell, integrated marketing for up to 10,000 properties, and a mobile app, among other features.
In March, Remine shifted its business model to focus on selling services to entire MLSs, rather than trying to “up sell” individual agents. The shift resulted in layoffs for two-thirds of Remine’s sales staff and came about a month after the company announced that it had raised $30 million in a series A funding round. Remine said at the time that it would use the funding to roll out an “MLS 2.0” platform later this year. The product will put the company more directly in competition with industry heavyweights CoreLogic and Black Knight.
MRED, which launched the starter version of Remine’s service last summer, will upgrade to Remine Pro on July 1.
“Remine is 100 percent focused on supporting MLSs and helping their members thrive into a future characterized by rapid change,” said Remine CEO Mark Shacknies in a statement. “Our products are designed for speed, flexibility, and innovation — values MRED shares.”
Rebecca Jensen
MRED’s subscribers currently favor Remine’s search feature, Sell Score, the ability to view a mixture of people and property information and data on cash buyers and Airbnb properties, MRED said.
“MRED taking its collaboration with Remine to the next level will allow our real estate professionals to take their businesses to the next level as well,” said MRED President and CEO Rebecca Jensen in a statement.
My Florida Regional MLS, now Stellar MLS, was the first MLS to provide Remine Pro to its more than 58,000 subscribers in May. MetroList, the largest MLS in Northern California with more than 20,000 agent and broker subscribers, was next.
Leo Pareja
MetroList is the first MLS to offer Remine’s MLS 2.0 as an alternative “front end” (the front end is the part of the MLS agents see as opposed to the “back end” database), Remine President Leo Pareja told Inman last month.
While the MetroList deal doesn’t include replacing MetroList’s primary MLS system (Rapattoni) with Remine’s whole MLS 2.0 system, Remine has had “several very serious meetings with customers who seem very close to signing deals for a full replacement system where we actually get to replace a CoreLogic system,” Pareja said.
