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The Real Estate Transaction Standard (RETS)
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The Real Estate Transaction Standard (RETS)

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Presentation at the National Association of Realtors Midyear Conference in Washington, DC on May 12, 2010. This presentation provides an update on the Real Estate Standards Organization (RESO) and the …

Presentation at the National Association of Realtors Midyear Conference in Washington, DC on May 12, 2010. This presentation provides an update on the Real Estate Standards Organization (RESO) and the Real Estate Transaction Standard (RETS)

Published in Real Estate
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Transcript

  • 1. The Real Estate Transaction Standard NATIONAL ASSOCIATION OF REALTORS® Midyear Meeting Washington, D.C. May 12, 2010
  • 2. Real Estate, Circa 1971 • 99,000 REALTORS • Average Sales Price: $28,300 • GCI: $1,981 • 50/50 Splits • No Co-op With Local REALTORS • No MLS • Listing Form: 5”X7” Sheet of Paper TI 2500
  • 3. And Then There Was…. Electronic DATA
  • 4. DATA is…. …A representation of a fact, number, idea…or a property listing!
  • 5. Good DATA = Good Business Decisions
  • 6. Decision-Makers Rely on Good DATA
  • 7. RETS is a Data Transport Standard CMA B WE IDX CLIENT Realtor Realtors VENDORS APPS E IL G OB EO M BROKER’S IDX / VOW WEB Consumers Submit RETS SYNDICATION WEB Listing MLS SERVERS PORTALS Consumers Data RETS WEB MLS Consumers CONSUMER SEARCH PORTAL WEB Data DATA ANALYTIC Consumers PRODUCTS Consumers Data
  • 8. RETS in Action RETS Data Names META DATA Data Types
  • 9. It All Begins With the Realtor’s Listing…
  • 10. …And the Realtor’s Promise to the Seller “I will sell your house”  For the highest possible price…..  In the shortest amount of time….  With the least amount of inconvenience… (by presenting your home to the widest possible audience…)
  • 11. Listings Do Have an Audience
  • 12. The Audience is Hungry (Source: www.realtors.org Jan. 2010)
  • 13. And…The Audience Wants it All! MLS Listing Schools Tax Assessor Real Demographics Appraisal Estate Title Chains Property Title Plant Parcel GEO Reports Photos Info Overlays Map/GIS
  • 14. Now, Greater Demand for Property Data
  • 15. DATA: It’s The Currency of the Transaction eNote Registry Real Property Transaction Mortgage & Title Transactions Capital Markets Transaction Property Search, Analysis, & Contract Loan Origination / Title Exam / Closing Securitization FANNIE For Secondary Market FREDDIE Title Search, Closing Agent Mortgage WALL ST. REALTOR SELLER BUYER Lender Exam, Title Co Underwrite Attorney eNote eDelivery INVESTORS Registry PROPERTY DATA Mortgage eTransaction Platform (Data & Documents) Processing eClosing eVaulting Backed Securities eSignatures (MBS) eSignatures Closing Documents eDoc Property Sales Custodian MLS Listing Contract Loan App Loan App VOE, VOI eVault LOAN Initial Loan Quote Credit SMARTDocs SERVICING Disclosures Rates & PORTFOLIO MI GFE, TIL Pricing Appraisal Lock Title eNOTE Archive eDisclosures eVault Lender’s Back Office Deed POS & LOS System Paper County Recorder Court House eRecording Simpli eStar File
  • 16. Stakeholders & Standards Bodies
  • 17. RETS and RESO History 2010 1999 R&D 2010 RETS Modernization 501 (c) (6) Begins (R&D WG) (Proposed) 2007 2010 RESO IP Policy Formation (Proposed) All-Volunteer Participation
  • 18. RESO Board Composition by Charter Brokerages MLS Associations Local REALTOR Associations NAR Server-Client Tech Vendors
  • 19. Standards-Making Process
  • 20. RETS Workgroup in Action
  • 21. Why REALTORS® Need RETS
  • 22. Would ‘Standard Names’ Help? SOCAL Traverse MLS MLS Austin Charleston MLS MLS
  • 23. Standard Names & Types: The Schema Challenge Standard Data Names Data Types / Values  ListPrice  A number or a range?  Bathrooms  A ‘lookup’ or a number?  LotArea  A number or a text string?
  • 24. Our Industry Benefits from Data Standards NAR Strategic Goals 1. ”A CONTINUED AND STRONG FLOW OF CAPITAL INTO THE MARKETPLACE” (Data is the currency in the real estate transaction) 2. ”ENHANCE THE RELATIONSHIP BETWEEN REALTORS® AND CONSUMERS” (Property search & analysis) 3. ”BE THE MOST COMPREHENSIVE, RELIABLE, AND ACCESSIBLE SOURCE OF REAL ESTATE INFORMATION FOR REALTORS®” (Real estate data standards)
  • 25. 2010-2012 RESO Goals 1. Intellectual Property Ownership Policy of RETS 2. Formalize (501) and Capitalize RESO  Full-time, full service organization 3. Modernize RETS  Faster, lighter  Include more data sets 4. Standard Names Convention  Standard data names  Standard data types / values  Include Commercial property data  Other data sets
  • 26. Thank You. Travis Wright Executive Director Real Estate Standards Organization twright@reso.org 281-217-2789