travis wright at inman connect july 14 2010

Travis WrightExecutive Director

Real Estate Standards

Organization

The Real Estate Transaction Standard

Welcome to the RETS Specification

RETS is a Data Transport Standard

WEBMLS

BROKER’S

IDX / VOW

SYNDICATION

PORTALS

MLS

CONSUMER

SEARCH

PORTAL

RETS

DATA

ANALYTIC

PRODUCTS

Consumers

Consumers

Consumers

Consumers

WEB

WEB

CLIENT

VENDORS

WE

B

GEO

MO

BILE

IDX

CMA

Realtors

RETS

SERVERSSubmit

Listing

Data

WEBData

Data

Realtor

APPS

Consumers

RETS in Action

RETS

Data

Names

Data

Types

META DATA

It All Begins With the Realtor’s Listing…

Listing Data Has an Audience

The Audience is Hungry

(Source: www.realtors.org Jan. 2010)

Now, Greater Demand for Property Data

RETS and RESO Timeline

1999 RETS Begins

2007

RESO Formation

2009 MLS / RETS Compliance

2010 R&D

Modernization

(129)

v 1.0 Oct, 2000

v 1.0.1 June, 2002

v 1.5 Dec, 2003

v 1.7d6 April, 2005

v 1.72 Aug, 2008

v 1.8 Sept, 2010

Board of Directors

RESO Board Composition by Charter

Brokerages

MLS Associations

Local REALTOR Associations

NAR

Server-Client Tech Vendors

Standards-Making Process

Writing a Data Standard

Would More Standards Help?SOCAL

MLS

Traverse

MLS

Austin

MLSCharleston

MLS

Standard Names & Types:

The Schema Challenge

Standard Data Names Data Types / Values

ListPrice

Bathrooms

LotArea

A number or a range?

A ‘lookup’ or drop down?

A text string?

Steps to a Complete, National Data Standard

STAKEHOLDER ACTIONS

STAKEHOLDER BENEFITS

1. 900+ MLS must agree to standard names AND standard data

types / values

2. MLS Server Vendors

must commit to rewrite their apps and reconfigure their

servers

3. Client Vendors

must commit to rewrite their apps to the new standards

4. Brokers’ I.T. Departments

must reconfigure their IDX / RETS feeds

5. Syndicators (Point2, ListHub)

must reconfigure their applications

6. Portals (Google, Trulia, Zillow, Yahoo)

must reconfigure their RETS feeds

The App Explosion!

Lower I.T. costs

Consistency, Certainty

Data Standards: The Currency of the Transaction

eTransaction Platform (Data & Documents) eClosing

eStar

POS & LOS System

SMARTDocs

eDoc

Custodian

Closing Agent

Title Co

Attorney

County RecorderCourt House

Mortgage

Lender

Sales

Contract

REALTOR

Loan App

Initial

Disclosures

GFE, TIL

Loan App

Loan Quote

Rates &

Pricing

Lock

VOE, VOI

Credit

MI

Appraisal

Title

Closing

Documents

eNOTE

Deed

Simpli

File

Title Search,

Exam,

Underwrite

eVaulting

LOAN

SERVICING

PORTFOLIO

eDisclosures

SELLER BUYER

Archive

Paper

eRecording

eVault

eVault

Property Search, Analysis, & Contract Loan Origination / Title Exam / Closing

For Secondary Market

MLS

PROPERTY

DATAProcessing

Property

Listing

eSignatures

Lender’s Back Office

eSignatures

Real Property Transaction Mortgage & Title Transactions

Mortgage

Backed

Securities

(MBS)

FANNIE

FREDDIE

WALL ST.

INVESTORSeDeliveryeNote

Registry

Capital Markets Transaction

eNote

Registry

Securitization

Thank You.

Travis Wright

Executive Director

Real Estate Standards Organization

twright@reso.org

281-217-2789