Blog & NewsGot RETS?
You’ve probably heard of it. RETS. It’s a familiar acronym that’s been floating around the real estate industry for the past few years. RETS stands for the Real Estate Transaction Standard. What it does is facilitate seamless data transfer between various listing partners and MLS solutions within the real estate industry.
The basic idea behind having a ’standard’ for real estate terminology is to allow the maximum usage of listing data. You enter the listing data into one system and it can then be used across multiple channels. Having a single point-of-entry for listing data makes sense for everyone involved, especially MLS’s, agents, and brokers. With the number of listing syndication partners, real estate software solutions, IDX providers, and various MLS’s, the need for RETS is vital.
The benefits of implementing RETS are widespread throughout the industry. Agents have better access to more software providers that follow RETS, giving them flexible options. Another benefit for agents is the increased competition in local market areas as more agents will have the tools to compete successfully.
With RETS, brokers will be able to exchange information more easily with their local MLS’s. A broker-wide solution using RETS can streamline functions and make transactions easier and more accurate for the agents in the brokerage.
Consumers benefit by RETS implementation as well. The listing data they are looking for will be easily found and consistent between various search sites, MLS listing sites, and individual agent websites.
As a software provider it makes sense to develop solutions that follow the Real Estate Transaction Standard. Point2 is currently working to have all of our software solutions meet the Standard set out in RETS. In fact, Point2 is involved directly with RETS development by participating in the RETS Syndication Workgroup devoted to ‘creating a standardized listing data and transport specification that makes it easy for brokers to syndicate their listings to multiple sites’.
As work continues on RETS, Point2 will be ready to ensure that all of our solutions are RETS compliant. For more information on RETS and details on additional RETS Workgroups, please visit www.rets.org.
Listing Syndication, Real Estate Technology | Megan | May 30, 2008
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