Data Licensing MLS (Multiple Listing Service) Uncategorized

Moving Toward Data Standardization

As reported by Inman News, Metropolitan Regional Information Systems Inc. (MRIS) has become the first multiple listing service to be certified by the Real Estate Standards Organization (RESO), a nonprofit that aims to foster software innovation and improve efficiency in real estate transactions through data standardization.

According to National Association of Realtors policy, MLSs must implement the latest versions of RESO’s data standards within one year of their ratification by the RESO board. Now that the certification process has begun, the board is set to choose a ratification date and start that clock ticking, according to RESO Chair Rebecca Jensen.

Currently, the vast majority of MLSs use varying versions of RESO’s Real Estate Transaction Standard (RETS) to transmit data in a standardized format to third parties. But MLSs may only be certified for complying with the latest versions of RETS — versions 1.7.2 and 1.8 — which don’t just allow MLSs to transmit data, but also to receive it — a capability brokers have long pushed for called RETS Update Transaction. Update makes the platform more accessible to others, easier to share data, and easier to integrate systems, whether it’s broker back-office systems or whether it’s third-party application developers.

For now, RESO has only launched a certification process for RETS 1.7.2 and RETS 1.8. The nonprofit hopes to have the other components of its data standards — the RESO Data Dictionary and Web API — ready for certification by the end of the year.

Clareity’s Matt Cohen does a super job in working with the RESO (RETS) Committee. Thanks Matt.
Here’s Matt’s Update of the Spring 2014 Meeting.

For more information on RESO, go to www.reso.org
Article on benefits of RETS

 

 

You may also like
This might be helpful to new agents…anything you can add?
New RAMCO API allows real-time member data exchange
Monetizing Syndication Conversation