MORRISVILLE, NC--(Marketwired - Jun 4, 2015) - The real estate industry's Real Estate Standards Organization (RESO) is fast becoming the industry's "innovation enabler and cost-saver," as technology firms serving the real estate industry will be unleashed as property data becomes standardized by the nation's estimated 850-plus Multiple Listing Service (MLS) firms.
Driving the welcome change is the National Association of REALTORS® mandated deadline for the adoption by Realtor affiliated MLSs of the RESO Data Dictionary by Jan. 1 of 2016 -- just six months away to ensure industry adoption on enabling standards. Four of the nation's largest and most respected MLS firms are now Data Dictionary compliant: MRIS, serving the Mid-Atlantic region; MRED, or Midwest Real Estate Data serving Chicagoland; MetroList Services serving Sacramento; and MLSListings, serving the Silicon Valley. Combined they serve more than 100,000 agent members and drive tens of billions of dollars in real estate transactions each year.
"The role of RESO is clear," says Jeremy Crawford, Executive Director of the nonprofit organization. "We are real estate's innovation enabler and cost-saver through data standards development, implementation, and adoption, which is what every major industry experiences when data becomes standardized."
"RESO empowers the real estate industry to more rapidly innovate and iterate by creating an environment through standardization that eliminates redundancy. What we all are trying to achieve is better experience for consumers when they buy or sell a home," Crawford says.
"For real estate technology startup TLCengine, RESO efforts like its Data Dictionary, Web API and RETS (Real Estate Transaction Standards) specifications, create a faster path to success," says its CEO and Founder, Krishna Malyala.
"RESO efforts will give us the ability to deploy our new technology faster, lower our development cost, and allows us to update and improve our product features far more rapidly," Malyala says.
Malyala argues the key will be the continued embracing of new standards delivered by RESO by all players in real estate. "RESO and its impending standards, including the Data Dictionary, are not just an MLS thing or an MLS vendor thing," he says. "Everyone in the industry will be positively impacted by RESO and new standards so everyone needs to get involved now, and not wait for a deadline. We are involved because we want to have a voice in real estate's future."
Crawford adds that "everyone" Malyala refers to includes real estate broker-owners and franchises, and "any firm that uses MLS data," he says.
Michael Sparr, RESO member, CEO and Founder of software firm Goomzee, also encourages involvement in the standardization process.
"More technology companies should get involved with RESO -- your voice is needed at the table too." Sparr says, adding, "Too often we hear the groans about difficulties integrating with differing markets and systems and this is your chance to shape the future of real estate. If the only people making suggestions are the existing systems and some MLS staff, the impact of those decisions for those consuming data remain unheard. If you aren't involved, get involved."
We are excited to learn that many new industry efforts like Upstream, AMP, are adopting RESO Standards while brand new ventures such as Broker Portal consider the same path. "RESO is an enabler for these firms, with no involvement in the creation of their business rules nor plans," Crawford says. "Our goal is to help create an environment where innovative solutions can thrive and can bubble up to address needs for brokerages, MLSs and the technology companies that support them. Our job is not to endorse these programs, but simply to enable them."
Crawford notes the deadline for Realtor®-affiliated MLSs to comply with the RESO Data Dictionary, which includes most of the nation's MLSs, requires MLS firms to begin working with their technology providers now. "Don't just assume your technology provider is taking care of this automatically," Crawford cautions. "Every MLS needs to sit down with their data providers, initiate the process and go through what these changes will mean."
The Real Estate Standards Organization's (RESO) mission is to create and promote the adoption of standards that drive efficiency throughout the real estate industry. RESO incorporated in November 2011 as an independent, not-for-profit trade organization having functioned previously as a section of the National Association of REALTORS®. The RESO has more than 150 active members including NAR, multiple listing services, real estate associations, brokerages and industry technology providers. For more information, visit www.reso.org.
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