travis wright at inman connect july 14 2010
DESCRIPTION
The role of the Real Estate Standards Organization for data standards in the industry.TRANSCRIPT
Travis WrightExecutive Director
Real Estate Standards
Organization
The Real Estate Transaction Standard
Welcome to the RETS Specification
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
RETS in Action
RETS
Data
Names
Data
Types
META DATA
It All Begins With the Realtor’s Listing…
Listing Data Has an Audience
Now, Greater Demand for Property Data
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
Board of Directors
RESO Board Composition by Charter
Brokerages
MLS Associations
Local REALTOR Associations
NAR
Server-Client Tech Vendors
Standards-Making Process
Writing a Data Standard
Would More Standards Help?SOCAL
MLS
Traverse
MLS
Austin
MLSCharleston
MLS
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?
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
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
Thank You.
Travis Wright
Executive Director
Real Estate Standards Organization
281-217-2789