Sometimes I try to do the right thing and the outcome is not exactly what I expected. In the most recent episode of unexpected results is our messaging to the industry regarding adoption of the RESO Data Dictionary by the end of the year. Sometimes our fair warnings can cause panic. That was not the intent. But I would clarify my stern suggestion that you figure out your plan with your vendors today!
First Point: When it comes to RESO Data Dictionary adoption, you only have six months left to become compliant with the NAR requirements to adopt the data dictionary by January 1st. Phase 2 is required by the end of June.
MLSs have had plenty of time. In fact, the MLS policy committee provided an 18-month time frame on adoption. Here we are, two-thirds of the way through the timeline and only two or three MLSs have completed the process out of over 800. The concern here is a log jam. Get it done now so you can relax when everyone else is rushing the gates.
Second Point: Don’t expect your vendor to just “do it.” Vendors don’t just change your data structure for you. You must call them. Find out their plans. See where you are in the schedule. If you think it’s just going to happen, you may be sorely mistaken. Most vendors have hundreds of MLSs to convert, one at a time. Do you know when your conversion window is?
Third Point: Communicate to the agents, brokers, and vendors. MLS data is the life sustaining blood of real estate transactions today. When you mess with it, there are predictable and unpredictable outcomes. You must notify everyone who will or may be impacted. This means multiple emails, meetings, online meetings, etc. By the way, don’t forget to coordinate changes with other MLSs that you data share with. Again, do not just make the changes and tell people after you break their systems. This tends to upset agents and brokers.
Fourth Point: Join RESO. The Real Estate Standards Organization is an open organization and it costs very little to participate. When RESO passes an update to the standard, your NAR affiliation mandates that you adopt it within the allotted time frame. Hundreds of MLSs are not members, so they are not getting any of the information that informs the updates. The RESO standards change every year, and it is important that you stay current if you want the respect of your brokers as an MLS of choice. Moreover, make sure that your vendors are members. You should absolutely mandate that any company providing MLS basic service be a member of RESO. Is your mobile app provider a member? Is your tax vendor a member? Is your CMA vendor a member? Put it in your contracts.
If you are going to NAR Midyear meetings in Washington D.C. next week, use that time to meet with your vendor and put this on the agenda. Do not accept a fluffy answer to your questions. They must tell you their plans and timing. Hold them accountable.
If you want to talk with WAV Group about it, call us. Remember, aside from consulting we now have a communications company – WAV Group Communications operated by Kevin Hawkins. We can help produce the information to send to your brokers and agents.
Brokers, MLSs, And Associations – Join Here Today. https://reso.memberclicks.net/join
Register Here for their Conference in Chicago June 2-4 https://reso.memberclicks.net/spring-mtg