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2021 MAM IDX Report

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2021 MAM IDX Report 2021 IDX & HOME SEARCH REPORT What 135,000 Consumers Told Us About the Home Search on Your Website 2021 IDX & Home Search Report What 135,000 Consumers Told Us About the Home Search on Your Website There are multiple options for powering your real estate website. Each one has its pros and cons. We surveyed 135,000+ consumers, analyzed over 20,000 agent websites, and examined 16 IDX providers, in the largest real estate technology study ever. In this report, an update to our 2020 report, we will help you decide which IDX is best for you and your marketing needs. If you are new to IDX, we’ll give you a thorough understanding of IDX, why you may want to use it, and what many agents get wrong when they build their websites. What 135,000 Consumers Told Us About the Home Search on Your Website Page 1 2021 IDX & Home Search Report What is IDX? The accepted agent denition of IDX is: IDX stands for Internet Data Exchange and is a real estate property search enabled site that allows the public to conduct searches of approved Multiple Listing Service (MLS) properties in a certain area. It is the exchange of the MLS Data to the IDX customer giving the IDX customer the ability to display all listings that are on the MLS. Just like Redn, Zillow or Trulia. According to NAR, Internet Data Exchange (“IDX”), also referred to as “Broker Reciprocity,” is the next stage in the evolution of MLS as the primary means of enhancing cooperation between REALTORS® to facilitate the purchase and sale of real property. IDX gives MLS Participants the ability to authorize limited electronic display of their listings by other Participants. Under IDX, brokers exchange consent to display each other’s listings on participants’ websites and using applications for mobile devices that participants control. This is where the confusion on IDX comes in Technically, IDX is the requirement for members of an MLS to share the data on their listings equally with other members of the MLS. However, it’s more complicated than that. Simply accessing the data is one thing, but someone has to build applications that can use that data. What 135,000 Consumers Told Us About the Home Search on Your Website Page 2 2021 IDX & Home Search Report In 2010, there were 1,400 location boards with their own MLS practices. There are still more than 600 MLSs today in the United States alone. While the Real Estate Standards Organization has been a huge help in the real estate market, most of these MLSs still use differing server protocols, access requirements, rate limits, standards, etc. to access the data. It’s costly to access and normalize this data, with it commonly accepted that Zillow spent $25 million simply ingesting MLS and other data, and that is before building search tools. How you should think about IDX? IDX is how consumers perform their home search on your website. It includes access to the MLS data on your website and all of the modern home search capabilities that they require to find their next home. Often consumers will first go to Google or another search engine and search for something like: Condos in downtown Dallas Chicago waterfront condos Single-family homes near Liberty high school Homes for sale in Charlotte With Google’s shift to “user intent”, the search results for each of these searches could render very different results based on what the search engine already knows about the person. This is why it’s important to look at search engine optimization. Many outdated IDXs use iFrames and subdomains which make it near impossible to rank a website on search engines. What 135,000 Consumers Told Us About the Home Search on Your Website Page 3 2021 IDX & Home Search Report Modern IDX plugins will give you pictures, videos, neighborhood info, market information, allow visitors to save their search, and will never use iFrames or subdomains. Your website should be the hub of all of your marketing, and a modern IDX will power the real estate components of that marketing technology stack. What 135,000 Consumers Told Us About the Home Search on Your Website Page 4 2021 IDX & Home Search Report Best IDX Plugins and Home Search What 135,000 Consumers Told Us About the Home Search on Your Website We tested 20,000 real estate agent websites and worked with more than 135,000 consumers in what was the largest test of IDX, home search, and real estate portals ever done. When combined with our 2020 research, we tracked 250,000+ total home buyers/sellers. We were most concerned with one question “would qualified leads use the home search from an individual agent?”