What Are MLS and IDX?
The term MLS means "Multiple Listing System" or "Multiple Listing Service." The term IDX means "Internet Data Exchange." (The X comes from "eXchange.") Both MLS and IDX have to do with the distribution of information about homes that real estate brokers have listed for sale.
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An MLS
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An MLS is a company, system or service through which participating real estate brokers can share information among themselves about homes that they have listed for sale. An MLS is also the way that brokers agree to compensate one other for their cooperation to bring a buyer into the transaction. It's a common misperception that there is only one MLS in the country called "the MLS." In fact, there are separate MLSs for different states, cities and local communities. Many MLSs have consolidated since their early days as tiny operations into bigger regional entities.
An IDX
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An IDX is a system that lets real estate brokers show MLS information about for-sale homes on their websites. The IDX lets brokers show not just their own listings, but also other brokers' listings as well. An IDX might not show all of the information about all of the for-sale homes in the area, however, because brokers can "opt-out" or decide not to participate in the exchange of information for website display purposes.
IDX Rules
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The term IDX was made up by the National Association of Realtors, which set up the model policies and rules for how brokers can display listings on their websites using IDX. An IDX does not require that the home buyer, home sellers or other person who wants to view the listings register to access the IDX.
Use of MLS or IDX
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Home buyers, home sellers and homeowners don't have direct access to the MLS, which can be used only by the brokers, although some MLSs have a public website that shows some of the information. An IDX lets brokers provide the MLS information to buyers and sellers online just as they would hand them a printout from the MLS of the same information. In the years before computers and the Internet, brokers used an MLS book that was printed, usually weekly, so that brokers would have all the information about houses that were for sale in the area.
No FSBOs
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An MLS does not include homes that are for-sale-by-owner, known as FSBOs. Since that information is not in the MLS, it will not appear on an IDX website, either.
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References
- Photo Credit computer with sales chart on screen image by patrimonio designs from Fotolia.com
