Real Estate Standards Organization Announces Massive Data Dictionary Update

SAN FRANCISCO, CA--(Marketwired - Aug 10, 2017) - The Real Estate Standards Organization, or RESO, announced the biggest update in the history of its RESO Data Dictionary, which serves as the real estate industry's "Rosetta Stone" by creating a common language that allows real estate data to be more easily understood and shared across all technology systems, with the release of its 1.6 update. The RESO Data Dictionary 1.6 was approved by its Board of Directors and announced today during Inman Connect, the nation's largest real estate technology conference being held today at the San Francisco Hilton.

Today, the RESO Data Dictionary is available to more than 1.2 million members of Multiple Listing Services (MLSs) nationwide -- predominately real estate agents and brokers. More than 225 new data fields have been added to the latest version of the Data Dictionary with the 1.6 release, available through both RETS and the Web API, as well as more than 625 additional "look up" values, making this the largest update in the history of the Data Dictionary, which was originally launched in 2012. The RESO Data Dictionary 1.6 version will now feature 1,272 Fields and 2,108 Pick-List Lookup (Enumeration) Values.

In layman terms, these new fields will bring huge benefits to both real estate professionals and consumers, as the data field standards being added will improve the ability for MLSs, brokerages and software technology firms to provide a wide range of new website, apps, and other technologies that will leverage the Accessibility, Showing Data, Saved Searches, Internet Tracking, Member Data, standardized Universal Identification of Organizations distributing data, Historical Transaction information and more, now abled to be captured.

"This is one huge leap for the RESO Data Dictionary," said Art Carter, Chair of RESO and CEO at CRMLS, the nation's largest MLS. "More importantly, this is a giant spring forward to greater innovation by combining and leveraging real estate's Big Data in a way that will give agents, brokers and consumers better information and help us all make the real estate transaction process better."

Carter gives the example of the new Showing Data fields being standardized, which can allow agents that use MLSs in two different markets that have contracts with different Showing companies to no longer have to log into two different systems to set appointments for their clients.

He also cites Saved Searches as another "big time saver," and notes, "It's also going to provide a better consumer experience," Carter adds. "By standardizing Saved Searches, a consumer can search on their phone on an agent's website, and then go back later and search on their laptop and keep track of the properties they wanted. Their agents can see what they are interested in and suggest more homes as soon as they hit the market to make that customer experience even better," he added.

A vital new data addition to the RESO Data Dictionary 1.6 is the new RESO Accessibility Features fields. These new fields are aligned with the efforts by a new industry designation, HAPS -- Home Accessibility Property Specialist Designation -- and the efforts by both the California Association of REALTORS® and the National Association of REALTORS® to promote including Accessibility Features in property listings. RESO was aided by the Rogue Valley Council of Governments (Senior and Disability Services) in developing these standards.

Jeremy Crawford, CEO of RESO, notes this will help real estate agents and brokers expand their market reach. "This is another way the RESO Data Dictionary can help agents build more business opportunities by providing new -- and much wanted information -- to consumers," he said.

Crawford calls the latest Data Dictionary update "truly a Herculean task," and is quick to give credit to the RESO Workgroups -- all volunteer driven -- that he notes have been aggressively pushing hard to get new standards that brokers and others say is required for improving the consumer experience.

"Rob Larson, who chairs the Data Dictionary Workgroup has been relentless in his pursuit of improvements, but he is not alone," said Crawford. "Everyone involved in the Internet Tracking Workgroup lead by Chair Chris Lambrou has added countless volunteer hours ensuring the listing activity statistics across multiple advertising channels are now standardized so a brokerage can have a common standardized consolidated view of the marketing performance of their listings across all advertising outlets. All have collectively volunteered hundreds of their own personal time to make this massive rollout possible."

Announcement at Inman Connect
Crawford said they chose to announce the RESO Data Dictionary 1.6 update in San Francisco for two reasons: RESO is involved with Inman Hacker Connect and the technologist presenting, sponsoring and attending are many of the same people who will be involved in this new update for their firms, and also this conference is the biggest of its kind, with some 4,000 attendees expected, including many brokerage leaders. "We want more brokerages to realize the real opportunities RESO is offering and to not only join, but become more involved and provide their specific business challenges so RESO can ensure building standards that provides solutions to those brokerage challenges," Crawford said.

Crawford also noted that the timing for announcing the Data Dictionary 1.6 update is also ideal in early August, as the RESO Fall Conference and its new RESO DataComp data competition, sponsored by RPR, is just 10 weeks away. The San Diego meeting, on October 17-19, at the uber-hip Pendry San Diego, is quickly selling out. The Early Bird Registration for the conference, themed "Getting Down to Business Utilizing Data Standards," ends August 11 and the conference is limited to just over 300 people. Registration and more information about the agenda and the new DataComp is available online at www.reso.org/fall-mtg

About RESO
The mission of the Real Estate Standards Organization (RESO) is to create and promote the adoption of standards that drive efficiency throughout the real estate industry. RESO was incorporated in November 2011, as an independent, not-for-profit trade organization that was previously a section of the National Association of REALTORS®. RESO has more than 700 active members, including NAR, multiple-listing services, real estate associations, brokerages and industry technology providers. For more information, visit www.reso.org. Contact RESO via email at info@reso.org.