As our subscriber base expands across Colorado, we continue to enhance REcolorado’s Matrix MLS and the way listing data is distributed so we have a system that works for everyone. This includes adding Price Type to the required fields for IDX display so that partial ownership listings are accurately represented.
Below, we break down what partial ownership is and why requiring IDX vendors to display the Price Type field is important, especially when the price type is ‘Fractional.’
What is Partial Ownership?
Partial Ownership is a field in REcolorado’s Matrix MLS on the General tab of a listing input form that helps a broker clearly identify their listing as fractional, meaning the buyer is only purchasing a piece of the ownership. Partial Ownership could also describe a timeshare, meaning the buyer is only purchasing the right to use the property for a certain amount of time each year.
Identifying the partial ownership type is helpful because it ensures that brokers who want to search for those types of listings for their clients can do so.
What is Price Type?
Price Type is a field in REcolorado’s Matrix MLS on the General tab of a listing input form that helps a listing broker clarify the price. Options include Auction Price, Base Price, Fractional Price, and List Price. When Fractional Price is selected, it helps brokers and consumers alike understand that the price displayed isn’t for full ownership of the listing, but rather a portion (or fraction) of ownership.
What is this Price Type change and why does it matter?
Our IDX vendors are now required to display Price Type on all listings from REcolorado’s Matrix MLS. Here’s why: when consumers would search for listings on IDX sites, primarily in the Steamboat Springs area, they were thrilled when they saw they could purchase a mountain home for, say, $200k. Who wouldn’t be? Little did they know that the price was only for a fraction of the ownership! This change will help more clearly identify that, so we avoid consumer confusion.
Need more clarification? Contact REcolorado Customer Care at support@REcolorado.com or 303.850.9576, option 1.