The Real Estate Transaction Standard




Travis Wright
Executive Director
Real Estate Standards
Organization
Welcome to the RETS Specification
RETS is a Data Transport Standard
                                                                                CMA




...
RETS in Action




      RETS

                  Data
                 Names
                         META DATA




      ...
It All Begins With the Realtor’s Listing…
Listing Data Has an Audience
The Audience is Hungry




(Source: www.realtors.org Jan. 2010)
Now, Greater Demand for Property Data
RETS and RESO Timeline


                                                   2009
            1999                         ...
Board of Directors
RESO Board Composition by Charter

Brokerages


 MLS Associations


    Local REALTOR Associations


       NAR


        ...
Standards-Making Process
Writing a Data Standard
Would More Standards Help?
SOCAL                                  Traverse
 MLS                                     MLS


...
Standard Names & Types:
            The Schema Challenge
Standard Data Names          Data Types / Values

   ListPrice  ...
Steps to a Complete, National Data Standard
     STAKEHOLDER ACTIONS
                                                     ...
Data Standards: The Currency of the Transaction

                                                                         ...
Thank You.




                      Travis Wright
                 Executive Director
Real Estate Standards Organization
...
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Travis Wright at Inman Connect July 14 2010

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The role of the Real Estate Standards Organization for data standards in the industry.

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Travis Wright at Inman Connect July 14 2010

  1. 1. The Real Estate Transaction Standard Travis Wright Executive Director Real Estate Standards Organization
  2. 2. Welcome to the RETS Specification
  3. 3. 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
  4. 4. RETS in Action RETS Data Names META DATA Data Types
  5. 5. It All Begins With the Realtor’s Listing…
  6. 6. Listing Data Has an Audience
  7. 7. The Audience is Hungry (Source: www.realtors.org Jan. 2010)
  8. 8. Now, Greater Demand for Property Data
  9. 9. RETS and RESO Timeline 2009 1999 MLS / RETS RETS Begins Compliance 2007 2010 RESO Formation R&D Modernization v 1.0 Oct, 2000 v 1.0.1 June, 2002 v 1.5 Dec, 2003 (129) v 1.7d6 April, 2005 v 1.72 Aug, 2008 v 1.8 Sept, 2010
  10. 10. Board of Directors
  11. 11. RESO Board Composition by Charter Brokerages MLS Associations Local REALTOR Associations NAR Server-Client Tech Vendors
  12. 12. Standards-Making Process
  13. 13. Writing a Data Standard
  14. 14. Would More Standards Help? SOCAL Traverse MLS MLS Austin Charleston MLS MLS
  15. 15. Standard Names & Types: The Schema Challenge Standard Data Names Data Types / Values  ListPrice  A number or a range?  Bathrooms  A ‘lookup’ or drop down?  LotArea  A text string?
  16. 16. Steps to a Complete, National Data Standard STAKEHOLDER ACTIONS STAKEHOLDER BENEFITS 1. 900+ MLS  must agree to standard names AND standard data types / values  The App Explosion! 2. MLS Server Vendors  Lower I.T. costs  must commit to rewrite their apps and reconfigure their  Consistency, Certainty servers 3. Client Vendors  must commit to rewrite their apps to the new standards 4. Brokers’ I.T. Departments  must reconfigure their IDX / RETS feeds 5. Syndicators (Point2, ListHub)  must reconfigure their applications 6. Portals (Google, Trulia, Zillow, Yahoo)  must reconfigure their RETS feeds
  17. 17. Data Standards: 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
  18. 18. Thank You. Travis Wright Executive Director Real Estate Standards Organization twright@reso.org 281-217-2789
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