NEW YORK–In imagining a business architecture for the digital real estate transaction, experts and the companies involved agree that a set of technology standards is crucial in moving this machine forward. They also say establishing these standards is among the most difficult and expensive tasks at hand. Bill Bain, chief technology officer of HomeGain, used an example of a Home Depot cashier to explain the idea of seamlessly pulling the parts of a transaction together. Bain, during a panel discussion at Inman News' Real Estate Connect 2005, pointed out the cashier station's various components, labeling the cashier as the transaction coordinator, and the various tools at the station as components. You can't really conceive that in Home Depot you can expect to not be able to buy certain brands at certain cash registers, Bain said. But that's exactly the concept of real estate transaction systems without standards. The real estate industry currently has RETS – The Real Es...
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