It’s hard to argue that standardized input, distribution and display of real estate information is not the desired path for our industry to follow. There aren’t many technology companies that would PREFER to map nearly 700 individual MLS data sets if they have the data and a choice.
The Real Estate Standards Organization has set out on a path to remove millions of dollars in cost to real estate technology development and deployment while encouraging more innovation. Download the results of the study here:
When you get past the obvious technical advantages what does it really MEAN to have data standards? What practical ADVANTAGES does a company that is RESO Certified AND connects to RESO Certified data REALLY gain from going down this path? Why should an emerging real estate technology company CARE about RESO? What will it buy them? And importantly, why should MLSs focus on promoting the availability of standardized data to the technology companies they work with?
RESO asked myTheo, an emerging technology company, to examine this important question. What advantages does a standardized data feed bring to technology companies and their customers, in reality? Henry Gooden, CTO of myTheo worked with CRMLS in Southern California as well with MRED in Chicago to answer this important question. myTheo was chosen as one of the RESO Case Studies because they are an emerging MLS data-dependent company facing similar issues of expansion and growth as many start-ups in real estate.
The results of the myTheo examination are very enlightening AND very encouraging for the future of data in our industry. myTheo’s findings suggest that RESO standards clearly ARE the FUTURE and not an exercise in futility.
Faster to Market, Less Man hours
myTheo was able to precious time and resources when opening up new markets to sell their product. myTheo reduced the their time to market, and saved on man-hours while launching into of the most sophisticated MLS markets in the country.
Download the White Paper here:
Is it WORTH the effort?
Is it WORTH it to convert to RESO Certified Feeds for a technology company? Is there a short and longer-term return on investment and does it truly make sense for newer companies to engage with RESO even in their earliest installations? myTheo says that it is definitely worth it. Here’s their answer:
“For any technology firm looking to expand rapidly into other markets, the ability to save time and effort while ensuring stability and reliability of data is paramount to success. We would highly recommend that every technology company new to the space develop against the RESO Data standards right out of the gate. It will save you time, headaches and will position you ahead of your competition.
It’s hard to ignore the OBVIOUS advantages that moving to standardized data provides to brokers and agents. When technology companies can focus their energies on innovation and NOT data normalization, everybody wins. It’s up to all of us to help technology companies understand the power of RESO and support their efforts to build their platforms on data standards, instead of their own proprietary data structure. It makes their life easier and it makes it much easier for brokers to deploy technologies across MLS markets.
MLSs: Promote RESO Standards to your Technology Partners
It’s easy for MLSs to promote the available of their own standardized data feed using the RESO Marketing Toolkit. MLSs can download the materials FREE so their marketing team does not have to spend time building them.
Brokers: Ask your Technology Partners if they are RESO-certified
This time of year lots of brokers are looking are new technology solutions to fuel growth in their companies. When interviewing potential new partners, brokers can inquire about RESO-certification. This is a great measure of how much technology companies understand how to leverage MLS data in their applications and how proactive they are about bringing you solutions that are built to position brokers well for the future. To check whether a technology company are RESO certified, check here:
DOWNLOAD the White Paper HERE:
There are lots of great things happening with RESO. Read about other RESO success stories here:
Join me at the 2018 Spring Technology Summit:
If you’ve never been to a RESO Conference this will be a great year to join me in Denver Colorado from April 24th to the 26th. There are going to be lots of speakers talk about exciting new technology ideas coming to life by leveraging standardized real estate date.
Register TODAY and take advantage of the early bird discount!