RESO is a group of real estate organizations working together to develop and implement data standards and processes that support innovation, insure portability, eliminate redundancies and obtain maximum efficiencies for all parties participating in the real estate transaction. RESO’s ultimate goal is a fully automated real estate transaction facilitated by data standards and processes accepted by real estate professionals everywhere.
“It was Andy Tannenbaum who said ‘The nicest thing about standards is that there are so many of them to choose from,’” said MRED CEO Russ Bergeron. “That describes the state of MLS databases today. RESO and MRED want to change all that.”
The Real Estate Transaction Standard (RETS) is a common language spoken by systems handling real estate information, such as multiple listing services (MLSs). Most of RESO’s work currently involves RETS and data definitions to be utilized within RETS. Standardization of data fields and ease of portability of data are of the highest priority to MRED and other MLSs for efficiency of data delivery and the minimizing of expense related to these activities.
"It is exciting to see all segments of the real estate industry work together to affect significant change,” said Rebecca Jensen, Board Chair of RESO and CEO of UtahRealEstate.com. “Led by MRED, the first official Charter Member of RESO, more than thirty of the nation’s largest MLSs followed suit, as well as the National Association of Realtors® (NAR) and over a dozen vendors and consultants. Together, we have created RESO’s first Data Dictionary, which is a standard that will drive efficiencies and foster innovation throughout the industry."
“It is a high priority to me and MRED leadership to support RESO and the work it is doing to create accepted data standards and processes,” added Bergeron. “We are proud to be front and center in a leadership role showing our support for this organization and its very worthy mission and initiatives.”
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 8,000 real estate offices and 40,000 real estate professionals, including brokers, agents and appraisers. MRED has expanded well into the “collar” counties surrounding Chicagoland, and its property information encompasses northern Illinois, southern Wisconsin and northwest Indiana.