If you agree that the Multiple Listing Service (MLS) was a major development for the real estate industry, then you may also agree that Internet Data Exchange (IDX), commonly referred to as Broker Reciprocity could have an equally profound effect.

The implications and reach of IDX are vast. Briefly, the new national policy requires that Multiple Listing Services provide a way for brokers to share property listings with other brokers on Web sites.

With IDX, MLSs provide their brokers with technology to help them not only display their own listings online, but also those of competing brokers. For consumers, this means complete access to properties for sale from a single broker's site, which in turn promises to produce greater numbers of leads and a larger pool of consumers to whom brokers can market their services.

IDX was adopted last year by the National Association of Realtors and NAR has mandated that MLSs must implement IDX solutions by Jan. 1, 2002. Numerous MLSs have done so already and, as a result, are bringing enhanced technology solutions to their broker and agent members.

The result? Brokers are realizing numerous benefits, including:

• Increased inventory, which drives more Web traffic, increases the "stickiness" of the site, and provides additional Internet lead opportunities;

• An enhanced ability to develop stronger ties with their customers by providing comprehensive regional and local market information;

• The ability to better serve the nation's growing ranks of Internet-savvy homebuyers and sellers who want "one stop shopping";

• The ability to focus on service rather than inventory;

As they have for decades, MLSs remain the vital link that provides its broker members with the technology required to be successful in today's competitive real estate industry.

As MLSs review and consider various IDX technology providers, they need to make sure that:

• They partner with a technology company with a proven track record in the management of listing data, not the development of glorified search engines;

• Listing information is provided in "real time" to ensure data accuracy and, in turn, consumer satisfaction;

• Search criteria and display formats can be configured to match individual MLSs' specific IDX guidelines; and

• The same level of service you're used to getting from your MLS system - 24 x 7 availability and quick access to listings - you also get from your IDX solution.

Published: September 18, 2001

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