Real Estate Valuation is one of the most important aspects of the real estate industry. Leave it out of the equation, and there would be no use for looking at property, let alone buying it. Why? Real estate valuation is estimating the value of real property for the purpose of financing, investment analysis, insurance, and taxation. Real estate valuation engines (or real estate analytics), however, is the software that facilitates those functions. It streamlines the process between the time a property initially goes up for sale and the time it is sold.
Customer Relationship Management (CRM) software is a set of applications, policies and technologies used by companies to manage and analyze customer interactions and data throughout the business relationship. This improves the rapport between businesses and customers, which assists in customer retention and drives sales growth. The CRM system's main job is to collect information on customers, and compile points of contact between the customer and the agency from channels including the website, direct mail, telephone, live chat, social media and extraneous marketing tactics. It also serves as a central repository to track and store the customers' personal data, buying preferences, and purchase history.
Though the main function of each software is data communication, MLS (Multiple Listing Service), IDX (Internet Data Exchange), and RETS (Real Estate Transaction Standard) are different in purpose. The intricacies of each can be complicated to a lot of agents, especially those who are not completely aware of those terms. Here are the differences among them, their functions, and how their integration supports daily real estate operations.
Advances in technology have allowed countless industries to enhance their business practices and streamline their operations in ways never thought possible. The use of Real Estate Transaction Standards (RETS) in the real estate industry has made it so all computer systems that interact with real estate information do so in a standardized language and format the data in a universal style. By being able to securely exchange information with many different MLS systems, RETS-compliant real estate organizations have been able to gain an advantage over their competitors and provide faster, more updated results to their customers.