RETS Overview Value Proposition What is RETS Who

RETS Overview & Value Proposition What is RETS? Who is using RETS? What is RETS used for? How & why did RETS start? RETS value proposition to: – Realtors – MLS Kevin Mc. Queen Yogi Schulz File: 03_RETS_Overview. PPT 1

Topic Objectives RETS Overview & Value Proposition Build familiarity with RETS: – Components – Usage – History Understand RETS value proposition Identify opportunities to employ RETS is delivering real benefits File: 03_RETS_Overview. PPT 2

What is RETS? An IT Standard RETS Overview & Value Proposition Open standard for exchanging real estate data – RETS is not closed or hidden A standard described in a document – RETS is not software RETS meets the needs of real estate industry stakeholders File: 03_RETS_Overview. PPT 3

What is RETS? Technical Principles RETS Overview & Value Proposition Enables data suppliers to provide access to data Uses a standard data access interface Applies widely-used and proven concepts Uses Internet standards where possible Sample RETS implementations are available File: 03_RETS_Overview. PPT 4

What is RETS? Community Organization RETS Overview & Value Proposition Organized and funded by NAR – Regular meetings sponsored by NAR Attended by all interested companies & individuals – Improvement ideas sought from industry participants Changes to the RETS standard are by change proposals Workgroups address details of the RETS standard Plugfests are held to establish interoperability Compliance certification is available File: 03_RETS_Overview. PPT 5

Who has access to RETS Services? RETS Overview & Value Proposition MLS software vendors who offer RETS services to 667+ customers: – – – FBS Data FNIS 385 Interealty Market. Linx Offutt 50 Rapattoni 70 45 28 89 In-house systems – MRIS, Denver Metrolist, Naples, CRISNET, MLSNI 40 of the top 59 MLSs are using RETS for 50% of active listings File: 03_RETS_Overview. PPT 6

How do RETS Clients and Servers interact? RETS Overview & Value Proposition Query Realtor RETS client Search Result MLS RETS server File: 03_RETS_Overview. PPT 7

What is RETS Used for? -1 RETS Overview & Value Proposition MLS vendors use RETS when changing systems/ conversions Data access by MLS data customers: – – Brokerage web sites in near real-time Brokerage in-house back office systems IDX/VOW web sites Client application to access one or many MLS systems using PC, laptop, wireless device or cell phone – Statistical summary/market trend analysis – Newspapers or other partnerships – Homestore & other data aggregators File: 03_RETS_Overview. PPT 8

What is RETS Used for? -2 RETS Overview & Value Proposition Data access by MLS staff: – – – Maintain copy of MLS database Statistical or other reports Business rule compliance - e. g. Listing Checker (Landata) data exports e. g. membership, photos Others? To standardize data access File: 03_RETS_Overview. PPT 9

What themes motivated development of RETS? RETS Overview & Value Proposition High cost of customized data exchange interface Inability to plug clients into multiple MLS systems consistently and economically High support costs High cost and downtime associated with ongoing changes to database Pain leads to action File: 03_RETS_Overview. PPT 10

When did RETS start? RETS Overview & Value Proposition RETS was born in 1999 Collaborative effort between NAR and a number of industry technology leaders Driven by need to transfer of MLS information easier Versions 1. 0 and 1. 5 of RETS have been adopted by: – most of the major MLS service providers – many of the 3 rd party software providers – major brokerages – especially multi-market firms File: 03_RETS_Overview. PPT 11

RETS Value Proposition Realtors RETS Overview & Value Proposition Wider choice of clients – More MLS customers can use software that meets their specific needs and styles Higher quality solutions Reduced license and support fees File: 03_RETS_Overview. PPT 12

RETS Value Proposition MLS RETS Overview & Value Proposition Makes data delivery more consistent and robust Reduces MLS staff effort & therefore support costs Shortens elapsed time and lowers cost to fulfill customer & in-house data requests Reduces MLS technical staff time consumed by third party developers Minimizes impact and disruption caused by change Reduces risk, effort & downtime during MLS system and client conversion File: 03_RETS_Overview. PPT 13

Topic Summary RETS Overview & Value Proposition RETS is a standard; not software RETS offers a comprehensive solution to improve real estate data distribution RETS provides benefits to all industry stakeholders: – improved timeliness of data – reduced operating costs – increased revenue File: 03_RETS_Overview. PPT 14

Innovative Tech Support RETS Overview & Value Proposition File: 03_RETS_Overview. PPT 15