Download - Travis Wright at Inman Connect July 14 2010
![Page 1: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/1.jpg)
Travis WrightExecutive Director
Real Estate Standards
Organization
The Real Estate Transaction Standard
![Page 2: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/2.jpg)
Welcome to the RETS Specification
![Page 3: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/3.jpg)
RETS is a Data Transport Standard
WEBMLS
BROKER’S
IDX / VOW
SYNDICATION
PORTALS
MLS
CONSUMER
SEARCH
PORTAL
RETS
DATA
ANALYTIC
PRODUCTS
Consumers
Consumers
Consumers
Consumers
WEB
WEB
CLIENT
VENDORS
WE
B
GEO
MO
BILE
IDX
CMA
Realtors
RETS
SERVERSSubmit
Listing
Data
WEBData
Data
Realtor
APPS
Consumers
![Page 4: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/4.jpg)
RETS in Action
RETS
Data
Names
Data
Types
META DATA
![Page 5: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/5.jpg)
It All Begins With the Realtor’s Listing…
![Page 6: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/6.jpg)
Listing Data Has an Audience
![Page 8: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/8.jpg)
Now, Greater Demand for Property Data
![Page 9: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/9.jpg)
RETS and RESO Timeline
1999 RETS Begins
2007
RESO Formation
2009 MLS / RETS Compliance
2010 R&D
Modernization
(129)
v 1.0 Oct, 2000
v 1.0.1 June, 2002
v 1.5 Dec, 2003
v 1.7d6 April, 2005
v 1.72 Aug, 2008
v 1.8 Sept, 2010
![Page 10: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/10.jpg)
Board of Directors
![Page 11: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/11.jpg)
RESO Board Composition by Charter
Brokerages
MLS Associations
Local REALTOR Associations
NAR
Server-Client Tech Vendors
![Page 12: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/12.jpg)
Standards-Making Process
![Page 13: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/13.jpg)
Writing a Data Standard
![Page 14: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/14.jpg)
Would More Standards Help?SOCAL
MLS
Traverse
MLS
Austin
MLSCharleston
MLS
![Page 15: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/15.jpg)
Standard Names & Types:
The Schema Challenge
Standard Data Names Data Types / Values
ListPrice
Bathrooms
LotArea
A number or a range?
A ‘lookup’ or drop down?
A text string?
![Page 16: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/16.jpg)
Steps to a Complete, National Data Standard
STAKEHOLDER ACTIONS
STAKEHOLDER BENEFITS
1. 900+ MLS must agree to standard names AND standard data
types / values
2. MLS Server Vendors
must commit to rewrite their apps and reconfigure their
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
The App Explosion!
Lower I.T. costs
Consistency, Certainty
![Page 17: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/17.jpg)
Data Standards: The Currency of the Transaction
eTransaction Platform (Data & Documents) eClosing
eStar
POS & LOS System
SMARTDocs
eDoc
Custodian
Closing Agent
Title Co
Attorney
County RecorderCourt House
Mortgage
Lender
Sales
Contract
REALTOR
Loan App
Initial
Disclosures
GFE, TIL
Loan App
Loan Quote
Rates &
Pricing
Lock
VOE, VOI
Credit
MI
Appraisal
Title
Closing
Documents
eNOTE
Deed
Simpli
File
Title Search,
Exam,
Underwrite
eVaulting
LOAN
SERVICING
PORTFOLIO
eDisclosures
SELLER BUYER
Archive
Paper
eRecording
eVault
eVault
Property Search, Analysis, & Contract Loan Origination / Title Exam / Closing
For Secondary Market
MLS
PROPERTY
DATAProcessing
Property
Listing
eSignatures
Lender’s Back Office
eSignatures
Real Property Transaction Mortgage & Title Transactions
Mortgage
Backed
Securities
(MBS)
FANNIE
FREDDIE
WALL ST.
INVESTORSeDeliveryeNote
Registry
Capital Markets Transaction
eNote
Registry
Securitization
![Page 18: Travis Wright at Inman Connect July 14 2010](https://reader035.vdocument.in/reader035/viewer/2022062405/55869dd6d8b42a66728b46e8/html5/thumbnails/18.jpg)
Thank You.
Travis Wright
Executive Director
Real Estate Standards Organization
281-217-2789