Industry News

Data standard mandatory for Realtor-affiliated MLSs

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All multiple listing services that are owned or operated by state, regional or local Realtor associations must adopt a common data standard for the exchange of real estate information, known as the Real Estate Transaction Standard or RETS, by June 2009. A National Association of Realtors Internet Strategy and Technology Work Group noted that Realtors "are competing for consumer contact with outside entities holding an important competitive edge," citing the example of the development of "tools and practices that leverage their own internally developed data standards." Consistent standard for computerized real estate information "will ensure that MLS participants will be able to develop and implement best practices within their businesses," according to a report presented to the national group's board of directors last month. The work group reported that RETS adoption by all MLSs -- including Realtor-affiliated and unaffiliated MLSs -- stands at about 63 percent, and that all major MLS...