The New Standard for Networking MLS Info

In the real estate industry, we are familiar with the terms IDX, FTP and RETS. IDX stands for Internet Data Exchange and displays MLS information on a website. FTP stands for File Transfer Protocol, and is the old standard for networking MLS information. RETS stands for Real Estate Transaction Standard, and is the standard for networking MLS information.

In June 2009, all REALTOR association-owned or operated MLSs are required to be RETS 1.7 compliant. First, you need to know what RETS is, how it helps communication and how it will benefit you.

In 1999, technology professionals created the Real Estate Transaction Standard (RETS). Before this time, real estate technologies such as Software vendors, MLS Vendors and others had no consistent way of communicating, which resulted in a limited data set and required translating without a dictionary and sharing of the data was limited in a way that usually excluded most participants of the real estate transactions such as lenders and agents.

So what is RETS and how has in changed the communication barrier in real estate technologies? The Real Estate Transaction Standard (RETS) facilitates data transfer between partners in the real estate industry. It is a common language that is spoken by real estate information systems, such as MLS and enables computers to understand the language to receive the information.

RETS, in a nutshell, is a standard way of sharing Real Estate data. It encompasses a transport protocol, a structural format, a query language, and a data dictionary. It is an open standard and anyone can implement it and contribute to the specification of the standard. It consists of a server component and a client component--a data provider and a data consumer. It offers the potential for just about anyone to use it who needs to share real estate data, but the reality is that MLSes are the primary providers of data and the brokers and by extension the software/Web vendors are the primary consumers of the data. That relationship seems backward since the brokers are typically the providers of that data to the MLS, but the whole point of it is that reciprocity... I give you my data in exchange for all of yours.

Programmers that develop software and provide IDX sites have to write programs in only one language, the common language of RETS, in order to work with several different MLS systems. RETS is written in a specific language so that all computers that deal with real estate information “speak” and understand the language. This is done so that you can use the same computer program with any MLS that has adopted RETS.

On November 14, 2007, NAR’s Multiple Listing Issues & Policy Committee approved a new policy that all member owned MLSs need to be RETS compliant by June 2009. For Realtors, this means that they will be viewed as trusted real estate advisors and a primary source of reliable property information.

By switching to RETS, all those in the real estate industry will benefit. Agents will have more vendors available to chose from that will add to their business. Vendors will be able to save development time and resources. Brokers will also benefit because of the increased competition between vendors, the productivity tools available will be more valuable. Office web sites will be populated easier because data will be easier to put together and manage for offices that deal with more than one MLS.

- Nicole H

Despite It's Name, Are 'Stealth Websites' Effective?

Should you have one?

We all know that it's harder to compete in today's market. With the real estate market teetering like a yo-yo, and a generally uncertain and sometimes unstable market, many Brokers and agents are looking to maximize their Internet marketing effectiveness. One of the newest trends in real estate eMarketing is the rise of so-called "stealth sites", also known as "unbranded sites". So can a stealth site be an effective tool in the battle to capture and convert Internet leads? What are the advantages and disadvantages of this type of marketing? And why are they called "stealth sites" to begin with? To some, this name sounds somewhat underhanded or clandestine. Let's take a closer look.

    First off, let me say that a stealth site is NOT an end-all-be-all for real estate eMarketing. It is but a tool, should one decide to use it, in the fight for consumer attention and loyalty. It does not, in my opinion, replace a well designed and SEO optimized website. So if you are a REALTOR® looking to create or enhance your online presence and eMarketing initiatives, I would start with a good website and blog first. This is your personal and business branding. As we shall see, stealth sites derive their name from being extremely un-branded!
   
    Simply stated, a stealth website is a real estate website that focuses on content rather than branding. The premise is based on a simple (and true) fact: That web-savvy consumers know what they want. They want information. And they want it now. Now comes another true fact: In this quest for information, a potential buyer is not looking at 'brand'. At this stage, the brand may likely be the furthest thing from their mind. The fact is, and to drive this point home, they want information. They want local information, CMA's, detailed property searches, or use of a Virtual Agent. And while unfortunately in many cases many traditional Broker and agent websites do not provide this type of information, Realtor.com and others do. Furthermore, potential buyers and sellers at this stage may be put off by the notion that they will be contacted immediately by an agent the moment they give up their guarded personal information. An unbranded website gives the look of an unbiased informational site that many people are more inclined to be comfortable with at this point in the transaction process.

    You may be asking yourself "So if it's a stealth site that's un-branded, how would anyone find it?". Actually, that potential problem is one of the advantages of these types of websites: Ultimately YOU control how they find your site. You are only limited to your imagination, and of course, a good marketing plan. It could be from a property flyer or mailing. One of the most effective methods involves a targeted pay-er-click campaign. Here briefly are some of the advantages and potential pitfalls to be aware of for this type of website:

Advantages:

• Targeted markets.

• Through different traditional marketing methods and / or through a concise, well defined pay-per-click campaign. These campaigns allow you to use search strings to, for example, target specific geographic areas within your MLS.

• PPC allows you to exactly control the number of clicks per month that you are willing to pay for.

• Can and should be used in conjunction with a "typical" agent or Broker website.

• provides MLS search, saved searches, and relevant local information that gives them what they want without the perceived stigma of associating with a particular brand or company.

• Allows the website owner to capture the leads and market to them with specific actions as well as via drip email campaigns and other types of communications.

• Similarly, there is a high visitor-to-lead capture ratio. Much higher than a typical real estate website. 

Disadvantages:

• Typically no SEO "juice". That is, plainly speaking, these sites normally cannot be found organically through search engines like Yahoo and Google.

• Some stealth sites have existed in violation of the owner's particular MLS rules, which along with the name, have given these type of websites a bad name in certain circles. In some cases rightfully so.

• Some people simply will not click through a banner ad. They normally only click through 'organic' search results. Actually, I know many people who would fall into this category.

• Sometimes a particular market or MLS is saturated with these types of websites, thereby limiting their effectiveness in your particular market.

• Often times, the MLS rules are not followed thoroughly enough and may not actually be in compliance. Usually this is due to a black of identification of the Broker or entity that has the agreement with the MLS.

I have had the opportunity to speak to many people who have deployed these types of sites. In my findings I have determined that, for the most part, they have been effective. In some cases they have been extremely effective and the ROI has been through the roof. In others, I have heard nightmare stories of agents paying upwards of $3,500 dollars a month with no business to show for it. Typically, good quantifiable conversions are achieved for less than $500.00 a month. The exact amount depends on the market that you are in, and how many "strings" you want to optimize. If you're not sure what this means, contact me and I'll have an SEO expert contact you to explain further. 

    The way to insure the best opportunity for success is to work with a company that will work with you. Tweaks in methods, search strings, and measures are usually needed along the way. Working with a vendor that will work closely with you and not abandon you after sign-on is a must. Stealth sites can be an extremely useful tool to capture and convert potential buyers and sellers that you might not reach through traditional methods. They also give you the advantage of controlling exactly how a visitor finds your site, making them ideal for analyzing the success (or lack thereof) of your various marketing methods.

- James Cain