Where Real Estate Gets Its Dirt

South Florida Just Became a Superpower

Dionna Hall

MIAMI REALTORS® and RWorld Announce Merger Creating the World’s Largest Local Realtor Association

“Two of the strongest MLS and Realtor organizations in the U.S. are now one, building on South Florida’s momentum as a global real estate powerhouse and shaping the industry’s next frontier.” — Alfredo Pujol, Chairman of the Board, MIAMI REALTORS®

93,000 members. Read that number again.

MIAMI REALTORS® (56,000 members, the largest local association in the U.S.) and RWorld (37,000, the third largest) are merging into a single organization, Miami and South Florida REALTORS®, effective May 11. MSFR MLS? That’s larger than 47 state associations. More than double the next biggest local association. And when they combine the MLSs, it’ll be the third-largest MLS in the country behind Bright and CRMLS.

This isn’t two small boards merging because they can’t afford their tech stack anymore. This is the #1 and #3 local associations in the country looking at each other across the Broward County line and saying, “This is ridiculous — it’s time.”

Knowing a little bit about the data licensing has worked in the past this is going to be a HUGE win for brokers and agents.

A few things that jumped out:

Teresa King Kinney and Dionna Hall will serve as Co-CEOs, continuing what the press release correctly notes is 60+ years of women’s leadership across both organizations. Kinney retires at the end of 2026 after 33 years running MIAMI, with Hall taking over as sole CEO in 2027. That’s how you do a leadership transition — you don’t just announce it, you build a bridge.

Jonathan Dolphus becomes the first African American Chairman of the Board in the history of either organization. Super cool.

The MLS piece is interesting. Both systems — Flexmls and Matrix — will keep running initially, with a combined MLS coming later (cage match?). Members get access to both platforms. And the combined MLS will have data exchanges with 11 of the largest MLSs in the U.S. and Canada, plus they’re joining the Global Data Exchange. For an association that already has 437 international agreements, South Florida just became even more of a magnet for global real estate.

Division boards for both MIAMI and RWorld will stick around to preserve each organization’s culture. Smart. The mergers that blow up are the ones where one side feels like they got absorbed. This looks more like a marriage than an acquisition.

$69 billion in total real estate volume in 2025. 93,000 members. Miami-Dade, Broward, Palm Beach, St. Lucie, and parts of Martin counties — basically the entire southeast coast of Florida under one roof.

NAR called it the “largest, fastest, and most seamless merger” in its history. We’ll see about the seamless part — that’s always easier to say on day one. But the ambition here is real, and the structure looks like they actually thought it through.

My hat’s off to Pujol, Dolphus, Kinney, and Dionna. This is what it looks like when two organizations merge from a position of strength instead of desperation.

The consolidation continues…

Realtracs Says the Quiet Part Out Loud

Who Owns Listing Data? We Say Brokers Do.

“The uncomfortable reality is that our industry treats listing data as if they have a right to use it however they want. Brokers and agents earn listings and invest in them. The data that follows should not be treated as a commodity. It’s their work product and a business asset.”

Back in February, Realtracs restructured into three entities — a holding company, a product company, and an investment arm — with a new 7-member board stacked with independent directors. Stuart White said the governance model needed to evolve because over 30% of new Realtracs users were coming from outside Middle Tennessee. It was a smart, quiet move that most people outside Nashville probably missed.

Now we know what the restructuring was for.

Realtracs just killed their Participation Agreement — the standard MLS contract that every broker signs — and replaced it with something called a Brokerage Services Agreement. And the difference isn’t cosmetic. The new agreement explicitly states that the listing broker owns their listing content and the data that comes with it. Not the MLS. Not the association. The broker.

That’s a big deal. And here’s why.

For decades, the industry has operated in this hazy middle ground where nobody really defined who owned the data. MLSs collected it, distributed it, licensed it, monetized it — all under the catch-all phrase “for MLS purposes.” Brokers created the listings but had very little say in where the data went or what was done with it once it entered the system.

Realtracs is saying: that’s over. Under the new agreement, listing data can only move in ways that serve the brokerage’s economic interest or operational efficiency. If it doesn’t serve the broker, it doesn’t happen.

Read that again. If it doesn’t serve the broker, it doesn’t happen.

Now — will every MLS follow suit? No. Some MLSs have built entire business models around the idea that listing data is their asset. Data licensing, third-party feeds, analytics products — all of that gets a lot more complicated when the broker has explicit ownership rights and a legal foundation to enforce them.

But someone had to go first. And the fact that it’s Realtracs — an MLS that just restructured specifically to move faster and align more closely with brokers — tells you this isn’t a press release. It’s a strategy.

I just worry about 2nd and 3rd order consequences here. But I’ll wait to comment on those later since I’m told Realtracs will have more news to share soon.

ICE [Sponsor]

ICE Is Bringing Paragon MLSs Together This May — And You’re Invited

If your MLS runs on Paragon, clear your calendar for May 4–5.

