The MLS Approval Process

Gaining MLS approval can be a long tedious process, especially for new agents. No sure where to get the needed paperwork? What signatures you need to acquire? How long does the entire process take? Working with MLS’s on a daily basis, me along with the rest of the WolfNet team have developed some great relationships and have tips on expediting this process. We’ve laid out some key things to keep in mind when looking for approval!

• Make sure you have the most up-to-date version of the data access agreement from your MLS. You get this from the MLS directly or your IDX/VOW provider may have a copy on file too!
• Know your website address by heart and make sure it’s accurate on your data access agreement.
• Do you know your “Broker of Record” on file with your MLS or brokerage? This may be different than your own broker. Make sure to find out who this may be and obtain their signature on your data access agreement if necessary.
• Submit your completed data access agreement directly to the person that handles each approval.

The most innovative solution providers should be able to monitor this whole process for you starting from access to the right documents all the way up to approval so ensure you have a speedy turnaround.

How WolfNet Can Help

Here at WolfNet, our staff members are dedicated to the MLS’s we service, which means our team members are experts in all things related to your MLS. Having an intimate knowledge of your MLS’s rules and regulations helps us provide you with the necessary tools for success!

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Defining a Multiple Listing Service

A Multiple Listing Service is essentially a large database where agents and brokers input the properties they have for sale. This helps real estate professionals search and find the houses their customers are looking for and also gets properties they are selling in front of other potential buyers. Agents get commission from both the sale of homes they’ve personally listed in the MLS as well as when a client they’re representing, purchases a home listed by another agent.

With an MLS, sellers now get more eyeballs on their property and buyers have access to a plethora of homes on the market. The process by which this occurs – buying agents and selling agents sharing properties – is defined as broker reciprocity. This provides a unique business situation within an already competitive market. Agents and brokers have to work with their competition in order to provide a successful experience for their clients.

How MLSs Manage Data

A Multiple Listing Service is paid for and managed by real estate professionals on a daily basis. Clients have access to MLS listing information through their specific agent or broker’s website thanks to IDX providers like WolfNet. Every MLS is different in how they collect and share their data with agents. We take the data from 600+ MLSs across the country and standardize it across the board to represent the data correctly on agent’s and broker’s property searches.

MLSs are influential players within the real estate industry, allowing every type of professional to participate, from single agents to large brokerages. With the continued growth and innovation, MLSs will continue to provide new ways for real estate professionals to access and share their data.

The post Know Your Lingo: What’s a Multiple Listing Service? appeared first on WolfNet.

How IDX Works

IDX, or Internet Data Exchange, encompasses various policies, rules, regulations and software that help display property listings to the public. Homes that are currently on the market are placed on a Multiple Listing Service but only members of that MLS can access this list of properties. So what happens when an agent wants to display housing information from an MLS they aren’t apart of? How do home buyers and sellers access housing information? IDX was created to remedy this exact problem – it pulls data directly from the MLS allowing agents to display property information on their personal sites. Now all you need is a trusted IDX provider (hint, hint) to equip your website with the best IDX property search and you’re all set!

Adding Value with VOW Data

VOW, or Virtual Office Website, is very similar to IDX but with a few subtle changes and additions for home buyers. VOW data offers even more in-depth information about a property such as how many days on market, original list price, and any price change history. Additionally, in order for customers to access VOW data they have to register with an email and password before seeing property information. This provides a great way for agents to build their potential lead list with VOW! One important thing to note – VOW data is not always available in every MLS market or region. Any good IDX/VOW provider will notify their agent and brokerage customers once VOW data has become available in their market.

IDX & VOW are both vital tools in helping agents and brokers bring home buyers and sellers into the market. While there’s plenty of information and history behind both, this high level explanation can hopefully shed some light on the process it takes to bring your real estate property search to life!

The post Know Your Lingo: What’s IDX/VOW? appeared first on WolfNet.