File: 03_RETS_Overview.PPT 1 RETS Overview & Value Proposition What is RETS? Who is using RETS? What...

File: 03_RETS_Overview.PPT 1

RETS Overview & Value Proposition

What is RETS?

Who is using RETS?

What is RETS used for?

How & why did RETS start?

RETS value proposition to:– Realtors

– MLS

RETS Overview& Value Proposition

Kevin McQueen Yogi Schulz



TopicObjectives

Build familiarity with RETS:– Components

– Usage

– History

Understand RETS value proposition

Identify opportunities to employ RETS

RETS is delivering real benefits



What is RETS?An IT Standard

Open standard for exchanging real estate data– RETS is not closed or hidden

A standard described in a document– RETS is not software

RETS meets the needs of

real estate industry stakeholders



What is RETS?Technical Principles

Enables data suppliers to provide access to data

Uses a standard data access interface

Applies widely-used and proven concepts

Uses Internet standards where possible

Sample RETS implementations

are available



What is RETS?Community Organization

Organized and funded by NAR– Regular meetings sponsored by NAR

Attended by all interested companies & individuals– Improvement ideas sought from industry participants

Changes to the RETS standard are by change proposals

Workgroups address details of the RETS standard

Plugfests are held to establish interoperability

Compliance certification is available



Who has access to RETS Services?

MLS software vendors who offer RETS services to 667+ customers:– FBS Data 70– FNIS 385– Interealty 45– MarketLinx 28 – Offutt 50– Rapattoni 89

In-house systems – MRIS, Denver Metrolist, Naples, CRISNET, MLSNI

40 of the top 59 MLSs are using RETS

for 50% of active listings



How do RETS Clientsand Servers interact?

Query

SearchResult

RealtorRETS client

MLSRETS server



What is RETS Used for?- 1

MLS vendors use RETS when changing systems/ conversions

Data access by MLS data customers:– Brokerage web sites in near real-time– Brokerage in-house back office systems– IDX/VOW web sites– Client application to access one or many MLS systems

using PC, laptop, wireless device or cell phone – Statistical summary/market trend analysis– Newspapers or other partnerships– Homestore & other data aggregators



What is RETS Used for?- 2

Data access by MLS staff:– Maintain copy of MLS database

– Statistical or other reports

– Business rule compliance - e.g. Listing Checker (Landata)

– data exports e.g. membership, photos

– Others?

To standardize data access



What themes motivateddevelopment of RETS?

High cost of customized data exchange interface

Inability to plug clients into multiple MLS systems consistently and economically

High support costs

High cost and downtime associated with ongoing changes to database

Pain leads to action



When didRETS start?

RETS was born in 1999

Collaborative effort between NAR and a number of industry technology leaders

Driven by need to transfer of MLS information easier

Versions 1.0 and 1.5 of RETS have been adopted by:– most of the major MLS service providers

– many of the 3rd party software providers

– major brokerages – especially multi-market firms



RETS Value Proposition Realtors

Wider choice of clients– More MLS customers can use software that meets their

specific needs and styles

Higher quality solutions

Reduced license and support fees



RETS Value PropositionMLS

Makes data delivery more consistent and robust

Reduces MLS staff effort & therefore support costs

Shortens elapsed time and lowers cost to fulfill customer & in-house data requests

Reduces MLS technical staff time consumed by third party developers

Minimizes impact and disruption caused by change

Reduces risk, effort & downtime during MLS system and client conversion



TopicSummary

RETS is a standard; not software

RETS offers a comprehensive solution to improve real estate data distribution

RETS provides benefits to all industry stakeholders:– improved timeliness of data

– reduced operating costs

– increased revenue



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