MLS & AssociationsTechnology

Real estate tools could be faster (and cheaper) — here’s how

Adopting API could jump-start real estate tech innovation
  • The National Association of Realtors required all Realtor-affiliated MLSs to adopt a standardized API by June 30.
  • The API could help tech firms develop real estate tools faster for less money and free them up to innovate. This could also attract other tech firms into the space, increasing competition.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

An agent hears about a new real estate tool that she thinks will help her business. But when she tries to buy it, she gets the bad news: the tool is not available in her market because it relies on MLS data, and the vendor has yet to partner with her MLS. That scenario is likely to become less common if both MLSs and vendors take a crucial step -- one that is required for all MLSs affiliated with the National Association of Realtors (NAR). That step is to adopt a standardized web API (application programming interface) to enable the easy transfer of real estate data between MLSs and vendors without vendors having to copy and store the data on their own servers. NAR required all of the 700 or so Realtor-affiliated MLSs to adopt a web API from the nonprofit Real Estate Standards Organization (RESO) by June 30. Jeremy Crawford "Not having to download data saves the person accessing the data time and money as well as they have to store it on hardware and keep it up to d...