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Real Estate Standards Organization

From EverybodyWiki Bios & Wiki






The Real Estate Standards Organization (RESO) is a member-driven non-profit trade organization which creates open standards for real estate industry technology. RESO standards are used to define, structure, and transport data between real estate technology organizations. RESO's membership[1] includes much of the organized real estate industry.

Current Technology Implementations

RESO standards are used in the real estate industry's most commonly used MLS software platforms. Services such as Zillow's Bridge API[2][3][4], Corelogic Trestle[5], Black Knight Financial Services' Paragon[6], FBS' FlexMLS Spark API[7], Rapattoni Corporation[8], homegrown MLS technology[9] solutions and public portal websites such as Trulia[10][11] use RESO's Data Dictionary and Web API Transport specifications for interoperability.

History

Members of the real estate industry's technology community formed a workgroup in 1999 to begin creating an open standard for transporting data. The National Association of REALTORS® (NAR) sponsored the initial meetings. The group intended to form a standard that would make it easier for brokers and technology vendors to access MLS data in a common way. At the time, data transport capabilities were limited to traditional methods such as FTP.

In 2002, RESO was officially created as a NAR workgroup and soon presented its first version of the well-documented Real Estate Transaction Standard (RETS). RETS is a legacy means of data transfer[4] that has been used by the real estate industry since the early 2000s. It has since been deprecated and replaced by the RESO Web API[12]. RESO also developed the Data Dictionary which guides the resources, fields, and enumerations (picklists) found in most MLS systems. This Data Dictionary content is delivered to downstream data consumers such as brokers[13], appraisers[14], technology vendors, and other MLSs[15][16] via the RESO Web API.

RESO's Board of Directors[17] is made up of industry leaders from NAR, brokerages[18], technology companies, and MLSs. RESO's current leadership: Chair Rebecca Jensen, CEO of MRED[19] and Chair of MLS Grid[20]; Vice-Chair Michael Wurzer[21], CEO of FBS, Creators of FlexMLS[22]; Secretary Katie Smithson[23], Director of Enterprise Services for W+R Studios and Lone Wolf Technologies[24]; Treasurer Richard Renton, CEO of Triad MLS; and Past Chair Art Carter[25], CEO of California Regional MLS.

RESO was incorporated in November 2011 as an independent, not-for-profit trade organization.

RESO Standards

RESO’s standards today include:

  • RESO Web API: a RESTful API based on the OData protocol, current version Web API Core 1.0.2[26] (replacing RETS[27], a deprecated RESO transport standard)
  • Data Dictionary: the industry’s standard for common real estate terms and data structures, current version Data Dictionary 1.7
  • Universal Property Identifier (UPI): a global solution for accurate property representation
  • Unique Organization Identifier (UOI): an accurate key to every association and MLS
  • Unique Licensee Identifier (ULI): an in-development standard to bring an accurate key ID for every sales licensee in the industry

RESO standards drive adoption of common technical data fields, data types, and suggested display names for data elements[28] that are widely used across North American technology systems. Technology startups often adopt RESO standards in their early stages[29] to enhance credibility and the ability to scale across MLS marketplaces in their growth stages.

RESO Certification

RESO certifies technology systems[30] to ensure compliance with RESO standards. Most MLSs certify with RESO on the Data Dictionary and Web API[31] standards. RESO maintains a public list of current and past certifications[32].The National Association of REALTORS' MLS policy[33] requires REALTOR owned and operated MLSs to maintain compliance with RESO standards.[34]

RESO offers open source[11] testing tools and software clients for the real estate technology community to make standardized data more accessible[35][36] and accelerate standards adoption. Certified MLSs and data availability reports can be found on RESO's MLS data map[37].

RESO Membership

Current RESO membership[38] includes MLSs[39], Realtor associations, brokerage organizations[40] and technology companies[41]. The number of international companies in RESO membership is increasing as RESO's Data Dictionary incorporates additional languages and RESO certification expands its capabilities to endorse organizations in different real estate verticals such as assessment[42], commercial[43] and multi-family real estate. International organizations have also adopted RESO standards.[44]

