When you walk into FBS’s Fargo headquarters, it’s immediately clear you’re not in an ordinary tech company. The atmosphere feels less like a traditional software firm and more like a collaborative workshop of entrepreneurs. That’s no accident—FBS, the nation’s second-largest provider of Multiple Listing Service (MLS) software, is 100% employee-owned.
“We say we create owners in two ways — employee owners and homeowners,” CEO Michael Wurzer said.
That dual mission of empowering its people while helping millions of families buy and sell homes has guided FBS since its earliest days. Founded in 1978 by Wurzer’s father, the company started as a small custom software shop before pioneering MLS automation in the late 20th century. Today, through its flagship product Flexmls, FBS serves 158 MLS organizations and more than 335,000 real estate professionals across the United States and beyond.
FBS By The Numbers
- Founded: 1978, Fargo, ND
- CEO: Michael Wurzer (since 1997)
- Employees: -135
- Ownership: 100% employee-owned since 2005
- MLS Clients: 158
- Agents Served: -335,000
A Software Company That Powers Real Estate
To understand what FBS does, you first need to understand MLS. Short for Multiple Listing Service, MLS is the cooperative backbone of the housing market. Competing brokers and agents agree to share property data, creating a single source of truth for what’s on the market. Without it, homebuyers would be forced to visit each brokerage individually to know what’s available.
If you’ve ever browsed listings on Zillow, Realtor.com, or a local brokerage’s website, the underlying data almost certainly originated in an MLS. “MLS makes the market work,” Wurzer said. “Wherever the real estate market is, there’s an MLS behind it, ensuring information flows to buyers and sellers and that it’s trustworthy.”
FBS’s role is to provide the software that powers those MLS organizations. And what makes Flexmls stand out is its ability to adapt to the quirks of different markets. As Kendra O’Brien, FBS’s VP of Customer Experience (and a member of the company’s board), explained:
“Real estate is local. Every market has something unique—whether it’s wildfire-specific rentals in California, horse property features in Kentucky, or mile markers in the Florida Keys. Our software is flexible enough to support those needs while still maintaining national data standards.”
That flexibility, paired with deep, decades-long relationships with MLS partners, is what O’Brien sees as the company’s edge.
“Our clients trust us because we’ve been there for them consistently, sometimes across generations of leadership,” she said.
Real estate is local. Every market has something unique, and our software has to honor that."
Listening at Scale
But how does FBS know what local needs matter most? The answer is deceptively simple: relationships and relentless listening.
“Thousands of emails, surveys, user research — it’s a constant dialogue,” O’Brien said. FBS maintains an active user research program, engages with thousands of volunteer testers, and hosts an annual FBS Summit in Fargo, drawing customers from across the country
The event is less about showcasing software and more about listening. Customers share feedback directly with engineers and executives, influencing the product roadmap. It’s an intentional process that balances openness with discipline.
“You can’t just chase every shiny new thing,” Wurzer said. “The pace of change, especially with AI, is overwhelming. Our job is to separate the signal from the noise, to bring in customer input but also apply judgment about what will really move the needle.”
This philosophy is rooted in hard-won lessons. Early on, FBS leaned so heavily into customer customization that systems became fragmented, creating headaches for future data sharing.
“We probably listened too closely and didn’t guide strongly enough toward standards,” Wurzer said. That experience helped drive his leadership role with the Real Estate Standards Organization, where he advocates for consistent, nationwide data models.
1978
Founded in Fargo as Financial Business Systems, building software for banks.
Late 1970’s-80’s
Expands into real estate MLS technology.
1997
Michael Wurzer becomes CEO; web era begins.
2005
FBS becomes 100% employee-owned.
2007-08
API-first strategy and mobile tools launched alongside iPhone revolution.
2008
Wins Arizona Regional MLS – a 40% user-base increase during the financial crisis.
Today
Serves 335,000 agents in 158 MLSs, remains headquartered in Fargo with distributed workforce.
Did You Know?
FBS didn’t start in real estate. When founded in 1978, the company was called Financial Business Systems and built software for banks.
Flexibility With a Spine
When I asked why MLS platforms feel different from market to market, O’Brien said: “Real estate is local.”
Because of this, Flexmls has to be elastic enough to respect what matters in each community while keeping a consistent data backbone.
