Following the article published on STOREYS on May 2 titled “REALTOR.ca Introduces Third Party Transparency Solution, But at What Cost?" it became apparent we need to better explain the reason and parameters behind our exciting partnership with Openn Offers.
The Canadian Real Estate Association (CREA) and – by extension – REALTOR.ca’s mission is to deliver value to members. Integrating innovative and useful technology solutions that support REALTORS® and their day-to-day business activities is one of the key pillars of the REALTOR.ca platform strategy.
For example, there are 11 video/virtual tour solutions and two testimonial applications (with a third coming soon) that have already been integrated with REALTOR.ca. All of these solutions are member choice, and they are purchased independently from CREA. If a REALTOR® purchases Matterport because it’s their preferred solution, they can add a 3D rendering to their listing on REALTOR.ca. If they decide to buy a RealSatisfied subscription, they can publish ratings and testimonials on their REALTOR.ca profile page.
The integration with Openn Offers will work the same way.
The partnership was first announced in April 2022, and the goal has never changed: get ahead of the technology and regulatory curve by piloting a REALTOR®-friendly solution that will help keep members at the heart of the transaction while demonstrating REALTORS®’ commitment to protecting public and client interests through a fair, informed and transparent process.
Contrary to the article, the goal has never been to “charge a fee” or “sell market data.” CREA has simply integrated another solution that can help members and their clients. The integrated solutions are all independent companies with their own business and pricing models. Members can consider these solutions and determine what’s right for their businesses.
Openn has used the last year to do its due diligence across the country and ensure its offer management platform is ready for different jurisdictions – as we know, real estate is provincially regulated, and rules vary across the country. While the pilot launch is taking longer than initially planned, it’s imperative the launch of the platform and, most importantly, the integration with REALTOR.ca is done right.
As reported in the article, Openn has a number of agents and brokerages in B.C. and Ontario testing the platform, which includes back-end controls to allow the display of information suitable for different regulatory environments across the country. The next milestone will be for these REALTORS®, with their client's permission, to display offer details on REALTOR.ca. This will be a first in Canada.
Finally, for an offer management platform to work, it needs listings. No different than a transaction management system that needs listing information for the system to work. REALTORS® who decide to purchase a subscription have the ability to send basic listing information to the platform to make the offer process possible. Tools in the Openn platform allow users to run analytics and generate useful insights. If you would like to see the platform first-hand, visit opennoffers.ca for more information.
REALTORS® want more harmony between their tools. For REALTOR.ca to enhance its value to members, it will continue integrating with more tools and systems. Ultimately it will be at their discretion to decide whether the solution is right for their business.
This article was written by Patrick Pichette. As Vice President, REALTOR.ca, Pichette is responsible for the development and growth of Canada’s leading real estate website, and other technology services that help Canada’s REALTORS® and their businesses.Pichette was interviewed for the original story referenced in the first paragraph of this article.