RESO REDUX by Travis Wright

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Presentation at the RESO Conference at NAR Headquarters on Sept. 27, 2010

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RESO REDUX by Travis Wright

  1. 1. Chicago, Illinois The National Association of REALTORS® Monday, Sept. 27, 2010
  2. 2. • Just a ‘warm-up’ to the main events • No need to take notes • Just listen to a few stories….. Travis Wright Executive Director The Real Estate Standards Organization twright@reso.org
  3. 3. If I Can’t Hear It, I Can’t Fix It
  4. 4. I Have Listened To…. The BOD • “Do we incorporate, when & how?” Work Groups • “Let’s do it this way, OK?” Blogs • “The organization that doesn’t exist!?” MLS Execs • “If you don’t, we will!” Brokers • “Doesn’t‘ RETS do it all already?” NAR • “What’s in the Member’s best interests?” Experts • “WHAT are you guys doing?”
  5. 5. www.ted.com
  6. 6. Golden Circle
  7. 7. Whole Brain Thinking
  8. 8. Travis’ WHY AFFILIATION APPRECIATION My AUTONOMY APPRECIATION WHY Acknowledgement of Merit In One's Thoughts and Feelings AFFILIATION Treatment As a Colleague ROLE STATUS AUTONOMY Respect For One's Freedom of Decision STATUS Recognition of One's Standing ROLE Definition of One's Role As Fulfilling
  9. 9. The WHY’s of RETS REALTORS SERVER CONSUMERS VENDORS WHY CLIENT NAR of VENDORS RETS MLS EXECUTIVES EXPERTS
  10. 10. RESO ~ RETS Eco System 900 Share MLS’ Holders ? COMMUNITY 150 80,000 GOVERNANCE SERVER Brokers Share Board of Directors Vendors Holders ? PROCESS CLIENT 1,000,000 Workgroups Vendors REALTORS PRODUCT EXPERTS RETS Specification Consultants 4,000,000 NAR FUNDING Listings is the Sole Shareholders Share Holder 60,000,000 Consumers
  11. 11. The Tech Work This Week
  12. 12. Do You Have a Dog in the Hunt?
  13. 13. Wish I Did..
  14. 14. So, What Has Been Revealed?
  15. 15. REALTORS are Perplexed Median ASP: Inventory: Income: $182K NAR Dues: 4M & $36K 12mo’s $88 M Annual Home Local Dues: Sales: 3.8M $190 M Real 1.1 M MLS Dues: REALTORS Estate $580 M Vertical
  16. 16. Our Industry is Perplexed • Uncertain economy and weak real estate markets • MLS’ debate the merits of consolidation, revenue streams, data ownership and their ‘true role’ • Real estate brokers struggle to survive on narrow margins • Realtors struggle to earn U.S. median income • Everybody wants realty data for free • Innovators want no barriers to innovation • Thought leaders want their views adopted • New business models and technologies continue to disrupt (Freemium) • RETS is not all it could be
  17. 17. RETS Workgroup began informal meetings to discuss data standards for MLS industry. 2007 2010 2000 2002 2003 2008 RESO RETS 1.8 RETS 1.0 RETS 1.01 RETS 1.5 RETS 1.7.2 (proposed) (proposed)
  18. 18. Server Client NAR Experts Vendors Vendors Marketlinx CRT Realtor.com Many! Mark LPS Lesswing Others
  19. 19. Significant Contributions Have Been Made By… NAR-MLS Server & Policy Client Committee Vendors NAR Members ($4m+) at Large
  20. 20. Solid Results for RETS Five MLS Releases Adoption of RETS 60 M Uniques & 1.8 B minutes June, 2010
  21. 21. But, Some Shortcomings… • Technology advances faster than a volunteer organization can accommodate • Progress is directly tied to resources: – Volunteers members – Volunteer governance body – Financial support • ‘Us’ vs. ‘Them’ impedes progress • Unmet demands for data ‘types’ and faster, cheaper data updates
  22. 22. Governance & Funding Fell Short, Too • RESO Governance Structure was proposed but never formally adopted • 501 (c) 6 Incorporation has not occurred • Non-binding agreement, used primarily as a governance guide by the BOD • NAR agreed to fund the budget until other shareholders contributed 50%+ • Other ‘shareholders’ have not arrived
  23. 23. • Commercial real estate practitioners • MLS Executives calling for the ‘complete standard’ of data names and values • They say: “If RESO can’t, we will!” • The COVE group of MLS’ has made contributions to the Standard this year • Perhaps we create synergy with COVE, CMLS and other MLS executives? • What is the COVE?
  24. 24. The COVE…at Santa Catalina Island
  25. 25. COVE MLS Members
  26. 26. Non-COVE 638,000 880+ MLS’ COVE 462,000 23 MLS’
  27. 27. Humble Suggestions • Fully participate this week • Use the whole brain, left & right • Vote on RETS 1.8 • Think ‘modernization’ • Support the Commercial ‘85’ • Support the COVE ‘585’ • Meet the Candidates • Network at the Reception & Happy Hour • Enjoy Chicago!
  28. 28. Elected Appointed 1. Steve Clarke T 1. Jason Normandin T (Systems Architect, Marketlinx) (Director, Center for Realtor 2. Troy Davisson T Technology) (FBS-FlexMLS) 2. Mark Lesswing B 3. Mary Frances Adams B (SVP/CTO of NAR) (TREND MLS) 4. Kristen Carr B (VP, Realtors Property Resource) 5. Paula O’Brien T (Owner, Ronin Technologies)
  29. 29. 1. Art Carter CEO, IRMLS 2. Pat Bybee CEO, Metro MLS 3. Jeremy Crawford CTO, Sandicor MLS 4. David Charron CEO, MRIS 5. Kathy Condon CEO, MLS PIN 6. Rebecca Jensen CEO, Wasatch MLS 7. Rob Overman VP, LPS Real Estate Services
  30. 30. • Candidates may campaign until Nov. 8, 2010 • Online voting period: Nov. 15-19 – ‘Eligible Voters’ will be notified by email – Online procedures will be announced next month • Results will be announced on or before Dec. 3, 2010 • Candidates may email Eligible Voters, post PPT’s to RESO.org, etc.

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