What is Broker Reciprocity?
As an agent or broker, you obviously have access to your own listings, and can obviously display them however you want on your website. But that can be very limiting for your buyer clients, and it also limits your ability to help them find the home of their dreams. Also, what about your seller clients – if the only place your listing is displayed, is on your site, then their property gets very limited exposure. In both cases, you are also limiting your commission potential. This is where Broker Reciprocity comes in – it is a system that allows brokers to give each other permission to display each other’s listings.
Broker Reciprocity Benefits
1. Clients coming to your website, will be able to browse a comprehensive database of property listings. This means that broker sites become that much more valuable and useful, and the participating agents have an exponentially larger number of homes that they can show, which increases the likelihood of a buyer finding a home that they want and contacting one of your agents.
2. Because your listings are now shown on many other Broker sites, your selling clients have an exponentially greater chance of having their property noticed and sold.
Broker Reciprocity Rules & Regulations
Each MLS will have specific rules about how reciprocal listings must be displayed on other broker’s sites. For example, they often need to include the Broker’s name on each listing displayed and give credit to their regional MLS. There are often also requirements for data accuracy disclaimers.
Broker Reciprocity History
The Broker Reciprocity policy was first introduced by the National Association of Realtors (NAR) in 2000. It was initially known by several names, including Internet Data Display (IDD) and Broker Reciprocity. The NAR made reciprocal Internet Data Display a mandatory policy in January 2002. Since then, the NAR has officially renamed its policy to Internet Data Exchange (IDX), which is likely the name you have heard it called.