Forbes Magazine reports that Immobel Global Listing Exchange (Camden, SC) and the FNAIM (French association of real estate professionals) have signed an agreement to translate all French real estate listings into English and make them available for US Realtors to market on their own websites.
Wow! or "Woot!" , depending on your age group. We're talking 500,000 French listings here. We're talking country estates, Paris apartments, and a lot of real estate in between.....
And that's all very cool. But what's even more cool is a solution to what is bothering a lot of Realtors as MLS operations regionalize, or form data exchanges in an attempt to provide Realtors a way to move beyond the often-archaic boundary system of the traditional MLS.
Realtors often don't like offering a blanket commission offer to Realtors who are far away, or who may not be able to do their fair share of the cooperative work load. That's particularly true in large residential projects with complicated restrictions, or with recreational areas of the country where many property owners come from other locations.
But here's how that seems to be working with the FNAIM-Immobel deal: participants get widgets which can be embedded onto US Realtor websites. When a sale results from a prospect who clicks on the widget, the Realtor earns a referral fee from the sale of the French property.
And of course, the process works the other way as well: beginning September15, FNAIM members participating in this property data exchange will be able to display their choice of over 300,000 US listings and earn referral fees.
Sure, the agreement between the two countries is a wonderful thing. But the mechanism by which it is carried out is elegantly simple, a potential model for many of our US multiple listing systems.