During California wildfires, for example, an MLS needed a wildfire-displacement rental category so families could quickly find temporary housing. In Florida’s Keys, a mile-marker field is essential because geography is literally organized around one road. In Kentucky and parts of Florida, horse-property attributes—heated barns, arena access, and more—aren’t niceto-haves; they’re the search.
AI is the latest tidal force.
That doesn’t mean they’re not embracing AI. Currently, FBS is shipping tools that let agents query MLS data conversationally—“tell me about this neighborhood; run a market analysis.”
That discipline comes from the infrastructure choices FBS made years ago. “We were early with APIs,” O’Brien said. When the iPhone landed in 2007–08, FBS was ready—exposing capabilities as services and building for mobile from the start. That long-running API strategy now underpins modern apps, partner integrations, and AI-powered workflows.
The Ownership Effect
FBS has been 100% employeeowned since 2005, and you can feel it in the way decisions get made. “Customers know they’re talking to an owner,” Wurzer said. The company’s core values—Respect, Freedom, Opportunity—translate into day-to-day autonomy with accountability.
“Give people the framework and the freedom,” Wurzer said. “They won’t always make perfect decisions, but they’ll grow, and that’s the point.”
Ownership shows up structurally, too. FBS’s board includes internal directors, and some of those seats are elected by employees—another way to surface voices and grow leaders. O’Brien served a board term before moving into an executive role. “Having a seat at that table prepared me for the next step,” she said.
Why stay in Fargo? For Wurzer, it’s personal and cultural. He grew up here; so did the company. And while FBS has long been distributed (roughly half the team works remotely), the Fargo office remains a hub for collaboration, customers, and those annual gatherings. On a typical day about 20 people are in the office; roughly 70–75 are local and have the choice to work onsite or remote. The policy matches the values: respect how people do their best work, and judge by outcomes.
Through the Troughs
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The company’s lowest valley came just after Wurzer became CEO in 1997, when the web was still a bet. FBS had to leap from legacy platforms to enterprise software on the web—years before that was a proven move. They built what became Flexmls, lost sleep, and a few customers, and kept going.
The financial crisis of 2007–08 posed a different test. Agent counts dropped nationwide (FBS gets paid per member per month), but the company had just won Arizona Regional MLS—a massive cut-over that instantly expanded FBS’s user base by about 40%. The onboarding was grueling; call volumes spiked; servers strained. But the result was a stabilizing surge, the start of a long arc of steady, compounding growth.
“Retention is everything,” O’Brien said. FBS points to a near-perfect customer-retention record over decades, and today serves 158 MLSs and ~335,000 agents with ~135 employees—numbers that have continued trending up.
We create owners in two ways- employee owners and homeowners."
Lessons for Business Owners
- “Be intentional about feedback. Collect it broadly, but filter for what really matters.”
- “Hire for collaboration, not just résumés. Conversation-based interviews reveal how candidates solve problems under stress.”
- “Empower with frameworks. Give people freedom, but also the systems that set them up for smart decisions.”
- “Consider employee ownership. ESOPs can be both a growth strategy and a succession plan.”
- “Have fun. Joy sustains momentum through the hard work.”
Hiring for the Team You’ll Need at 2a.m.
O’Brien has been at FBS 19 years— she started in technical writing and grew with the company. The through-line of her leadership philosophy is talent. “Whether you make an excellent hire or a poor hire, you’ll feel the consequences for years,” she said. That’s why her rule is to wait for the right person rather than talk yourself into a maybe. In interviews, she ditches scripts and aims for real conversation. Her favorite question:
“What would you change about your current or most recent position, if you could?”
The answer reveals whether a candidate brings blame or ownership, complaint or problem-solving.
Leading with Frameworks and Fun
Asked what he’s learned most in 28 years as CEO, Wurzer points to two things. First, empowerment: “Give people the opportunity to make decisions in the customer’s best interest.” Second, systems: growth requires clear playbooks so new teammates can learn fast and act confidently.
And his advice to founders and operators? “Have fun,” he said. The work matters—homeownership is the largest financial asset most Americans will ever own—but joy fuels resilience. O’Brien adds a complementary lens from Radical Candor: “Care personally and challenge directly.” In an ownership culture, trust gives you permission to debate hard things and still leave the room as teammates.
FBS
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