The Future of RETS


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The Future of RETS

  1. 1. Real Estate Transaction Standard: Development and Governance
  2. 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. 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. 4. SOA Software: Representative Customers and Awards 2005 Cool Vendor 2005 WSM Leader
  5. 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. 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. 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. 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. 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. 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. 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