Image: Midwest Real Estate Data LLC
Welcome to the world of Upstream LLC, a collaborative broker initiative that seeks to transform the way real estate brokerages manage their data. In this informational site, we will explore the latest news on Upstream, its impact on Midwest Real Estate Data LLC (MRED), and the exciting possibilities it brings to the industry.
The Latest News on Upstream
Upstream has been making waves in the real estate industry. Here are some recent updates:
- 10/24/19: Upstream is now RESO Certified.
- 07/17/19: The new Upstream is getting ready to launch.
- 06/07/19: Update on advancements with CoreLogic partnership: The Dynamics of the Upstream Flywheel.
- 02/11/19: Upstream's announcement of CoreLogic partnership, replacing RPR.
- 12/11/18: NAR and Upstream end partnership.
- 07/09/18: Upstream data license agreement signed with MRED brokerages.
- 05/14/18: Upstream announces the launch of the platform as direct input in Portland's RMLS.
- 07/04/16: Upstream announces list of pilot brokers in test markets.
- 05/14/15: Upstream announces partnership with NAR.
For the latest news on Upstream, visit UPSTREAMRE.COM.
What is Upstream?
Upstream is not just another data management project. It is a comprehensive solution designed to give real estate brokerages control over their data and enable innovation. Here's what Upstream offers:
- A single data entry point for all brokerage data, acting as the "system of record."
- The ability to distribute data to third parties as determined by the broker, giving them control over access.
- Seamless collaboration with innovative companies, regardless of MLS boundaries.
Imagine having complete control over your data assets through a simple, streamlined platform. That's what Upstream aims to achieve.
How Does Upstream Work?
To understand how Upstream works, let's draw an analogy with Google Drive:
- Anyone can leverage Google Drive, just like Upstream.
- File owners control access to specific files, just like brokers with Upstream.
- Google doesn't have access to your files, similar to Upstream's approach.
- Participation in Upstream is optional and limited to brokers and their delegates.
- Brokers decide who has access, what data can be accessed, and when it's available.
- Upstream and its technology vendor will not have access to your data without explicit permission.
With Upstream, you can take control of your data, collaborate more effectively, and streamline your operations.
The Goal of Upstream
Initially, Upstream aimed to be a single platform for data entry and distribution to MLS databases. However, the goal shifted to allow brokers to choose between directly inputting data into the MLS or using Upstream. This decision puts brokers in control of how their data is managed and distributed.
Upstream's partnership with CoreLogic aims to give brokers the control and functionality they desire through a staged deployment. The goal is to maintain existing fee structures, client/vendor relationships, and operating agreements while taking advantage of synergies that were previously unavailable.
The Impact on MRED
Implementing Upstream represents a significant change for MRED's MLS system and business processes. Maintaining data quality and adhering to MLS policies are top priorities for MRED.
The technical requirements for this project are substantial, but MRED's MLS vendor, dynaConnections, has assured that it won't affect their existing product roadmap. However, modifications to MRED's rules and processes would need to be coordinated with Upstream.
Once a brokerage decides to use Upstream, the add/edit functionality of the MLS system would be disabled. MRED staff would be responsible for ensuring data accuracy and adherence to MLS policies.
While there are still unanswered questions, MRED is committed to evaluating the scope and impact of Upstream to serve its customers better.
Support for Upstream
Upstream has garnered support from leading industry organizations, including the Realty Alliance and Leading RE. Several MRED brokerages have also expressed their support for Upstream, making up a significant portion of MRED's market.
Your opinion matters! Share your thoughts, comments, and concerns by emailing [email protected].
Upstream Announces Pilot Markets
At the 2016 NAR Midyear Legislative Meetings, Upstream announced five pilot markets for the Phase One Pilot Process. These markets will kickstart the implementation of Upstream in the third quarter of 2016.
Stay tuned for more information as it becomes available regarding Upstream and the exciting possibilities it holds for the real estate industry.
Image: Midwest Real Estate Data LLC
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