Changes taking place January 1st, 2016 to the RESO Data Dictionary will drastically help change standards in place for MLSs. What the changes will help to accomplish is to go from having over 850 MLSs to one common language to help establish consistency, efficiency, and a uniform language for all of these MLSs. This transition will be immense and will allow for one common way to communicate with any MLS. This will do wonders for any real estate brokerage firm that has to connect to more than one MLS. The RESO Data Dictionary is considered the “Rosetta Stone” of the real estate industry. The WAV Group estimates that there are as many as 2,500 software applications that connect real estate brokers and agents to one or more MSL firms that will need to update to take full advantage of these new benefits. Executive Director of RESO Jeremy Crawford said “all MLSs will speak the same language”. According to Crawford implementation of RESO Data Dictionary will provide brokers and agents improved MLS data access, including more efficient updates and results, increased consistency, and ease of use in consuming and displaying property information.
A Crucial Endorsement
RESO really gained momentum as the non-for-profit organization gained Leading Real Estate Companies of the World®, the largest network of over 500 premier locally-branded firms responsible for more home sales than any other real estate network, to its membership. LeadingRE President/CEO Pam O’Connor believes RESO provides great value to the brokerage community, including the industry’s first adoption of its Data Dictionary. She believes it will fuel new innovation, create significant efficiencies that will reduce costs and allow brokerage firms to expand into new markets.
The long term goal of this process is to achieve National data standards and industry collaboration in all aspects of real estate data and this is definitely a big step in that direction.