The dedicated staff at the Real Estate Standards Organization (RESO) and thousands of volunteers from companies across the globe have labored away at the arduous task of creating consistent data standards to be used by all MLSs, technology companies and brokerages. They have set the stage for a ton more efficiency and innovation in our industry. The RESO Data Dictionary is now available through nearly 550 MLSs across the country serving nearly 1.2mm REALTORS® today and the RETS data transportation standard has been adopted by every MLS organization and successfully utilized over the past 16 years since its inception.
RESO’s hard work and success at creating a consistent method for transmitting and displaying real estate information is designed to help brokers be able to expand into markets more easily and to help technology companies move quickly to add new features that will help brokers differentiate themselves and provide more value to real estate consumers while reducing the complexities of support at the local MLS level.
The RESO organization has done such a good job of creating awareness and adoption of its real estate data standards and formalizing official certification programs for all RESO standards that it has attracted many other standards organizations. RESO is expanding its leadership role to ensure all aspects of real estate are covered by one cohesive collection of data standards. Today, RESO partners with a myriad of real estate standards organizations creating an umbrella of standards that will help the real estate thrive.
RESO enjoys an impressive list of partnerships with the Department of Energy, the National Multi-Family Housing Council and their Multifamily Information and Transactions Standards (MITS), the mortgage industry with the Mortgage Industry Standards Maintenance Organization,(MISMO) the Building Industry with the Building and Land Development Standards (BLDS). These collaborations make it easier for brokers to participate in multifamily sales, green home sales, mortgage transactions and new home sales. In addition, RESO is a member within OASIS, ensuring the real estate industry leverages global technology standards that complement the needs of the real estate industry.
Art Carter, CEO of the California Regional MLS and Chairman of the RESO Board shared this with us, “RESO has worked long and hard to lead the way when it comes to real estate standards in our industry and we are thrilled to have become the de Facto leader of real estate standards in our industry. The partnerships we have created with other standards organizations extend our reach and help us achieve our vision of more efficient and profitable real estate industry while bringing together this myriad of real-estate related standards.”
This week RESO expanded its influence and scope among real estate standards. Jeremy Crawford, Executive Director of the Real Estate Standards Organization joined the Advisory Board for the xDTM standards organization, the governing body that oversees data standards for online transaction management systems. Jeremy told us, “We are excited to be able to help xDTM with our expert knowledge in real estate data standards. Our goal is to help brokers accurately complete online transactions by leveraging RESO standards to ensure efficiency and accuracy in the process. Providing input into the xDTM standard will ensure leading real estate standards are leveraged within transaction rooms similar to how they are already utilized across the U.S. and Canada. Leveraging already existing standards will provide faster adoption, time to market, reduction of work not having to recreate the wheel and ensure there is a consistent experience for the end broker and agent in and out of transaction rooms.”
The relationship between RESO and Transaction Data Standards has been long and fruitful. Mr. Crawford has been contributing to the xDTM standards effort and the flow of listing data into DocuSign Transaction Rooms for over four years during his continued involvement on the DocuSign Executive Advisory Council.
I just love to see the level of collaboration our industry is enjoying thanks to the vision and leadership of organizations like RESO. Their hard work led by Art Carter, CEO of the California Regional MLS and the Chair of RESO will help our industry continue to thrive for years to come! Great job RESO!