(PRWEB) May 11, 2012
Morrisville, NC: The Real Estate Standards Organizations (RESO) announces its first work project, the Data Dictionary 1.0, a critical piece in driving the adoption and use of the Real Estate Transaction Standard (RETS).
“The Board approval of RESO Data Dictionary 1.0 comes as a result of the tireless efforts of the technical workgroup led by Rob Larson, CIO of CRMLS,” said Travis Wright, executive director of RESO. “This data set of 503 fields – covering six property types – has been vetted by the brightest minds in our industry, and this release sets the stage for rapid adoption throughout the industry.”
With over 900 Multiple Listing Services (MLS) in the U.S., many regional variances of describing property attributes have emerged and cause inconsistencies during the listing of real estate. For instance, a single level home could be referred to as a “ranch,” “rambler,” or “single story.” The Data Dictionary is a measure created by RESO to consolidate the variations by defining common terms and relating those terms to the variances.
The Data Dictionary provides common definitions for real estate data based on the Real Estate Transaction Standard (RETS), a protocol used by many MLS data exchange service providers. The Data Dictionary standardizes 503 data terms and values that define the most common descriptions of property attributes in the United States as used by real estate brokers, multiple listing services, and software developers who create applications for consumers and Realtors.
Wright said the Data Dictionary is the latest evolution of common terms and values that could easily be adopted by all technology stakeholders in the real estate transaction process. “The greater the adoption by the industry, the easier it will be for software developers and vendors to create products that will work seamlessly in all MLS environments,” said Wright.
Nearly 100 real estate standards technical experts from around the U.S. contributed to the creation of the Data Dictionary. The project began during technical sessions at the September 2011 RESO conference in Chicago and the Data Dictionary Workgroup team, led by Larson, continued the formation of the dictionary through conference calls and in-person meetings.
RESO finalized the Data Dictionary 1.0 during the April 18-20 spring conference at the headquarters of the National Association of Realtors (NAR®) in Chicago. RESO dedicated several sessions to discussing and finalizing the Data Dictionary with the more than 93 conference attendees, more than half of which were RESO Charter Members.
“The official release of RESO’s Data Dictionary is certainly a milestone achievement for the real estate industry,” said Rebecca Jensen, RESO chair and CEO at Utah Real Estate.com. “It would not have been possible without contributions and leadership from our Charter Members, who realize the importance of standards in driving efficiencies and innovation.”
The next collaborative effort involves the creators of leading real estate API's in the industry. RESO will unify and modernize the technology responsible for delivering data, completing the final step necessary for plug and play automation. This project is expected to be adopted at the Fall RESO Conference.
About the Real Estate Standards Organization (RESO)
The vision of the Real Estate Standards Organization is to promote and enrich accepted data standards and processes utilized by all professionals in the fully automated real estate transaction through the Real Estate Transaction Standard (RETS). RESO focuses its efforts toward providing an environment for the development and implementation of data standards and processes that facilitate innovation, ensure portability, eliminate redundancies and obtain maximum efficiencies for all parties participating in the real estate transaction. RESO incorporated in November 2011 as an independent, not-for-profit trade organization having functioned previously as a section of the National Association of Realtors®. The RESO membership currently resides at 40 members including NAR®, multiple listing services, real estate associations and industry technology providers.
For more information about RESO, please call 919-459-2070 or visit http://www.rets.org.
RESO is managed by IMI Association Executives, a Morrisville, N.C.-based association management firm. For more information, visit their website at http://www.imiae.com.