Why Brokers Should Care About Data Standards

As we mention in our 2016-17 Technology Guide, there's one important question that brokers should ask when considering a solution that uses listing data:

Is this vendor RESO certified?

RESO, or the Real Estate Standards Organization, was the subject of much discussion over the past year, thanks to a NAR mandate that required all MLSs owned by associations of Realtors to implement RESO standards by Jan. 1, 2016.

While that may make it seem like data standards are an MLS issue, nothing could be further from the truth. Brokers and their agents are the no. 1 recipient of the benefits of standardization. That's because, before RESO, real estate data was in a real "Tower of Babel" situation. Every MLS used their own format for listing data, so it was like each one spoke a different language and struggled to understand the language of the others. This made everything from data sharing efforts to developing industry-wide technology difficult.

RESO has standardized data into a single 'language' that all MLSs and technology vendors can use. Now organizations and solutions can speak to each other much more easily. This makes the real estate transaction much more streamlined and solves many pain points and grievances that brokers had against their MLSs.

But brokers shouldn't make the mistake of thinking that RESO is just an organization for MLSs. In fact, RESO is actively reaching out to brokers in hopes that they'll join and contribute their crucial point-of-view to evolving data standards.

Jeremy Crawford, RESO's executive director, has written about the benefits that RESO offers brokers. You can read those articles here:

• Why Should Real Estate Brokers Join RESO?
• RESO for Brokerages: 4 Ways New Standards Will Shape Your Future
• What the Heck Is the RESO Data Dictionary and Why Is It Such a Big Deal?

If you'd like to learn more about RESO, you can visit their website. To really dig in and talk to other RESO members in person--MLSs, other brokers, vendors, etc.--consider attending RESO's upcoming Fall Conference in Nashville.

The event runs from October 24-26, and promises a full agenda of stimulating discussions on topics from the effects of artificial intelligence and algorithms on real estate to broker data needs and more. You can view the full agenda here.