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)

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