Syndication Develops into Major Marketing Tool
Recent Sales of Syndication Companies Makes Headlines
In recent years, there has been a dramatic shift from marketing listings in print to on-line media. Today, more than half of real estate listings nationally can be found on national consumer websites and search engines. Nearly 75% of TREND’s active listings are syndicated by brokers to consumer sites like HomeFinder.com, Trulia Real Estate Search, Yahoo! Real Estate and Zillow.com.
Additionally, TREND has established relationships with several prominent national, regional and local consumer-based sites. All active listings are automatically distributed to these sites, including REALTOR.com and Philly.com, unless the broker or seller tell us otherwise.
Challenges Emerge with Popularity
At a glance, listing syndication is very simple. Brokers opt to distribute their listings to different consumer sites. However, when you take a closer look, syndication does pose challenges.
That’s why it’s extremely important
- “You promise to indemnify and defend (company name) against all claims related to your data …” – You cannot hold any consumer website liable for any claims against you arising from their use of your listing information. The broker is obligated to defend (legally and financially) any actions or claims brought against the consumer website arising from the use of your listing information.
- “… Make updates or remove listing from public display as soon as reasonably practicable.” – While this sounds reasonable, it does not create a legally binding requirement on the syndicating site. Rather, listing updates may not occur in a timely manner, if at all.
Investigate Before You Syndicate
Updated 10/22/2010: Is Syndication the Best Option for Me?
This information is further supported in a report from the WAV group
, which contains a similar comparison.(The WAV group specializes in strategic planning, research, business development, sales, product development and marketing in the real estate industry.)
We recommend that you develop a syndication strategy that has measurable goals. Then choose the sites that meet your goals.