Now, this is good news from NAR:
The integrity of data is a foundation to the orderly Real Estate market. The Real Estate Transaction Standards (RETS) provides a vendor neutral, secure approach to exchanging listing information between the broker and the MLS. In order to ensure that the goal of maintaining an orderly marketplace is maintained, and to further establish REALTOR® information as the trusted data source, MLS organizations owned and operated by associations of REALTOR® will comply with the RETS standards by June 2009, and keep current with the standard’s new versions by implementing new releases of RETS within one year from ratification.
So, by June of 2009, all MLS operated by Realtor associations will be RETS compliant.
Currently, only 63% of MLSes are RETS compliant.
If you’re a betting man, here’s an interesting wager.
Which standard will see 90% adoption by brokerage companies first?
Now, do keep in mind that being “RETS-compliant” is still being worked out:
What it literally means, well that is still being defined. The RESO Certification Workgroup has been busy identifying what being a Compliant MLS means. Such as, the tests that the vendors need to pass to be a compliant product, and the tests/criteria that must be met to be a certified-compliant site (MLS). There will probably be much discussion regarding all this during the April 2008 RETS meeting in Philadelphia.
Not sure if Yahoo! et. al. have published what being “Yahoo! compliant” might mean. Presumably, if you use their standard to publish and share listings data, that makes you Yahoo! compliant. But who knows?
So… place yer bets!
And all you folks in commercial real estate… please accept my condolences for the state of data exchange in your industry.