I often joke with my fellow Realtors that our industry is very similar to the armed services in that both fields absolutely love to use acronyms. MLS and IDX are terms Realtors use every day, but I think it’s important to explain what these letters stand for, and more importantly, how they represent accurate property listings that benefit consumers and Realtors alike.
First of all, I think it’s important to note that Realtors are small-business owners who ensure buyers and sellers experience the greatest transparency, choice and efficiency through independent, local broker marketplaces that level the playing field for all types and sizes of residential real estate brokerages. This is where the MLS comes into play.
The multiple listing service, or MLS, is a facility that allows real estate professionals to learn about and share local property listings in support of the interests of clients and customers. Realtors enjoy an economical, efficient system of sharing real property information and facilitating cooperative transactions, while their clients and customers have access to the most accurate and up-to-date property information available.
There are hundreds of MLSs across the country, which use a common set of rules to enable a smooth exchange of information in their local communities. MLSs provide a means for participants to offer compensation to other participants and enhance cooperation among them.
MLSs have adopted Internet Data Exchange (IDX) programs as a means of enhancing cooperation between Realtors. Under IDX, brokers exchange consent to display each other’s listings on participants’ websites and use applications for mobile devices that participants control. Many MLSs, as a service to their members, also provide listing information to third-party aggregators such as realtor.com and others through syndication or other similar type agreements, unless the broker withholds consent.
So when brokers input information into the MLS, they create hubs of trusted, verified information where all participants have equitable access. And because of lower barriers to entry enabled by local broker marketplaces, new market entrants can advance technology, consumer service and other innovations. This allows for unprecedented competition, which ultimately benefits those looking to buy or sell property.
Whether you’re looking to buy or sell property, Realtors are everyday working Americans who champion wealth building through homeownership and property rights while advocating for their communities. That’s Who We R®.
Founded in 1912, Greater Chattanooga Realtors is the voice for real estate in Greater Chattanooga. A regional organization with more than 2,700 members, Greater Chattanooga Realtors serve Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade, and Walker counties in northwest Georgia. The Association is one of approximately 1,100 local associations/board of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors owns and operates a Multiple Listing Service (MLS), which is one of approximately 600 MLSs in the country and services more than 3,000 MLS users. Local Association membership is comprised of Realtors servicing the Greater Chattanooga area and specializing in a variety of disciplines – appraisal, commercial, industrial, land, multi-family, property management and residential. Working alongside Realtors are our Affiliate members, who represent related industries in sympathy with the objectives of the Association. Our Affiliate members include mortgage lenders, home inspectors, title and closing services, pest inspection and control and insurance.