RealTracs Solutions® and its largest brokerage Participants have agreed to modify the Real Estate Transaction Standard (RETS) metadata distributed to public portals. These changes are based on the following facts:
1. Consumers deserve a closer relationship with Realtors® who provide the work product powering public portals;
2. Brokerage websites can provide a more personal experience for consumers;
3. Brokerage firms control the listing content and should be allowed to manage advertising in ways advantageous to their companies.
RealTracs Solutions® understands the value of public portals (e.g. Realtor.com, Zillow.com, TheTennessean.com, and the dozens of other public websites not designed and controlled by the brokerage firms). However, RealTracs Solutions® also embraces the fact brokerage firms can present listing content to consumers for the best experience on their websites.
Public data feeds will be restricted to 150 characters in the remarks; some detailed data fields are eliminated; there will be a four photo limit; and, most important, public portals will be required to display a web address to the listing detail on the brokerage firms’ websites.
What doesn’t change?
IDX and VOW feeds to brokerage websites and data feeds to third parties that provide services for agent and brokerage productivity.
These changes will take effect later this month.
In addition, RealTracs Solutions® is in negotiations with syndication giant ListHub to set additional requirements on public portals’ display of copyrighted listing information. Similar to the airlines relationship with public booking sites and the relationship between music purchase sites and consumers, brokerage firms have full control over their listings.
“This is an approach to allow brokerage firms to control their customers’ experience with the company,” said Stuart White, CEO of RealTracs Solutions®. “It is a pro-consumer approach that also meets the needs of our customers, the brokerage firms. Collecting URLs for each company has been a huge project, but we now have redirect URLs for over 75% of
the listings in our database.”
301 Seven Springs Way
Brentwood, TN 37027
p – 615.385.0777 f – 615.385.7872
MTRMLS, Inc. dba RealTracs Solutions® is a multiple listing service that provides a private, business-to-business network and software applications for real estate agents, brokers, brokerage companies, and various affiliated industries in Middle Tennessee, Southern Kentucky and Northern Alabama. RealTracs Solutions® receives information from its customers
regarding the listing and sale of real property, whereby brokers make offers of cooperation and compensation to other brokers. RealTracs Solutions® also provides extensive distribution of the most accurate listing data to brokerage listing sites and public websites.
Stuart White, CEO