If you are starting out in the real estate business, the opportunities are a lot more expansive than 20 years ago. The advantage now is that you can make money online by creating a directory website and allowing people to search and advertise properties on your site.
This is possible through IDX integrating websites that allow the general public to search for MLS listed properties and let real estate business owners display on their own websites properties registered in an MLS database.
If you are not familiar with MLS and IDX terms, you should know that you will frequently encounter them when starting out an online real estate business. Below you will find the definitions of MLS and IDX along with the advantages of having an IDX website.
What is MLS?
MLS stands for Multiple Listing Service, which is a significant database of properties created and regularly managed by real estate professionals. This is not a single or nationwide entity, in fact, we can describe MLS as a collection of different regional databases.
MLS is the go-to source for real estate listings, it is the best way to make your property available to a large number of visitors.
The only way real estate agents have access to MLS is only by registering and paying for a membership which then allows you to upload and download data.
How do you access the MLS data? By achieving the needed software which is usually provided by private software companies. Due to the fact, there is not a single authority in MLS there is not a typical data format between different systems. That brings us to a need for a particular system meaning IDX.
What is IDX?
IDX is an acronym for Internet Data Exchange, a blanket term used to cover policies, standards, and software under which real estate professionals can display the MLS data on their websites and share to the general public.
IDX also goes by the name of Broker Reciprocity as realtors exchange permission to display each other’s listings on the internet. This reflects the historical practice of cooperation between brokers.
Keep in mind that some boards only allow IDX for brokers and offices and not individual agents.
The implementation of IDX on websites varies from board to board but the most frequently used IDX options are an iFrame widget, FTP or the RETS (Real Estate Transaction Standard).
While working to achieve success in real estate, one should not forget about following the rules and guidelines.
Some regulations come with IDX system which brokers should follow while sharing the IDX properties on their website.
Here are the primary prohibited uses:
- Modifying the information included in IDX listings to make it more sellable
- Sharing the listing to outside parties not taking part in the IDX exchange
- Displaying listings on a website that isn’t approved by MLS
- Posting a seller listing without the consent of the property owner
Despite the tight rules regarding IDX, it indeed offers many advantages for real estate business owners.
What is the Advantage of an IDX Website?
A real estate website with integrated IDX listings will bring a significant advantage over business competitors. This means more property listings which will bring about more valuable content on your site.
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