. Next, we wanted to know where a consumer went when they left an agent’s website. Zillow made approximately $1 billion in 2019 from advertising services (i.e. that’s the value of consumer value). That is the value of your client’s contact and budget info. As an agent, it’s hard to have a business and grow today if your clients are using a large portal like Zillow that will provide their contact information to a competing agent, unless you have a buyers agreement in place 100% of the time. What 135,000 Consumers Told Us About the Home Search on Your Website Page 5 2021 IDX & Home Search Report As a successful Realtor website must retain clients, generates leads, and increases engagement with clients, we next looked at how each IDX and home search provider impacted the ability of the agent to rank for search terms relevant to the niche they serve. Here are a summary results agents need to know when deciding on the IDX to power their website: Showcase IDX stood out above any other IDX plugin overall, significantly outperforming in terms of client retention on agent websites and the ability to rank in Google, especially from an ROI standpoint. All-in-One platforms kVcore and Real Geeks scored 2nd and 3rd overall but at a much higher annual price than owning your own website. What 135,000 Consumers Told Us About the Home Search on Your Website Page 6 2021 IDX & Home Search Report IDX Broker vs iHomeFinder vs Showcase IDX vs Others Some agents generate leads from ads, others from organic traffic, others from local events, and countless other ways. A successful real estate website will be a site and home search your clients actually use and will help you be found on search engines by clients in your target niche. To better understand the benefits, costs, and risks associated with investing in an IDX or home search, The Made in America Movement analyzed 25,000+ real estate agent websites, interviewed multiple customers from each vendor, and spoke directly to dozens of consumers about their preferences. Key Findings on IDX and Agent Websites IDX Choice Matters: Our research shows a substantial difference in how the choice of IDX impacts client retention, the impact of the IDX on search engine rankings, and the long- term lower costs of successful real estate marketing tools once set up properly. Value of a website: This research also reinforced the value of 1) real estate agents that have their own website compared to 2) the agents without a website, a simple agent featured page on their broker’s site, or a subdomain with their name from their broker. What 135,000 Consumers Told Us About the Home Search on Your Website Page 7 2021 IDX & Home Search Report Client Retention is the #1 Most Important Success Factor: Client retention is the percentage of qualified leads that are sent to an agent’s website that leave and go to a competitor’s website or a large portal. Every website and category has a normal “bounce rate ” (percentage of visitors that leave). Normalizing for these typical bounce rates showed a significant difference in consumer willingness to use a given home search on individual agent websites. Imagine sending your past clients to Zillow, or spending $5k in advertising this month for 60% of those potential clients to leave and go to Zillow? The best IDX in our study had a client retention 15.9x that of the worst IDX. This does not mean that the IDX has a “connection to Zillow/Trulia and sends consumers to those sites. It means that the consumer does not like the search experience for some reason and chooses to go to Zillow, Trulia, Redn, etc and do their search there instead of on the agent’s websites. Search Engine Optimization Matters: Many agents simply need a website with a home search their clients will use (i.e. client retention) and do not need to generate leads from Google and Bing. The all-in-one platforms typically rank well for SEO because of how they are built. For agents that need an IDX website and are using an IDX plugin, we found that many agents have been hurt by website developers that use an IDX that utilize subdomains or iFrames because the developer is simply accustomed to using one of the outdated IDXs, rather than one of the newer modern options. What 135,000 Consumers Told Us About the Home Search on Your Website Page 8 2021 IDX & Home Search Report Here is how each of the IDXs and home searches compared on Client Retention and SEO Capabilities: IDX Home Search Consumer Retention Consumer Loss SEO Value Showcase IDX 95.7% 4.3% 93.4% Real Geeks 52.5% 47.5% 41.6% RealScout 41.5% 58.5% 13.2% Sierra Interactive 39.8% 60.2% 47.1% Real Estate Webmaster 38.5% 61.5% 48.2% Homesnap 33.50% 66.5% 4.6% Flex MLS 30.5% 69.5% 10.4% kVcore 27.9% 72.1% 44.2% iHomeFinder 22.7% 77.3% 18.7% Diverse Solutions 19.8% 80.2% 27.1% YLOPO 18.3% 81.7% 8.1% Chime 13.6% 86.4% 19.3% IDX Broker 9.7% 90.3% 11.9% RealtyNA 8.4% 91.6% 33.7% Wovax 6.3% 93.8% 18.5% Wolfnet 6.0% 94.0% 4.8% *Consumer Leakage is the inverse of Consumer/Visitor Retention.
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