the real estate transaction standard (rets)
DESCRIPTION
Presentation at the National Association of Realtors Midyear Conference in Washington, DC on May 12, 2010. This presentation provides an update on the Real Estate Standards Organization (RESO) and the Real Estate Transaction Standard (RETS)TRANSCRIPT
The Real Estate Transaction Standard
NATIONAL ASSOCIATION OF REALTORS®
Midyear Meeting
Washington, D.C.
May 12, 2010
Real Estate, Circa 1971
• 99,000 REALTORS
• Average Sales Price: $28,300
• GCI: $1,981
• 50/50 Splits
• No Co-op With Local REALTORS
• No MLS
• Listing Form: 5”X7” Sheet of Paper
TI 2500
And Then There Was….
Electronic
DATA
DATA is….
…A representation of a fact, number,
idea…or a property listing!
Good DATA = Good Business Decisions
Decision-Makers Rely on Good DATA
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…
…And the Realtor’s Promise to the Seller
“I will sell your house”
For the highest possible price…..
In the shortest amount of time….
With the least amount of inconvenience…
(by presenting your home to the widest possible audience…)
Listings Do Have an Audience
And…The Audience Wants it All!
Real Estate
Property Parcel
MLS
ListingTax Assessor
Appraisal
Title Plant
Photos
Map/GISInfo Overlays
GEO Reports
Title Chains
Demographics
Schools
Now, Greater Demand for Property Data
DATA: It’s 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
Stakeholders & Standards Bodies
RETS and RESO History
1999 RETS Begins
2007 RESO
Formation
2010 R&D
Modernization
(R&D WG)
2010 IP Policy
(Proposed)
2010 501 (c) (6)
(Proposed)
All-Volunteer Participation
RESO Board Composition by Charter
Brokerages
MLS Associations
Local REALTOR Associations
NAR
Server-Client Tech Vendors
Standards-Making Process
RETS Workgroup in Action
Why REALTORS® Need RETS
Would ‘Standard Names’ 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 a number?
A number or a text string?
Our Industry Benefits from Data Standards
1. ”A CONTINUED AND STRONG FLOW OF CAPITAL INTO THE MARKETPLACE” (Data is the currency in the real estate transaction)
2. ”ENHANCE THE RELATIONSHIP BETWEEN REALTORS® AND CONSUMERS” (Property search & analysis)
3. ”BE THE MOST COMPREHENSIVE, RELIABLE, AND ACCESSIBLE SOURCE OF
REAL ESTATE INFORMATION FOR REALTORS®” (Real estate data standards)
NAR Strategic Goals
2010-2012 RESO Goals
1. Intellectual Property Ownership Policy of RETS
2. Formalize (501) and Capitalize RESO
Full-time, full service organization
3. Modernize RETS
Faster, lighter
Include more data sets
4. Standard Names Convention
Standard data names
Standard data types / values
Include Commercial property data
Other data sets
Thank You.
Travis Wright
Executive Director
Real Estate Standards Organization
281-217-2789