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RETS Overview & Value Proposition

Learn about RETS, an open standard for exchanging real estate data. Discover its components, usage, history, and its value proposition to realtors and MLS providers. See how RETS is delivering real benefits to the industry.

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RETS Overview & Value Proposition

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  1. RETS Overview& Value Proposition New Topic • What is RETS? • Who is using RETS? • What is RETS used for? • How & why did RETS start? • RETS value proposition to: • Realtors • MLS Kevin McQueen Yogi Schulz

  2. TopicObjectives • Build familiarity with RETS: • Components • Usage • History • Understand RETS value proposition • Identify opportunities to employ RETS RETS is delivering real benefits

  3. What is RETS?An IT Standard • Open standard for exchanging real estate data • RETS is not closed or hidden • A standard described in a document • RETS is not software RETS meets the needs of real estate industry stakeholders

  4. What is RETS?Technical Principles • Enables data suppliers to provide access to data • Uses a standard data access interface • Applies widely-used and proven concepts • Uses Internet standards where possible Sample RETS implementations are available

  5. What is RETS?Community Organization • Organized and funded by NAR • Regular meetings sponsored by NAR • Attended by all interested companies & individuals • Improvement ideas sought from industry participants • Changes to the RETS standard are by change proposals • Workgroups address details of the RETS standard • Plugfests are held to establish interoperability • Compliance certification is available

  6. Who has access to RETS Services? • MLS software vendors who offer RETS services to 667+ customers: • FBS Data 70 • FNIS 385 • Interealty 45 • MarketLinx 28 • Offutt 50 • Rapattoni 89 • In-house systems – MRIS, Denver Metrolist, Naples, CRISNET, MLSNI 40 of the top 59 MLSs are using RETS for 50% of active listings

  7. How do RETS Clientsand Servers interact? Query Search Result Realtor RETS client MLS RETS server

  8. What is RETS Used for?- 1 • MLS vendors use RETS when changing systems/ conversions • Data access by MLS data customers: • Brokerage web sites in near real-time • Brokerage in-house back office systems • IDX/VOW web sites • Client application to access one or many MLS systems using PC, laptop, wireless device or cell phone • Statistical summary/market trend analysis • Newspapers or other partnerships • Homestore & other data aggregators

  9. What is RETS Used for?- 2 • Data access by MLS staff: • Maintain copy of MLS database • Statistical or other reports • Business rule compliance - e.g. Listing Checker (Landata) • data exports e.g. membership, photos • Others? • To standardize data access

  10. What themes motivateddevelopment of RETS? • High cost of customized data exchange interface • Inability to plug clients into multiple MLS systems consistently and economically • High support costs • High cost and downtime associated with ongoing changes to database Pain leads to action

  11. When didRETS start? • RETS was born in 1999 • Collaborative effort between NAR and a number of industry technology leaders • Driven by need to transfer of MLS information easier • Versions 1.0 and 1.5 of RETS have been adopted by: • most of the major MLS service providers • many of the 3rd party software providers • major brokerages – especially multi-market firms

  12. RETS Value Proposition Realtors • Wider choice of clients • More MLS customers can use software that meets their specific needs and styles • Higher quality solutions • Reduced license and support fees

  13. RETS Value PropositionMLS • Makes data delivery more consistent and robust • Reduces MLS staff effort & therefore support costs • Shortens elapsed time and lowers cost to fulfill customer & in-house data requests • Reduces MLS technical staff time consumed by third party developers • Minimizes impact and disruption caused by change • Reduces risk, effort & downtime during MLS system and client conversion

  14. TopicSummary • RETS is a standard; not software • RETS offers a comprehensive solution to improve real estate data distribution • RETS provides benefits to all industry stakeholders: • improved timeliness of data • reduced operating costs • increased revenue Discussion Time

  15. InnovativeTech Support

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