Redfin

Redfin Offers Method To Modernize IDX

by Victor Lund on September 19, 2017

“Let’s modernize IDX by linking to the listing broker!” IDX or Internet Data Exchange is a thesis that was developed by the collaboration between Brokers and MLSs that outlines a set of display rules for listings on broker websites. The idea behind IDX is that of cooperation among brokers. Fundamentally, the IDX policy states that a broker allows all other brokers participating in an MLS to display their listings on any broker (and usually Agent) website. Over the years, the IDX policy has evolved. And today, Redfin CEO, Glenn Kelman suggests a radical new change. Kelman would like the IDX policy to require that every display of IDX listings provide a link to the listing broker’s website. As the screenshot illustrates, the National Association of REALTORS® MLS Policy on IDX requires the Broker to be identified as shown here. Displaying the listing agent is a local election and sometimes required. In the illustration below, everything is static. The big idea is to add a requirement to include a hyperlink to the broker/agent website (canonical source of information). Kelman goes further in the development of his concept to suggest that the broker name and link be prominently displayed above the fold (top of the page before you scroll). WAV Group joins Redfin in the belief that this would massively increase the traffic to listing brokers’ websites form search engines. Having hundreds of real estate websites link to the listing brokerage for each listing should completely re-orient search rankings. Search Engines are always looking for the most authoritative source of information – including real estate information. Kelman has strong beliefs and enormous respect for the listing firm. “The listing broker is the one who pays for, reviews and uploads all the photos. The listing broker updates and validates all the data about the property, and writes the marketing description. The home-buying consumer should be able to find her way to the full listing on the listing broker’s site, where she may also be able to see virtual tours, three-dimensional scans, and additional marketing materials about the listing, not to mention details on how to ask a question about the home or even arrange a tour with another agent at the listing brokerage if that’s what she prefers.” WAV Group’s research and analytics team finds that Redfin is, by a factor of two or three, the most popular brokerage website today. The leading […]

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Web analytics

If you ask any REALTOR® about the relationship between online website traffic and sales volume, they will tell you that there is a direct relationship. The conviction among Realtors® is that companies that have the most amount of consumer website traffic sell the most amount of homes. This belief has stirred the root of Realtor® emotions, causing them to vilify the Zillow Group. A new entry of concern is Redfin®, a company that has long battled with Zip Realty® for online website domination. Redfin’s IPO has been a great success that is causing competing brokers to contemplate their future in this online real estate landscape. WAV Group just completed a case study to explore the correlation between online success of a brokerage and transaction volume. The results of our survey indicate that winning online does not correlate to transaction success. The methodology for our research used the Seattle marketplace. This is Redfin’s top marketplace of any city in America. The top 10 broker websites for Seattle were culled though research using comScore and Hitwise. These services combine a number of methodologies for estimating web traffic to broker sites. They are not exact, like Google Analytics – but they do accurately estimate the share of consumer voice. As a percentage of overall traffic, they are very accurate. Seattle Share of Voice The total share of voice for all sites becomes negligible when you get down below ½ of a percentile. The top 10 consumer sites in the Seattle area contribute 65% of all consumer traffic. Below the top 10 are thousands of agent and broker websites that combine to deliver the other 35% of consumer traffic. Zillow’s estimate traffic is about 850,000 users per month in Seattle. They have about 1/3 of all traffic, so the total consumer audience is about 2.5 million consumers a month. Zillow – 31.0% Redfin – 15.2% Trulia – 7.4% Realtor.com – 7.1% Windermere – 1.3% Homes – 1.3% John L. Scott 1.0% Movoto – .7% Estately .7% *Coldwell Banker would be in the same ballpark at Windermere and John L Scott if you combine the traffic from the multiple Coldwell Banker sites. Seattle Share of Market There are a number of ways that you can measure market share by real estate brokers. Some look at units, others look at volume. For the purposes of this evaluation, we have chosen to look at units in 2016. […]

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Today, all MLSs in America are prepared to provide a standard set of data from across the nation. It’s the kind of data that portals have been aggregating for years, which is now being made available to real estate brokers. With great effort Redfin championed this strategy to become one of the most successful broker websites in America. We will be hosting a webinar surrounding these topics on Tuesday October 11th at 10:00am PDT. Register here today! Our panelists on this exciting webinar include:                                 For too long, brokers and their vendors have struggled with the difficulty of managing the different data structures and business rules of more than 700 MLSs. Today marks the beginning of a new era, where each MLS is synthesized into a single common format allowing brokers to provide services, across MLS boundaries without differentiation.  Be sure to register below for this one hour webinar to be hosted on: Tuesday October 11th at 10am PDT CLICK HERE TO REGISTER NOW!

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