References

  1. ↑ "RESO Members List". RESO - Real Estate Standards Organization. Retrieved 2020-10-10. Unknown parameter |url-status= ignored (help)
  2. ↑ "Zillow acquires Bridge Interactive". HousingWire. 2016-08-02. Retrieved 2021-02-13.
  3. ↑ "BridgeAPI - Inman News". Inman News. Retrieved 2021-02-13. Unknown parameter |url-status= ignored (help)
  4. ↑ 4.0 4.1 "Bridge Interactive Announces API Update". Retrieved 2021-02-13.
  5. ↑ "Austin Board of REALTORS, RESO and the CoreLogic Trestle Platform Offer Groundbreaking Free Data Feed for Developers". finance.yahoo.com. Retrieved 2021-02-13.
  6. ↑ "Bridge Interactive and Black Knight Financial Services Announce New Alliance to Provide Advanced Data Management Services to Paragon MLS Users - Jun 7, 2017". ZillowGroup | MediaRoom. Retrieved 2020-10-11.
  7. ↑ "RESO Web API Overview - Spark". www.sparkplatform.com. Retrieved 2020-10-11.
  8. ↑ Corporation, Rapattoni. "RESO Web API". Rapattoni Corporation. Retrieved 2020-10-11.
  9. ↑ www.bizjournals.com https://www.bizjournals.com/pacific/news/2021/01/29/hawaii-information-servics-first-us-reso-standards.html. Retrieved 2021-02-13. Missing or empty |title= (help)
  10. ↑ "Trulia joins RESO as industry partner". HousingWire. 2013-12-18. Retrieved 2020-10-11.
  11. ↑ 11.0 11.1 "Trulia Releases Open Source Code to Spark Further Innovation in the Real Estate Industry". www.businesswire.com. 2014-02-18. Retrieved 2021-02-13.
  12. ↑ "List of MLS That Switched From RETS to RESO API". Realtyna - Real Estate Web. 2020-01-31. Retrieved 2020-10-11.
  13. ↑ Inc, eXp World Holdings (2019-09-11). "eXp Realty First RESO-certified Real Estate Brokerage". eXp World Holdings. Retrieved 2021-02-13.
  14. ↑ www.builderonline.com https://www.builderonline.com/design/consumer-trends/industry-insiders-top-new-year-predictions_o. Retrieved 2021-02-13. Missing or empty |title= (help)
  15. ↑ "NAR passes new policy closing loophole so MLS participants can access their own listing content". HousingWire. 2020-05-15. Retrieved 2021-02-13.
  16. ↑ "Standardized MLS listing data will spur mobile innovation". Inman. Retrieved 2021-02-13.
  17. ↑ Organization (RESO), Real Estate Standards (2020-12-15). "RESO Elects 2021 Officers and Directors". GlobeNewswire News Room. Retrieved 2021-02-13.
  18. ↑ "HomeServices of America Chief Information Officer to Serve on MRED Board of Managers". Retrieved 2021-02-13.
  19. ↑ "Rebecca Jensen named president & CEO of Midwest Real Estate Data". HousingWire. 2015-01-12. Retrieved 2021-02-13.
  20. ↑ "Who Is the MLS Grid?". MLS Grid. Retrieved 2021-02-13.
  21. ↑ May 9th 2019 - 10pm, Angie Wieck |. "Fargo real estate software company named to Forbes Small Giant list". INFORUM. Retrieved 2021-02-13.
  22. ↑ "Home". Flexmls Platform by FBS. Retrieved 2021-02-13.
  23. ↑ "About W+R Studios". www.wrstudios.com. Retrieved 2021-02-13.
  24. ↑ "Real Estate Software for Brokerages | Lone Wolf Technologies". www.lwolf.com. Retrieved 2021-02-13.
  25. ↑ "Arthur "Art" Carter". Real Estate Almanac. 2021-01-08. Retrieved 2021-02-13.
  26. ↑ Organization (RESO), Real Estate Standards (2021-01-28). "Black Knight, Move and Innovative MLSs Open New Era in Real Estate Tech". GlobeNewswire News Room. Retrieved 2021-02-13.
  27. ↑ Council, Editors, Forbes Technology. "Council Post: Real Estate's Four Roadblocks To A Better Consumer Experience". Forbes. Retrieved 2021-02-13.CS1 maint: Extra text: authors list (link)
  28. ↑ "Why realtors no longer use the term master bedroom". Winnipeg. 2021-02-05. Retrieved 2021-02-13.
  29. ↑ Reads, Realogy Corporation | 22 Shares 105. "Realogy Innovation Summit Powered by Retsly Hailed as Success". Franchising.com. Retrieved 2021-02-13.
  30. ↑ "4 big MLSs first to comply with RESO 'data dictionary' mandate". Inman. Retrieved 2021-02-13.
  31. ↑ "Remine Announces North Texas Regional Information Systems (NTREIS) Adoption of API and Add/Edit Products". www.businesswire.com. 2020-02-11. Retrieved 2021-02-13.
  32. ↑ "Certification". RESO - Real Estate Standards Organization. Retrieved 2020-10-10. Unknown parameter |url-status= ignored (help)
  33. ↑ "Handbook on Multiple Listing Policy". www.nar.realtor. Retrieved 2020-10-10.
  34. ↑ "Real Estate Transaction Standards (RETS) Web API". www.nar.realtor. Retrieved 2020-10-10.
  35. ↑ Lloyd, Sarah Anne (2018-11-07). "NWMLS update allows brokers to zero in on accessibility features". Curbed Seattle. Retrieved 2021-02-13.
  36. ↑ Sichelman, By Lew. "More real estate listing services adding accessibility features". chicagotribune.com. Retrieved 2021-02-13.
  37. ↑ Staff, RESO. "Certification". RESO - Real Estate Standards Organization. Retrieved 2021-02-13.
  38. ↑ "RESO Members List". RESO - Real Estate Standards Organization. Retrieved 2020-10-11. Unknown parameter |url-status= ignored (help)
  39. ↑ says, Joe Sewielski (2018-04-23). "With new tech initiatives underway, MRED is poised for future growth - Chicago Agent Magazine Cover Story". Chicago Agent Magazine. Retrieved 2021-02-13.
  40. ↑ Holdings, eXp World (2019-09-11). "eXp Realty First RESO-certified Real Estate Brokerage". eXp World Holdings. Retrieved 2020-10-11.
  41. ↑ Homesnap. "Rapattoni and Homesnap to Launch Advanced Integrations for MLS Customers". www.prnewswire.com. Retrieved 2021-02-13.
  42. ↑ "MPAC streamlines property data through global collaboration | MPAC". www.mpac.ca. Retrieved 2020-10-11.
  43. ↑ "CoStar Joins RESO". RESO - Real Estate Standards Organization. 2020-07-21. Retrieved 2020-10-11. Unknown parameter |url-status= ignored (help)
  44. ↑ "Partners | fibree.org" (in Deutsch). Retrieved 2020-10-11.

External links

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