Triangle real estate listing service changes name as new rules sow uncertainty
The Triangle Multiple Listing Service, a Cary-based real estate listing service, has changed its name to Doorify MLS (DMLS) and unveiled a slew of new features, including a new consumer portal.
Amid sweeping changes to the industry that have upended how homes are bought and sold on its platform, the MLS network — and its treasure trove of hyper-local real estate data — is now open to the public for the first time. It’s free and searchable.
Starting next year, the platform will also offer a new type of membership to any licensed broker or appraiser, removing the requirement that subscribers also belong to a Realtor organization.
“To meet the demands of our subscribers and consumers, [change] is necessary,” said Doorify MLS chief executive Matt Fowler in a release. “MLS systems power much of the buying and selling process behind the scenes. Consumers need to know that there is a transparent infrastructure in the background making it all work.”
The platform covers 16 counties — including Wake, Durham, Johnston and Orange — and is the operating system for over 15,000 real estate brokers and agents in five Realtor associations in the greater Triangle.
In August, the National Association of Realtors (NAR) — the trade group that sets rules for home sales across the nation — settled a price-fixing lawsuit by implementing new policies that prohibit offers of compensation on the Multiple Listing Service (MLS), the group’s online portal where more than 80% of homes are bought and sold in the U.S.
Doorify MLS is owned by Raleigh Regional Association of Realtors (RRAR).
Even before the NAR settlement, Fowler said the company had planned to rebrand “because we’ve clearly outgrown the Triangle label.” However, the challenges of a rapidly changing business environment forced the company to shift gears, he said.
On Aug. 6, compensation fields were removed. “It [was] stripped from my network. That includes history, active listings, everything. It’s not something you can search anymore,” Fowler said.
In a practice called decoupling, buyers and sellers are now responsible for paying their own agents rather than expecting the seller to pay a single commission: historically 5% to 6% of the listing’s sales price — one of the highest rates in the world.
As part of its reboot, Doorify also released resources to serve both first-time homebuyers and sellers. Among them: an advanced property search, Realtor selection portal and interactive analytic charts powered by its proprietary market data.
For subscribers, it’s introduced a new listing management tool powered by artificial intelligence.
“The new rules, particularly around how compensation is handled and disclosed, represent a major shift for our members,” he said. “[We’re] committed to providing the tools and support they need to stay compliant and operate effectively in this new landscape.”
Looking ahead
Amid the region’s long-running housing shortage, it’s still unclear if the changes will push down prices or commissions, say experts.
“Our prices have always been based on supply and demand,” said John Wood, owner of Re/Max United in Cary, who has been an agent in the Triangle since 1988. “The proposed settlement does not dictate what commission rates can be charged or how they are paid, only that [they] cannot be displayed in an MLS system.”
“The 6% was never really a mandate in our market,” added Tammie Harris, who runs her own eponymous brokerage firm in North Raleigh and Franklinton.
In 2024, the average real estate commission in North Carolina is 5.52%, according to real estate data company Clever. That’s a bit higher than the national average of 5.49%.
The average listing agent fee is 2.88%, while the average buyer’s agent fee is 2.63%.
This story was originally published September 28, 2024 at 7:00 AM with the headline "Triangle real estate listing service changes name as new rules sow uncertainty."
