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RETS Overview & Value Proposition

Learn about RETS - an open IT standard for real estate data exchange - its history, usage, value proposition, and benefits to realtors and MLS. Explore how RETS simplifies data access and its impact on the real estate industry.

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RETS Overview & Value Proposition

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  1. RETS Overview& Value Proposition New Topic • What is RETS? • Who is using RETS? • What is RETS used for? • How & why did RETS start? • RETS value proposition to: • Realtors • MLS Kevin McQueen Yogi Schulz

  2. TopicObjectives • Build familiarity with RETS: • Components • Usage • History • Understand RETS value proposition • Identify opportunities to employ RETS RETS is delivering real benefits

  3. 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

  4. 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

  5. Who has access to RETS Services? • MLS software vendors who offer RETS services to 600+ customers: • FBS Data 70 • FNIS 340 • Interealty 45 • MarketLinx 28 • Offutt 50 • Rapattoni 89 • In-house systems – MRIS, Denver Metrolist, Naples, CRISNET, MLSNI 175 MLSs use RETS 50% of national listing inventory

  6. How do RETS Clientsand Servers interact? Query Search Result Realtor RETS client MLS RETS server

  7. What is RETS Used for?- 1 • Data access by MLS data customers: • Brokers use to update web sites & back office systems • IDX/VOW web sites • Third party provider applications - WyldFyre, Top Producer, Pocket Real Estate • Wireless / PDA access • Statistical summary/market trend analysis • Realtor.com & other data aggregators • MLS vendors use RETS when changing systems/ conversions

  8. What is RETS Used for?- 2 • Data access by MLS staff: • Query MLS database • Statistical or other reports • Compliance with business rules - e.g. Listing Checker • data exports e.g. membership, photos • Others? • To standardize data access

  9. RETS Value Proposition Realtors • Wider choice of software applications • More MLS customers can use software that meets their specific needs and styles • Higher quality solutions • Reduced license and support fees See a more detailed value proposition at: www.corvelle.com/rets or tools.rets.org/rets/

  10. RETS Value PropositionMLS • Makes data delivery more consistent and robust • Reduces MLS staff effort & shortens elapsed time fulfill customer requests • Minimizes impact and disruption caused by data changes • Reduces risk, effort & downtime during MLS system and client conversion

  11. 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: • real time access to data • increased service and revenue Discussion Time

  12. 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

  13. 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

  14. InnovativeTech Support

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