Chicago, Illinois

The National Association of REALTORS®

Monday, Sept. 27, 2010

• Just a ‘warm-up’ to the main events

• No need to take notes

• Just listen to a few stories…..

Travis WrightExecutive Director

The Real Estate Standards Organization

twright@reso.org

If I Can’t Hear It, I Can’t Fix It

I Have Listened To….

• “Do we incorporate, when & how?”The BOD

• “Let’s do it this way, OK?”Work Groups

• “The organization that doesn’t exist!?”Blogs

• “WHAT are you guys doing?”Experts

• “If you don’t, we will!”MLS Execs

• “Doesn’t‘ RETS do it all already?”Brokers

• “What’s in the Member’s best interests?”NAR

www.ted.com

Golden Circle

Whole Brain Thinking

Travis’ WHY

My WHY

APPRECIATION

AFFILIATION

AUTONOMY

STATUSROLE

APPRECIATION

Acknowledgement of Merit In One's

Thoughts and Feelings

AFFILIATION

Treatment As a Colleague

AUTONOMY

Respect For One's Freedom of Decision

STATUS

Recognition of One's Standing

ROLE

Definition of One's Role As Fulfilling

The WHY’s of RETS

WHY of

RETS

NAR

SERVER VENDORS

CLIENT VENDORS

EXPERTSMLS

EXECUTIVES

REALTORS CONSUMERS

RESO ~ RETS Eco System

GOVERNANCEBoard of Directors

PROCESSWorkgroups

PRODUCTRETS Specification

FUNDINGShareholders

SERVERVendors

CLIENTVendors

EXPERTSConsultants

900MLS’

80,000Brokers

1,000,000REALTORS

60,000,000Consumers

4,000,000Listings

COMMUNITY150

NAR is the Sole

Share Holder

Share Holders

?

Share Holders

?

The Tech Work This Week

Do You Have a Dog in the Hunt?

Wish I Did..

So, What Has Been Revealed?

REALTORS are Perplexed

Real Estate

Vertical

1.1 M REALTORS

Annual Home

Sales: 3.8M

ASP: $182K

Median Income:

$36K

Local Dues: $190 M

NAR Dues: $88 M

MLS Dues: $580 M

Inventory: 4M &

12mo’s

Our Industry is Perplexed

• Uncertain economy and weak real estate markets

• MLS’ debate the merits of consolidation, revenue streams, data ownership and their ‘true role’

• Real estate brokers struggle to survive on narrow margins

• Realtors struggle to earn U.S. median income

• Everybody wants realty data for free

• Innovators want no barriers to innovation

• Thought leaders want their views adopted

• New business models and technologies continue to disrupt (Freemium)

• RETS is not all it could be

RETS Workgroup began informal meetings to discuss data standards for MLS industry.

2000

RETS 1.0

2002

RETS 1.01

2003

RETS 1.5

2007

RESO

(proposed)

2008

RETS 1.7.2

2010

RETS 1.8

(proposed)

Server Vendors

Marketlinx

LPS

Others

NAR

CRT

Mark Lesswing

Client Vendors

Realtor.com

Experts

Many!

Significant Contributions Have Been Made By…

Server & Client

Vendors

Members at Large

NAR ($4m+)

NAR-MLS Policy

Committee

Solid Results for RETS

MLS Adoption

60 M Uniques & 1.8 B minutes

Five Releases of RETS

June, 2010

But, Some Shortcomings…

• Technology advances faster than a volunteer organization can accommodate

• Progress is directly tied to resources:

– Volunteers members

– Volunteer governance body

– Financial support

• ‘Us’ vs. ‘Them’ impedes progress

• Unmet demands for data ‘types’ and faster, cheaper data updates

Governance & Funding Fell Short, Too

• RESO Governance Structure was proposed but never formally adopted

• 501 (c) 6 Incorporation has not occurred

• Non-binding agreement, used primarily as a governance guide by the BOD

• NAR agreed to fund the budget until other shareholders contributed 50%+

• Other ‘shareholders’ have not arrived

• Commercial real estate practitioners

• MLS Executives calling for the ‘complete standard’ of data names and values

• They say: “If RESO can’t, we will!”

• The COVE group of MLS’ has made contributions to the Standard this year

• Perhaps we create synergy with COVE, CMLS and other MLS executives?

• What is the COVE?

The COVE…at Santa Catalina Island

COVE MLS Members

COVE

462,000

Non-COVE

638,000 880+

MLS’

23

MLS’

Humble Suggestions

• Fully participate this week

• Use the whole brain, left & right

• Vote on RETS 1.8

• Think ‘modernization’

• Support the Commercial ‘85’

• Support the COVE ‘585’

• Meet the Candidates

• Network at the Reception & Happy Hour

• Enjoy Chicago!

Elected

1. Steve Clarke T (Systems Architect, Marketlinx)

2. Troy Davisson T(FBS-FlexMLS)

3. Mary Frances Adams B(TREND MLS)

4. Kristen Carr B(VP, Realtors Property Resource)

5. Paula O’Brien T(Owner, Ronin Technologies)

Appointed

1. Jason Normandin T

(Director, Center for Realtor

Technology)

2. Mark Lesswing B

(SVP/CTO of NAR)

1. Art Carter CEO, IRMLS

2. Pat Bybee CEO, Metro MLS

3. Jeremy Crawford CTO, Sandicor MLS

4. David Charron CEO, MRIS

5. Kathy Condon CEO, MLS PIN

6. Rebecca Jensen CEO, Wasatch MLS

7. Rob Overman VP, LPS Real Estate Services

• Candidates may campaign until Nov. 8, 2010

• Online voting period: Nov. 15-19

– ‘Eligible Voters’ will be notified by email

– Online procedures will be announced next month

• Results will be announced on or before Dec. 3, 2010

• Candidates may email Eligible Voters, post PPT’s to RESO.org, etc.