CRMLS Launches IDX Transparency Initiative for Real Estate Professionals and Consumers | news

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CHINO HILLS, California., August 26, 2021 / PRNewswire / – On. September 1st, 2021, California Regional MLS (CRMLS) will formally update its Internet Data Exchange (IDX) website rules for the benefit of agents and consumers on both sides of a residential real estate transaction.

IDX is the term the real estate industry uses to refer to the MLS data mining portions of agents and brokers’ websites. IDX sites using CRMLS data will soon give consumers a much clearer understanding of the agent’s relationship with the ads consumers find on the Internet.

The new updated rule, number 12.16.5 in the CRMLS Rules and Regulations, will read as follows:

12.16.5 Listing Credit… All listing brokers grant permission to any advertising broker to display any listings submitted to the listing broker’s service only if the listing display or advertising is clear so that a reasonable real estate consumer understands:

a) Who is the listing agent and broker,

b) Who is an Advertising Broker and

c) How to contact this listing agent or broker. “

Describing the updated rule, the CEO of CRMLS Art Carter said, “It doesn’t take a consumer more than a few seconds to look at a listing to determine who the listing agent, listing broker and ad broker are.”

The CRMLS Rules Committee, composed of active professional users of CRMLS in the real estate industry, developed the rule based on feedback from members of the associations, boards of directors and MLS involved in CRMLS. The CRMLS board of directors, which also includes professional real estate professionals, has approved this rule.

“CRMLS management has been discussing this issue and this proposed solution for many years,” said Carter. “Now that we have approval to update the rule, we are very excited to help increase transparency and reduce friction for consumers, brokers and agents.”

The change to the rule applies only to IDX websites, not any other form of marketing. It does not involve communication between real estate professionals and their clients.

CRMLS aims to improve communication between consumers and real estate professionals through this regulation update. Vice President and General Counsel, CRMLS Edward Zorn outlined the use cases for consumers and how the updated rule will benefit both consumer real estate professionals as follows:

“Under the old rules, a consumer with a question about a listing they see on the IDX website should contact the advertiser, the agent that displays the most prominently. Too often, they found that the agent had nothing to do with the listing and didn’t do not know the answer to certain questions. A frustrated consumer breaks off their contact, including any potential future contact, with the advertising agent. He then leaves the website on which the agent paid for the advertisement, looks for a listing agent on the Internet, and contacts with the listing agent directly – or opt out of this listing altogether. “

“However, under the new regulation, when a consumer sees an ad on the IDX website, they know within seconds who the ad and ad placement agent is. If they have questions about the property, they can contact the listing agent directly without leaving their site. If they are interested in exploring the relationship with an advertising agent, they can enter into a relationship with a full understanding of the role of an advertising agent. “

Zorn also explained that this rule could also improve the quality of leads who contact an ad broker, as those consumers specifically decided they wanted to speak to an ad agent rather than a listing agent.

CRMLS supports deployment of the updated rule using a new proprietary platform that allows brokers to control the contact information displayed in their lists. Brokers can also leave the decision of what contact information to display to their individual agents.

This launch also includes a targeted communications campaign for CRMLS users, including videos, written guides and FAQs, emails, MLS toast notifications, social media, blog posts and training sessions.

“Providing consumers with more information and greater transparency will benefit all of us,” Carter said. “We look forward to continuing our work on behalf of our community of real estate professionals.”

About California Regional Multiple Listing Service (CRMLS)

California Regional MLS is the nation’s largest and best-known MLS with a subscriber base, serving over 108,000 real estate professionals from 40 MLS associations, councils and organizations. CRMLS is at the heart of the industry and strives to provide its subscribers with the most relevant products and services. For more information on CRMLS visit www.crmls.org

Contact: Art Carter, art@crmls.org

Cision View original content for media downloads:https://www.prnewswire.com/news-releases/crmls-launches-idx-transparency-initiative-to-benefit-real-estate-professionals-and-consumers-301363647.html

SOURCE California Regional MLS



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