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The Future of RETS
The Future of RETS
The Future of RETS
The Future of RETS
The Future of RETS
The Future of RETS
The Future of RETS
The Future of RETS
The Future of RETS
The Future of RETS
The Future of RETS
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The Future of RETS

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  • 1. Real Estate Transaction Standard: Development and Governance
  • 2. Agenda <ul><li>SOA Software: Company Background </li></ul><ul><li>SOA Software: Participation in Standards Development </li></ul><ul><li>Basic Tenets of Standards Development </li></ul><ul><li>RETS Standards & Governance: </li></ul><ul><ul><li>Fact-finding Results </li></ul></ul><ul><ul><li>Recommendations </li></ul></ul><ul><li>Next Steps </li></ul>
  • 3. SOA Software: Company Background <ul><li>Headquartered in Los Angeles, California </li></ul><ul><li>The largest platform-independent Service Oriented Architecture (SOA) infrastructure vendor: </li></ul><ul><ul><li>SOA Workbench TM provides: </li></ul></ul><ul><ul><ul><li>Registry, Repository, Contract Management, Workflows, Re-use Management </li></ul></ul></ul><ul><ul><li>SOA Service Manager TM provides: </li></ul></ul><ul><ul><ul><li>Policy Management, Security, SLA and Exception Management </li></ul></ul></ul><ul><ul><li>SOLA TM provides: </li></ul></ul><ul><ul><ul><li>Mainframe Web Services for CICS </li></ul></ul></ul><ul><li>Investors: </li></ul><ul><ul><li>Redpoint Ventures, Draper Fisher, Mellon Ventures, Paladin Capital, Palisades ventures </li></ul></ul>
  • 4. SOA Software: Representative Customers and Awards 2005 Cool Vendor 2005 WSM Leader
  • 5. SOA Software: Standards Development <ul><li>SOA Software participates in the development of industry-wide standards: </li></ul><ul><li>Sponsor member since 2002. Active on committees: UDDI (Universal Description, Discovery and Integration), WSS (Security Services), WSDM (Distributed Management), WSRM (Reliable Messaging), WSSX (Secure Exchange), WSTX (Transaction). </li></ul><ul><li>Member since 2003. Observer status and participate to remain compliant and stay ahead of standards. Perform compliance testing in our product. </li></ul>
  • 6. Standards Development: Basic Tenets <ul><li>Clearly defined / adhered to organizational structure, processes and procedures </li></ul><ul><li>Open and accessible to industry professionals </li></ul><ul><li>Participation levels define voice </li></ul><ul><li>Technical agendas are set via consensus </li></ul><ul><li>Transparency into processes and procedures </li></ul><ul><li>Completed work is ratified by participating members </li></ul><ul><li>Leadership is chosen by democratic election and serve terms </li></ul>There are certain key aspects that successful standards bodies have in common:
  • 7. Fact-finding Results: RETS as a Standard <ul><li>Conflict amongst members with regard to RETS 1.x vs. 2.x: </li></ul><ul><li>Does 1.x work the way it was intended? </li></ul><ul><li>Hold off on 2.x or keep going? </li></ul><ul><li>Key findings: </li></ul><ul><li>1.x, while well on the way to becoming a standard, is not yet ready: </li></ul><ul><ul><li>Needs to more efficiently transfer MLS data </li></ul></ul><ul><ul><li>Needs to be easier and less resource-intensive to implement </li></ul></ul><ul><li>Limited industry adoption </li></ul><ul><li>Majority want efforts to be focused on getting 1.x to a true standard status </li></ul>
  • 8. Fact-finding Results: RETS Governance <ul><li>Highlights of the feedback on governance: </li></ul><ul><li>Can we reassess the current governance structure? </li></ul><ul><li>What is the best mix from the industry for committees and work groups? </li></ul><ul><li>How can we have more involvement in requirements and design? </li></ul><ul><li>Key findings: </li></ul><ul><li>More structured governance: </li></ul><ul><ul><li>Transparency and accessibility </li></ul></ul><ul><ul><li>Reviews of work </li></ul></ul><ul><ul><li>Approvals of work </li></ul></ul><ul><li>Membership involvement: </li></ul><ul><ul><li>Participation in business and technical requirements </li></ul></ul><ul><ul><li>Be “heard” when present ideas </li></ul></ul>
  • 9. Recommendations: RETS as a Standard <ul><li>Concentrate on 1.x and deliver a “true” standard: </li></ul><ul><li>Revive mission and business requirements: </li></ul><ul><ul><li>A common language that enables easy access to systems and data </li></ul></ul><ul><ul><li>Transfer MLS data efficiently </li></ul></ul><ul><ul><li>Standards that require no or minimal customizations </li></ul></ul><ul><li>Review current standards: </li></ul><ul><ul><li>Completeness </li></ul></ul><ul><ul><li>Ease of implementation </li></ul></ul><ul><ul><li>Quality of code / performance metrics </li></ul></ul><ul><li>Form work groups to develop revisions: </li></ul><ul><ul><li>Prioritize deliverables </li></ul></ul><ul><ul><li>Set reasonable timelines </li></ul></ul>
  • 10. Recommendations: RETS Governance <ul><li>Restructure current governance: </li></ul><ul><li>Increase RETS membership to encompass professionals from all segments </li></ul><ul><li>Committees and work groups should be representative of all segments </li></ul><ul><li>Leadership committee defines structure, processes and procedures: </li></ul><ul><ul><li>Committees and work groups – how many, participants, accountability </li></ul></ul><ul><ul><li>Development planning, monitoring and reviews </li></ul></ul><ul><ul><li>Transparency to membership </li></ul></ul><ul><ul><li>Membership ratification before general release </li></ul></ul>
  • 11. <ul><li>Governance: </li></ul><ul><li>Elect Leadership </li></ul><ul><li>Define Mission </li></ul><ul><li>Define structure and processes </li></ul><ul><li>1.x Standards: </li></ul><ul><li>Review business requirements </li></ul><ul><li>Perform a technical review </li></ul><ul><li>Develop and release </li></ul>Next Steps

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