The Power of MLS IDX
October 17, 2008 by Scott
Recently, I made one of the best moves in my real estate career thus far. I subscribed to MLS IDX on my personal website at http://nortonteamrealestate.com/seach-the-realtors-mls With a little free advertising, I have been receiving strong buyer leads consistently. One of these leads has turned into a clinet, with several more closely following. So I thought I would blog about it.
In case your wondering, IDX stands for “Internet Data Exchange” commonly called Broker Reciprocity. The next stage in the evolution of the MLS, IDX is the primary means of enhancing cooperation between REALTORS® to facilitate the purchase and sale of real estate property. IDX gives MLS Participants the tool they need to display each others’ listings on their Internet websites. Under the IDX real estate system, brokers exchange consent to display each others listings on the Internet. You have full control over which real estate listings you display.
Let’s face it, buyers are online searching for homes. A recent survey found 87% of home buyers found their home while searching the internet. They want listings quick and they want detailed information. Gone are the days when Realtors held the secret access to the MLS. With IDX, buyers can see all of what we see. The questions is, is your website giving them this tool?
Most local boards and MLS systems have approved third party vendors that can integrate IDX onto your site. Many vendors will even build you a website with IDX integrated into it. The local board will charge an annual fee for using IDX and your vendor will likely charge a monthly fee. In my case, I paid the Salt Lake Board $100 annual fee and I pay ProAgent Websites $50/month.
Buyers love this tool because they can see all they could possibly wish for in local real estate. I love this tool because buyers must register to use it (after they have searched a few homes), providing me with promising leads. My number will show on all the listings as the contact to view the homes or receive more information. Of course, the IDX is on my website, so they can easily read more information about me and why I can be a good Realtor for them. Impressed, happy potential buyers are now calling me first when they are ready to get serious.
To see how I have used IDX , visit http://nortonteamrealestate.com/seach-the-realtors-mls
Other features of the IDX
- MLS IDX Integration - provides your leads with accurate and timely access to MLS listings at a moments notice.
- Interactive Google Maps - allows buyers to zoom in and click on listings in the areas they’re interested in.
- Enhanced Prospect Manager - gives you the features you need to manage your prospects helping you turn them into paying clients.
- Improved Daily Listings Update - automatic email notifies leads of new listings that meet their criteria.
- Saved Homes Alert - buyers are notified of any price change or status change to their saved homes.
- Improved Page Editor - add your own custom pages using our new page editor, no HTML experience required.
The Website is Complete!
September 27, 2008 by Scott
To all those who build or have built a website, I now have the utmost repect for you! After several grueling months of relentless editing and creating, I am proud (and extremely relieved) to say that its complete. I would like to thank my wife, who pretty much was the whiz behind it all. In fact, I’ll just be honest and say that I would probably still have my eyes inches away from the screen trying to interpret some crazy html code that looks like this to me *%$#@%^&**((&&^()_CXLknf(*)&^^+*U&%$%$. She was given some God-given talent to have the patience and intelligence to figure all that stuff out. I also want to thank my 1 year old son, Logan who endured months of daddy and mommy working on the computer. We always knew he had enough when something got destroyed or he “accidently” pushed the power button. And lastly, thanks to all those who have taken the time to look at my website and offer feedback.
It would be nice if this thing actually worked. 
It dawned on me one day that the reason it was taking so long, was that I was not just trying to start up a website, but I was starting an entire business plan. So that made me feel better about the whole thing for at least a couple of hours. Being a perfectionist didn’t help either.
Here is what I feel are the key parts of the website:
1. MLS Acess for Buyers: Buyers can now search the entire Wasatch Front and see detailed information about available homes on the market. Its pretty much the Realtor’s MLS made available to everyone.
2. Complete Sellers Table: Now its easy for sellers to quickly compare the 4 packages we offer and decide on what fits them best. Each marketing links to a description.
3. Buyers Toolbox: This is basically a page with all the services we offer buyers, such as information on getting a loan and how to get a 1% cash rebate.
4. Navigation: I have tried my best to make everything user-friendly. But I realize that user friendly to me may confuse someone else, so I am always open for feedback.
Of course, I realize that only half the battle is won because no I have to figure out how the heck to get people coming to my website. So I will turn to my whiz of a wife again- thank goodness! I am excited to continually upgrade and basically dominate the real estate web world (we have to think big-right!)
Breaking the Mold
July 24, 2008 by Scott
Let’s face it, real estate is changing. No, I am not referring to the prices of homes and the cycle of markets going hot and cold. I am talking about Realtors and the entire real estate industry. For years, sellers have held on to the idea that the only way to sell a house was to hire a Realtor who would charge a commission for their service. This commission typically ranges from 5-7% of the property’s sales price. Although reluctant, millions of sellers believe this commission fee to be worth the cost for getting their house sold and moving on in life. That’s easy to say when you are profiting $100,000 in equity. But what about the seller who finds himself in a changing market and is simply trying to break even from their mortgage loan? Or how about the seller who could use the 10-20 grand paid in commission fees for pursuing other life goals such as a down payment on their dream home or funding their child’s college expenses. Let’s look at a few scenarios for the U.S. home seller…….
Scenario 1: Bob and Julie
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Bought Home: $400,000
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Sold Home: $650,000
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Realtor Commissions (6%): $39,000
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Profit: $211,000
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Time to Sell: 4 months
Scenario 2: George and Mary
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Bought Home: $200,000
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Sold Home: $210,000
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Realtor Commissions (6%): $12,600
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Profit: $-2,600
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Time to Sell: 7 months
Its easy to see that the Realtor commissions put George and Mary in the hole. What about Bob and Mary? Some may say (in disgust), well look at their profit! They can afford to pay the Realtor commissions! But I think all of us would certainly agree that saving the $39,000 could open up many options for Bob and Mary in pursuing their life goals and decisions.
Sellers are starting to realize that they can sell their property and they don’t have to pay those commissions. Whether its the seller struggling to stay out of the hole or the seller simply wishing to save their hard earned equity, there is a much better way! Hence the birth of flat fee agents. Flat fee agents can provide the same services (if not better) than the traditional Realtor. Paying a flat fee gets you on the MLS, which is the number one tool used for selling property. Your phone number shows on your listing and yard sign to increase your chance of finding a buyer without an agent. Most flat fee agents offer options that give you more service for an increased nominal fee. If you want more website advertising, you pay a little extra. Do you want all your paperwork handled, pay a little extra. Want a virtual tour- no problem. You pay for what you want- what a concept! Why is it that everything else in our world revolves around this model except for real estate? But keep in mind, even the best flat fee packages (such as Norton Team’s Gold Plan that includes the works) is going to save the Seller thousands and thousands of dollars.
Here is another great benefit. Sellers can market their home at a lower and more competitive price when they are not being crunched with the Realtor commissions. This sells homes much faster! Let’s look at George and Mary’s scenario again, this time while using a flat fee agent.
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Bought Home: $200,000
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Sold Home: $202,000
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Flat Fee: $199
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Profit: $1,800
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Time to Sell: 3 months
