Are you aware that, during the 2007 Annual meeting in Las Vegas, the Multiple Listing Issues and Policies Committee passed a new rule that requires all Association-Owned MLS Providers to be RETS Compliant by June 2009? This ruling is intended to promote easier data transfer and it could significantly change how you get data from your MLS. In addition, the new rule is also designed to benefit you, as it will help maintain the MLS’s position as the primary source for reliable property information. The ruling is based on a report that the committee received from the NAR Internet Strategy/Technology Work Group. Here’s what the ruling actually says:
“The integrity of data is a foundation to the orderly Real Estate market. The Real Estate Transaction Standards (RETS) provides a vendor-neutral, secure approach to exchanging listing information between the broker and the MLS. In order to ensure that the goal of maintaining an orderly marketplace is maintained, and to further establish REALTOR® information as the trusted data source, MLS organizations owned and operated by associations of REALTOR® will comply with the RETS standards by June 2009, and keep current with the standard’s new versions by implementing new releases of RETS within one year from ratification.”
As you can see, the ruling was created with your priorities in mind; its aim is to promote better tools and practices within the real estate industry. A required standard makes it easier to leverage existing tools, and prevent a nightmare of different ways to access your listing data from multiple MLSs.
As a result of this rule change, the Real Estate Standard Organization (RESO) is currently in the process of clarifying what compliance means; they will have the requirements established before June 2009. At the same time, the RESO Certification Workgroup is working on defining certification. You can contribute to the workgroup by participating in one of its periodic conference calls.
What will this change mean for you? Before the June 2009 deadline the RESO Certification Workgroup will have a suite of tools to test for compliance. As we get closer to that date, you’ll see your MLS getting ready. For starters, they will be setting up a RETS server, if they don’t have one already. Once this RETS server is in place, depending on your MLS’s policies, you might be able to start taking advantage of RETS tools (some provided by CRT) to access your MLS data. And as your MLS moves towards certification, the usefulness of these tools will improve—so you might be able to reap the benefits of the ruling sooner rather than later!
CRT also invites you to a session we’re sponsoring at Annual, this year in Orlando. We’ll discuss the ruling and the work that’s being done towards defining compliance. This session, currently titled “Impact of the RETS Ruling,” is scheduled for 1:30pm - 3pm on Saturday, 11/8. It will provide you a more detailed overview of this issue, and it will feature speakers who can give you a comprehensive understanding of the ruling’s impact and answer any questions you may have. So, come to the session or get involved in the workgroup and make sure to have your voice is heard!
Andrew Tillman
atillman@realtors.org |