ICE is hosting the ICE MLS Customer Conference at the Sawgrass Marriott in Ponte Vedra Beach, FL — an invite-only gathering built exclusively for Paragon MLS professionals. No fluff, no filler. Just two days of real conversations, hands-on training, and the kind of peer networking that actually moves the needle.

The speaker lineup alone is worth the trip:

  • James Dwiggins, CEO of NextHome, sits down with Lucie Fortier for a candid fireside chat
  • Greg Robertson What If We’re Wrong? Five Assumptions that Could Break the MLS
  • Amy Gorce of REDistribute breaks down the complexities of data licensing and distribution

Add in live product demos, evening social events at one of Florida’s most iconic resorts, and a room full of your MLS peers — and this one’s a no-brainer.

This event is exclusive to MLSs on the Paragon platform, so spots are limited to your community.

👉 Register here: https://mortgagetech.ice.com/event/ice-mls-customer-conference#overview

See you in Ponte Vedra Beach. 🌴

My thanks to ICE for sponsoring this month’s Vendor Alley

NWMLS Isn’t Just Playing Defense Anymore

NWMLS Files Counterclaim in Federal Court

“We are standing up for the principle that every family has the right to see every home for sale, because housing data belongs in the sunlight, not in a private vault.” — Justin Haag, NWMLS CEO

Well, that didn’t take long.

Two weeks after Judge Jamal Whitehead denied NWMLS’s motion to dismiss — ruling that Compass had plausibly alleged antitrust violations under both the Sherman Act and Washington’s Consumer Protection Act — NWMLS has done exactly what it telegraphed back in December: filed counterclaims against Compass in federal court.

And they didn’t come in with some polite procedural filing. They came in throwing haymakers.

The counterclaims allege that Compass’s “3-Phase Marketing Program” violates Washington’s Consumer Protection Act — calling it a deceptive scheme designed to manipulate and hide critical data from the public. NWMLS is essentially arguing that pocket listings aren’t innovation, they’re consumer fraud. The specific allegations are pointed: artificially resetting days-on-market and price history to deceive buyers, suppressing the natural auction effect that gets sellers the best price, and actively encouraging Compass agents to violate their professional agreements.

That last one, contractual interference, is a big deal. NWMLS is saying Compass didn’t just build a competing system, it incentivized its own brokers to break their commitments to the MLS. That’s not a policy disagreement.

Here’s the part that really changes the game: NWMLS points out that Washington’s Senate Bill 6091, which takes effect this June, codifies the exact transparency standard NWMLS has enforced for decades — brokers must market properties broadly to the public and all other brokers. In other words, the state legislature looked at this fight and picked a side. And it wasn’t Compass’s side.

For those keeping score at home: Compass sued NWMLS in April 2025, alleging the MLS was a monopolist wielding its listing rules to crush Compass’s private listing strategy. NWMLS tried to get the case thrown out. The judge said no. And now NWMLS is swinging back — not just with “we did nothing wrong” but with “what you’re doing is illegal, deceptive, and bad for consumers.”

This is the first time an MLS has gone on offense against Compass in court. For years, the industry debate around private listings and Clear Cooperation has been fought through rule changes, press releases, and conference panel shade. Now it’s depositions and counterclaims.

The trial is set for October 2026, and with SB 6091 going live in June, Compass is about to be fighting a legal battle and a new state law at the same time. In the same state.

October is going to be fun.

ARMLS shows the way

ARMLS Moves to an Independent Board of Directors

“We are creating a modern governance model that supports future growth and lowers risk while staying true to our market and the needs of those who everyday make the market work for consumers.” — Matt Consalvo, CEO”

Big move. ARMLS just approved a shift to a fully independent board of directors. No brokers. No agents. No one licensed to do real estate in Arizona gets a board seat. Instead, they’re building a smaller board of outside professionals — finance, legal, strategy types — and standing up a separate advisory council so brokers and agents still have a voice on product and service decisions.

Let me say that differently: the people running ARMLS will no longer be the same people competing in the market ARMLS serves.

That’s a huge deal, and honestly, it’s overdue. Most MLS boards are still packed with local brokers who have their own businesses to protect. Finding members that can take off their broker hat is extremely difficult. That’s not a bad thing, it’s just human nature. But it makes it really hard to make tough calls on data policy, tech investment, or anything that might help the market but hurt your brokerage. ARMLS is essentially saying: we need a boardroom where nobody’s worried about their own listings. Think about that for a bit.

Board applications open in April, with a target transition of August 2026.

The advisory council is the part to watch. If it has real teeth, actual influence on product direction, and market-level decisions, this could become the governance model other MLSs start copying. If it’s a rubber-stamp listening tour… well, I’ve seen that movie before.

My hat’s off to Consalvo and the ARMLS board for having the courage to vote themselves out of the room. That doesn’t happen often.

