Way to go, MLS Policy Committee for staying on a continued path to overhaul the IDX rules to make them work harder for brokers!
As you may recall, back at NAR National, there were great strides made to evolve IDX rules to encourage data standardization, broker marketing in multiple MLS markets and an increased focus on data accuracy. I am proud to say that WAV Group, along with the Leading Real Estate Companies of the World, brought forth just about all of the topics that were approved at this meeting, just like the NAR National meeting.
These positive initiatives continued into NAR Mid-Year where continued enhancements were put into place.
Here’s a summary of what was agreed to at this session.
- Increasing engagement on listings
As we all well aware, third party sites surround their listings with TONS of interesting information to encourage consumers to spend more time on their website. IDX rules now allow brokers to do the same thing on their sites. They can augment IDX information with “applicable property information from other sources to appear on the same webpage of display.” With this new rule, brokers can now add differentiating information to their sites to help educate their prospects and clients and encourage them to contact their agent to learn more.
- Speedier Approval of IDX Feeds
While most markets approve IDX applications in a matter of a few days, believe it or not, in some markets it can take a broker up to six months! Talk about business obstruction!
For those of you that have IDX approval committees that meet once a quarter or even monthly, this rule is for you. Monthly approval timelines are simply WAY too long in today’s aggressive market.
The new policy requires an MLS to act on an IDX request within five business days for members in good standing.
Hopefully, this ruling will speed up brokers’ ability to launch a new IDX website to promote their business.
- Clarification of Publicly Accessible Data
All MLSs, with the exception of non-disclosure states, are now required to offer two different types of data feeds – one with actives and one with active solds. The third discussion clarifies what is meant by “publically accessible” data. Here’s the clarification:
Publicly accessible sold information as used in IDX policy means data that is available electronically or in hard copy from city, county, state and other government records.
- Clarification about When Policies Go into Place
The fourth issue clarified that when a new IDX policy is adopted, each MLS must adhere to the new policy by January 1st of the subsequent year. Basically, it means that every time a new policy is put in place, it goes live on January 1st of the following year.
So now on to the next round of IDX enhancements for the NAR National meetings. What are the hot topics that you would like to see addressed?
How about IDX information delivered via video? Anybody have an opinion about that one?