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Anyone a Betting Man?

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Now, this is good news from NAR:

The integrity of data is a foundation to the orderly Real Estate market. The Real Estate Transaction Standards (RETS) provides a vendor neutral, secure approach to exchanging listing information between the broker and the MLS. In order to ensure that the goal of maintaining an orderly marketplace is maintained, and to further establish REALTOR® information as the trusted data source, MLS organizations owned and operated by associations of REALTOR® will comply with the RETS standards by June 2009, and keep current with the standard’s new versions by implementing new releases of RETS within one year from ratification.

So, by June of 2009, all MLS operated by Realtor associations will be RETS compliant.

Currently, only 63% of MLSes are RETS compliant.

If you’re a betting man, here’s an interesting wager.

Which standard will see 90% adoption by brokerage companies first?

(a) RETS

(b) Yahoo!/Trulia/Zillow standard

Now, do keep in mind that being “RETS-compliant” is still being worked out:

What it literally means, well that is still being defined. The RESO Certification Workgroup has been busy identifying what being a Compliant MLS means. Such as, the tests that the vendors need to pass to be a compliant product, and the tests/criteria that must be met to be a certified-compliant site (MLS). There will probably be much discussion regarding all this during the April 2008 RETS meeting in Philadelphia.

Not sure if Yahoo! et. al. have published what being “Yahoo! compliant” might mean.  Presumably, if you use their standard to publish and share listings data, that makes you Yahoo! compliant.  But who knows?

So… place yer bets!

And all you folks in commercial real estate… please accept my condolences for the state of data exchange in your industry.

-rsh

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Rob Hahn
Managing Partner of 7DS Associates, and the grand poobah of this here blog. Once called "a revolutionary in a really nice suit", people often wonder what I do for a living because I have the temerity to not talk about my clients and my work for clients. Suffice to say that I do strategy work for some of the largest organizations and companies in real estate, as well as some of the smallest startups and agent teams, but usually only on projects that interest me with big implications for reforming this wonderful, crazy, lovable yet frustrating real estate industry of ours.

4 COMMENTS

  1. That’s good info, Michael. Thank you. I’m thinking this is the kind of information that needs to get out more. 🙂 Although I suppose the significance of a single data exchange format might be lost on most of the real estate world and interesting only to data geeks… Then again, it’s the data geeks who will rule the RE world of the future, so…

    -rsh

  2. That’s good info, Michael. Thank you. I’m thinking this is the kind of information that needs to get out more. 🙂 Although I suppose the significance of a single data exchange format might be lost on most of the real estate world and interesting only to data geeks… Then again, it’s the data geeks who will rule the RE world of the future, so…

    -rsh

Comments are closed.