FBS joins ROAM on its journey to form statewide marketplace

Press Release: ROAM MLS Selects FBS and the Flexmls® Platform to Support Statewide Marketplace

“Our newly established partnership with FBS will provide our members with an MLS platform that preserves many of the features and familiarity of their current native system while offering access to updated technology. This decision eliminates the need for duplicative add-ons, consolidates data into a single source, and provides our members with the opportunity for greater cost savings,” said Rhonda Reap-Curiel, ROAM MLS President”

Significant win for FBS. See below from ROAM’s website:

“What is changing

  • ROAM will launch a unified MLS platform, built specifically for ROAM by Flex MLS.
  • ROAM will retire the existing Matrix, Paragon, and legacy Flex platforms.
  • Members will be converted to the new platform with their listings, contacts, and saved searches.
  • The Clareity dashboard will be retired.

What is not changing

  • All ancillary services will remain in place, including Cloud CMA, ShowingTime, lockboxes, RentSpree, RPR, and other current tools.
  • Local support remains local.
  • Association-specific fees are unchanged as part of this announcement.”

Nice to see Cloud CMA didn’t get kicked off the island.  😅

A New MLS Vendor Enters the Chat

The New Mexico Multiple Listing Service Selects reData MLS as the New MLS Software Platform for its Members

“After evaluating multiple MLS software platforms, we found reData MLS to be the fastest, most innovative, and technologically advanced.” -Crystal McCaslin, NMMLS Board Chair

I guess it was just a matter of time. UtahRealEstate.com has had their own homegrown MLS system for a while now. And just like other MLS organizations (think TheMLS/CLAW – VESTAPlus) they have decided to enter the vendor game.

I think New Mexico MLS (NMMLS) is a good start. With about 1,200 members is will be a perfect proving ground. NMMLS has already adopted the AlignedShowings property showing solution via UtahRealEstate.com’s ownership of MLSAligned.

I spoke to Brad Bjelke, CEO of UtahRealEstate.com briefly about the shift, and he told me that their goal isn’t to take over the world, but they think their MLS system could be a good solution for many MLS organizations. If you’re an MLS organization and want to find out more they have a pretty cool URL, https://realestatedata.com.

I secretly love when MLS organizations get in to the vendor game. As we all know, it’s a lot harder than it looks.

Richard Gibbens is new CEO of Intermountain MLS

Intermountain MLS Welcomes Richard Gibbens as CEO

“Richard most recently served as Chief Executive Officer of Bluegrass REALTORS®, where he led strategic modernization initiatives, strengthened broker collaboration, and advanced data and technology capabilities. Under his leadership, the organization sharpened its operational focus while building stronger alignment with brokerage partners.”

Congrats to IMLS and Richard!

TK Is Hanging It Up

Real Estate Icon Teresa King Kinney Announces Retirement Plans; MIAMI Association of Realtors’ CEO of 33 Years to Pass the Torch at Year End

“I will be leaving one of the largest, most innovative and successful organizations in the best shape ever to move forward.”

When TK took over in 1993, MIAMI had 5,000 members and one office. Today it’s 60,000 members, the largest local Realtor association in the country, larger than 44 state associations, with nearly 300 international partnerships across 77 countries. She also steered the ship through 2008, COVID, and the NAR settlement — the hat trick of industry gut-checks.

33 years is a long time to do anything. To do it at that level, at that scale, is something else entirely.

My hat’s off to you, TK. Enjoy whatever you and John want to do, whenever you want to do it. You’ve earned it.

MLS Execs Are Ready for Local Autonomy — But the Safety Net Is Gone

Most MLS, association execs back NAR’s strategy — with caveats

“A growing acceptance that the ‘all-in’ membership model is under threat.”

A new T3 Sixty survey offers a candid look at where MLS and association executives stand heading into 2026, and the results are interesting. On the surface, more than 8 in 10 organized real estate leaders say they’re aligned with NAR’s three-year strategic plan. But dig a little deeper and there’s a lot of nuance underneath that headline number.

The membership picture is stabilizing, sort of. While heading into 2025 over 70% of execs expected membership declines, only 25% actually saw them. Which is good news. About 35% saw membership tick up — the rest were flat. Those predictions had influenced budgeting so I’m glad that some of the gloom and doom around membership is thawing.

The bigger story for 2026 is what happens to membership models themselves. A full 70% of respondents think new membership structures are likely to emerge this year, with agents increasingly prioritizing MLS access while dropping secondary memberships. The “all-in” model that has defined organized real estate for decades is under real pressure.

On local autonomy, there’s broad support — 68% of all respondents favor more local policy discretion, and among MLS-only executives that jumps to 85%. That aligns pretty well with the sweeping MLS Handbook changes NAR pushed through late last year. But support for autonomy and comfort with autonomy are two different things. As NAR steps back from its traditional rulemaking role, local organizations are navigating uncertain legal territory without much of a safety net. One exec put it plainly: every policy is now under careful review “to ensure we aren’t the next target.”

The organizations that thrive will be the ones that treat this new autonomy as an opportunity rather than a burden.

Sponsored By FBS