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Openn For Business? REALTOR.ca Program to Charge Fee, Sell Market Data

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Openn plans to monetize market data, allowing a third party to profit off Canadian real estate sales and offer data in a way that has — until now — generally been prevented. realestate realestatenews marketdata

that CREA will “be actively promoting the Openn platform to its REALTOR members” and that “Openn will focus on adoption and learnings during this period.”

“They can say what they want about the future, but there is currently no commercial deal in place,” Pichette said of Openn. that the shift to a for-profit structure is fundamentally about allowing CREA “to grow revenues and to access new levels of funding — funding that’s really needed for the business.” Pichette, agreed, saying additional revenue will go towards helping REALTOR.ca stay competitive and improve various facets of the site, including commercial real estate and rentals.

Realtors using the open offer software will have to specifically sign up for Openn’s service, providing listing information directly to Openn. Anfrom April 2022 covering Openn’s North American expansion states that the “pathway to monetise data is understood,” and that their strategy has been “designed for scale adoption to unlock this value.”

Anderson made abundantly clear Openn’s focus on protecting personally identifiable user data, saying the company has invested heavily in security. He also notes that any data shared with third parties removes all personal information and is presented as aggregate data.

 

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