NAR Policy Changes Great News For the Industry
During the recent NAR Conference in New Orleans, the NAR policy committee passed a number of significant changes, that impact all of us that work in the world of real estate data. It's amazing to me how long it has taken to get some of these changes made but our industry, unfortunately, moves slow It is that slowness that has made the real estate business an easy target for the big portals. But, the changes approved by the NAR Board are important and a welcome move in the right direction.
Here is an overview of the main changes as shared in an article by RE Technology.
1. The RESO Data Dictionary must be implemented by MLSs by January of 2016. What this means, at last, is truly standardized data across the industry. No more hours and hours of data mapping. No more massive amounts of custom code to deal with all this. And MUCH greater ability to focus energy on where there’s real value: user experience, creative applications and problem-solving.
2. The RESO Web API must be implemented by MLSs by June of 2016.What this means is that developers will have real-time access, through a simple, RESTful API, for the freshest data available. No more managing tons of feeds and files, storing loads of extraneous data, and trying to learn the idiosyncrasies of various RETS implementations. A number of additional items were added that will have an equally positive impact on the industry.
3. The addition of sold data as part of standard IDX will mean that on-market and off-market listings can be displayed on any member website where allowed by state law. There may be local limitations on the number of years of history.
4. The elimination of “co-mingling” rules will affect markets where brokers belong to overlapping or adjacent MLSs. As an example, a consumer searching for listings in / around New York City could actually see listings in Westchester County, Long Island, Connecticut, New Jersey, Manhattan, Brooklyn, Queens, Staten Island, etc. All served by different MLSs.
5. Participants must update listings at least every 12 hours. This will mean that everyone benefits from fresher data and that everyone needs a better way to access the data faster (see item 2). This will impact both MLSs and participants since MLSs will need to ensure updated data is available.