Industry News

Real estate standards save time, money

RETS adoption picks up among technology vendors

The ROI Producing Real Estate Event of the Summer
Reach top decision-makers at Inman Connect

Consumers who buy music CDs expect to be able to put them in a home stereo and hear music. The same goes for real estate technology. Brokers who buy new office software expect it to work with their existing systems that download listings data from the MLS. But real estate technologies today aren't always compatible. Prior to 1999, real estate technology products spoke different languages, which made it difficult for brokerages and MLSs to buy new products that could communicate with one another. But now there's RETS, the Real Estate Technology Standard, which tunes agents, brokers, MLSs, lenders and other service providers to the same language, so real estate deals can close faster and cost less. RETS "allows consumers, agents and brokers to access MLS data more quickly and at less cost," said Kevin McQueen, president of Focus Forward Consulting. Quite simply, standards make it easier and less costly to buy and sell homes. Without standards, agents and brokers would spend more tim...