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Sign into your accountNew IDX Rule for Sign Riders
October 20 2014
Brokers and MLSs are discussing the modification to the IDX rules and regulations that would extend the ability of a buyer's agent to advertise on a listing broker's sign. The idea came out of a think tank of agent representatives who did fewer than one transaction in the last 12-month period of time. This new initiative will allow agents doing less than one transaction per year to get free leads to generate opportunities to grow their business.
Are you kidding me?
Yes!
It is not uncommon or unusual for industries to have policies that represent a slippery slope of strategy. IDX is a policy of cooperation among real estate participants (brokers) that allows the reciprocal display of listings on broker websites.
IDX slipped a little too far away from the MLS participant sharing principles a few years ago when the NAR allowed for franchise IDX. Most participating firms did not pay attention when the issue was running through the MLS policy committee, so there was no objection to the rule until after it was passed. Once brokers learned that franchise organizations (non MLS participants) were now being provided access to the data, they got busy and reversed the policy.
The idea of IDX was to share listings with other MLS participants. Now listings are being shared everywhere. Whenever I want to have a conversation about radical real estate ideas, I call the ever-jovial fellow consultant Ken Jenny. "Would a BMW dealer ever advertise for Mercedes Benz?" he asks. "Then why would Coldwell Banker advertise RE/MAX?" he asks.