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Here is a quick and simple answer:
Open-Realty is a free, web content management solution (CMS), for real estate listings. Open-Realty uses PHP to drive a SQL backed database, thus creating a tool which is fast and flexible. Open-Realty has built in WYSIWYG (What you see is what you get) editors, allowing agents to easily create and maintain realty listings on their website using a normal web browser. What isn't  featured in  Open realty can be created by means of an ADD-ON. Click here to see more

For the slightly more technical advanced:

• New Graphical Administrative Interface, (Currently has been redesigned by Real Webspace)
• Built in WYSIWYG page editor for modifying non database pages.
• Allows visitors to look through your real estate listings 24 hours a day, 7 days a week, 365.25 days a year.
• Easily keep your property listings updated -- no HTML coding required to add, delete, or modify listings.
• Built-in image manager -- upload photos via your web browser, either when creating new listings or modifying an existing one. If photos are not uploaded for a property, a "photo not available" image will be automatically displayed for the listing.
• Automatic thumbnails -- smaller versions of your images are automatically created through the GD library, saving load time on pages
  
• Automatically interfaces with Map Quest -- potential customers will always know exactly where to find your property.
  
• Flexible database backend -- compatible with mysql, oracle, microsoMap Questetc... through the ADODB abstraction back-end
• Secure -- no one but you can change your listings. Other agents only change their own listings.
• Showcase specific properties -- built-in featured listing manager allows you to place special offerings right on your front page.
• Flexible search options -- browse properties according to whatever criteria you like.
• Template system -- Ability to change to look of your website (May incure extra fees)

For hosting and design of any open-reality website please contact us or see our packages page here.