Real estate data sharing on multiple-listing services is about to get easier, with the Real Estate Standards Organization's approval of real estate property standard names.
The standard names were introduced by the MLS Cooperative Venture (referred to as COVE, for short) in March during RESO's General Assembly conference.
RESO oversees the NATIONAL ASSOCIATION OF REALTORS®-supported Real Estate Transaction Standard, which defined an approach for exchanging listings with multiple listing services.
NAR applauds COVE for its contributions that make data standards stronger, says Mark Lesswing, NAR senior vice president and chief technology officer. This new standardization will also help REALTORS® better serve their clients. Accurate, efficient data sharing is crucial to the real estate business, and COVE's initiative will better position the real estate industry into the future.
The upcoming release of version 1.8 of RETS will include the approved standard names, which will benefit REALTORS® and the clients they serve, MLS operators, and the vendors who supply MLS technology. Standard names simplify the installation and operation of data feeds, a crucial part of conducting business for both brokers and agents. MLS technology vendors will also now be able to use a common vocabulary with the addition of standard names.
RESO has listened and responded to our industry stakeholders by voting to approve an updated list of standard names that are in use with over 20 of the largest multiple listing services in the country, said Pat Bybee, chair of RESO and president/CEO of Metrolist MLS. We feel this is one more positive step toward standardization that will ultimately move the industry forward.
RETS defines an approach for exchanging listings and provides a common language spoken by systems such as MLSs. RESO is an open standards community of real estate practitioners and technology vendors who volunteer their time and expertise to enhance the real estate transaction process with data standards.