RESO: Your job depends on it!

by Marilyn Wilson on May 28, 2015

RESO_Vertical_RGBAt the “CMLS Brings it to the Table” meeting at NAR Mid-Year, there was a great discussion led by some early adopters of the RESO Data Dictionary. They talked about the inherent benefits of creating a consistent data standard for all MLSs, Brokers and Technology Vendors. They talked about how data consistency creates an environment that will stimulate innovation and new thinking that will make it easier for REALTORS® to be successful. They talked about all how brokers will be able to operate more easily in multiple markets with a consistent data standard. Basically, our world with the RESO Data Dictionary in place is a LOT more efficient and a LOT more customer-centric than the world we operate in today: Local nuances make it virtually impossible for an upstart company to enter the industry and for brokers to easily roll out new products in multiple MLS regions seamlessly.

So doesn’t all of that sound like the type of industry that you want to operate in? An industry supporting and nurturing new ideas that will help brokers thrive, being able to differentiate their businesses in meaningful ways from one another and to serve the needs of their clients more effectively?

Sounds great to me, but then let’s look at the reality of where we are today.

When the audience of about 150 was polled asking them if they are in the midst of executing the RESO data dictionary, just about 30 of them raised their hand. After hearing compelling arguments in favor of RESO were presented by the esteemed panelists, I asked the question, “Now that you have heard how RESO will make our industry stronger, how many more of you are interested in pursuing RESO?” Disappointingly, just one or two hands went up.

So here’s what I have surmised that most folks are thinking after watching that dynamic.

  1. It’s NOT optional

Some MLSs are not aware that there is a deadline looming. By 1/1/16 every MLS is required to have implemented the RESO Data Dictionary to be in compliance with the IDX policy that was approved at NAR National in November last year.

  1. My Vendor will Take Care of It

Many MLSs believe that their MLS vendor is simply going to take care of it for them and they won’t have to deal with it. While the MLS vendors DO play a vital role in this process, the MLSs must lead the effort on behalf of their members. They need to review their current data fields vs. the RESO Data Dictionary to see how far off they are from the standard. They need to work with their Board to adjust their data fields to get in compliance, or pay for an additional server that will “translate” the data fields in place and MAP them to the data fields of the new Data Dictionary.

If all of this sounds like “gobbledygook” to you, then there’s an important first step you can take to put your organization on the road to success with the Data Dictionary at its core.

You should attend the upcoming Spring RESO Conference on June 2nd to the 4th in Chicago, IL At the conference there will be discussions about the reasons why the RESO Data Dictionary is going to help brokers be more successful. There will be practical tips about the best way to become RESO Certified from fellow MLSs that have already gone through the process.

RESO will be providing you with a starter kit to help you understand the simple, but important steps you need to take to prepare your organization for long-term success.

Please register HERE for the Spring Conference.

You can also become a member of RESO and take advantage of all of the many member benefits including work group participation, certification assistance, and online guides to standards to help get your organization up to speed.”

I hope to see you at in Chicago! It’s going to be a great event!

{ 1 comment… read it below or add one }

David Gumpper May 31, 2015 at 2:49 pm

Nice article. A concern is the attitude of “the vendor is going to take care of it”. Some MLS’s members are going to feel the ‘pain’ when converting to the RESO Data Dictionary standard. MLS’s best action plan? Assist in the mitigation of the conversion ‘pain’ with effective communication with its constituency and their vendor. Every one of the over 700 MLS’s should immediately engage in this conversation now before it is too late. Benjamin Franklin said, “Time is money”. January 1, 2016 is only 214 days away and time is slipping away fast. As time slips away, the more money it is going to cost somebody. Don’t let it be your constituency. Secondly, the RESO Data Dictionary is ‘what’ the industry needs to generate efficiencies to innovate for MLS’s, Brokers, Agents, Vendors, Buyers, Sellers, etc…. After implementation, it is a win-win for everyone involved in buying and selling of homes.

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