MLSs and their vendors are staring down the barrel of the NAR requirement to become compliant with the RESO RETS Standard. Only 4 MLSs are currently certified, 764 to go. It’s really a double barrel, as MLSs are also adjusting to Listhub’s loss of syndication service to some leading portals. MLS vendors like Corelogic, FlexMLS, Rapattoni, Black Knight Financial, and the others are head-down developing solutions and launch plans to help their clients meet the December 31st, 2015 deadline – looming a short 6 months away. The deadline has created an eerie silence that makes me wonder how many MLSs will miss the date. The bigger question is what the NAR will do about it.
According to CoreLogic customers, their vendor is launching a product called Trestle to serve the needs for RETS 1.3 compliance – but also extend the functionality of their RETS server by incorporating a dashboard empowering each MLS with an easy, self-managed distribution alternative to Listhub (from MOVE) or reDataVault (from RED) or Direct Syndication Platform (from Bridge Interactive).
Best part – CoreLogic clients indicate that there will be no charges to the MLS for core services that replicate existing RETS.
Part two of the RESO RETS Certification process is the delivery of a WEB API by the middle of 2016. Again, Trestle will deliver that requirement too.
The announcement of this launch is timely. It looks to me like CoreLogic also plans to make a single API available to vendors for all MLSs that have valid MLS data licenses in place. That will solve many problems for application vendors like IDX service providers who would otherwise need to interface with multiple web APIs. In addition to the MLS data, for an additional fee CoreLogic plans to provide consolidated access to data sets normally found in REALIST including public records, property data, geographic overlays, AVMs, etc.
CoreLogic’s strategy looks well thought out. It seems to encompass many strategies that other MLS vendors plan to deliver. It feels a little bit like a mash up of the best processes. I know that their customers are breathing a sigh of relief. Brokers, vendors, and MLSs should reach out to CoreLogic and other vendors to understand their plans. The landscape of data distribution in our industry is about to shift in a significant way.