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RETS stands for Real Estate Transaction Standard and was developed as in improvement to the FTP (File Transfer Protocol) that was formerly used in the real estate industry. For those wondering what is a RETS feed, this technology allows for a more simplified user experience in reviewing the content and structure of real estate listings through an MLS (multiple listing service). The RETS data feed is displayed in a universal format so that every real estate firm and professional logged into the service in North America can view the same information about real estate listings. This allows for a more updated and synchronized experience when trying to figure out the latest information about a particular real estate listing.
The major impact that RETS data feeds had on the MLS listing experience is that it was the first way to centralize lots of real estate listing data and make it instantly accessible to multiple people at once. Without a similar form of centralization, there would be no real-time update to the MLS listings that everyone viewing those affected properties could see at the same time. This makes for a more complicated transactional process and often resulted in lots of wasted search and preparation time for real estate professionals.
Keep reading to learn more about the development and usefulness of RETS feeds in the real estate industry so that you and your real estate firm are taking advantage of the most cutting-edge technological developments right now in the industry.
IDX stands for Internet Data Exchange and is the system and process by which all of the listings on the MLS end up on websites. It is sometimes also referred to as Broker Reciprocity. The public is able to view real estate listings that were put on the MLS system through IDX technology, and RETS technology is a newer version of this service.
RETS technology is considered an alternative to previous versions of IDX technology. It allows a user to take information from their computer or mobile device and list it directly on the MLS. Many real estate professionals find that RETS feeds made accessible on their professional website make for an easier and faster user experience than working with IDX technology. In addition, RETS feeds are compatible with SEO strategies to enable more effective online marketing of particular real estate listings. The MLS RETS feed requires the use of separate software programs to transfer data from an individual's computer or mobile device to the public website for visitors to access.
As for real estate sellers, a RETS feed for MLS listings means that their properties are exposed to more potential buyers in their target markets at once. This means that more buyers’ agents will actively view the listing on behalf of buyers who are actually interested in similar properties. As such, sellers’ listings will get more exposure to interested buyers in their specific markets, which will drive up demand for their property. Sellers are more likely to receive competitive offers at or above the list price thanks to the accessible platform to display their properties to more potential buyers all at once.
When it comes to real estate buyers, the use of an RETS feed for the MLS system provides updated access to current property listings that meet the specifications a buyer is looking for in a property. A buyer’s agent can rely on the updated data from an RETS feed to narrow down the potential properties that a buyer might be interested in according to their price range, location, square footage, amenities and community characteristics. This allows buyers’ agents to be more responsive to their clients’ needs and present them with viable real estate options that fit their specific criteria. Buyers will certainly appreciate not having to waste their time in viewing properties that are no longer available or do not meet their needs.
Real estate firms can position themselves to increase efficiency and leave clients with a positive impression through the use of RETS feeds. They can capitalize on real-time access to updated information on properties that the firm is listing for clients as well as those available for purchase. Real estate firms that are interested in investment opportunities are also poised to benefit from RETS feeds because they can view the most important details on residential, commercial and mixed-use properties that are available for investment opportunities.
Another way that real estate firms take advantage of RETS integration with the MLS system is that they enhance collaboration between colleagues within the firm. They can instantly view the most significant details about real estate listings that are posted by the real estate firm or may be of interest to clients of the firm. Colleagues can communicate more efficiently because they are all viewing the most recent information available on real estate listings that are of interest to the firm and its clients. Along those same lines, real estate professionals within the firm will impress clients with the wealth of information that they are able to provide and how quickly they are able to respond to client requests.
For any real estate professional, the use of RETS feeds to display any active property listings can streamline and automate the process of reviewing available listings. Instead of having to check an online listing against a local copy of active listings, real estate professionals can now access and monitor listings in their specific markets in real time through the use of an RETS data feed. The client experience of either buying or selling a property is enhanced through the accessibility of relevant details about a viable property and the visibility of listings to a broad range of potential buyers. Real estate firms that are willing to take advantage of the real-time accessibility of information through an RETS feed and innovate their property search and listing processes are in a prime position to exceed their clients’ expectations and deliver top-notch results.
For more information, visit our RETS page.
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