The National Association of REALTORS® (NAR) has amped up its efforts to ensure REALTOR® association-owned MLSs implement RESO standards. NAR acted after an analysis determined there were many MLSs non-compliant with the standards. Adoption is a policy requirement.
Approximately 90 MLSs were notified and given 60 days (from the date of the letter) to respond—roughly until the beginning of April. MLSs that do not respond within the window will lose coverage under NAR’s Master Professional Liability Insurance Policy.
According to NAR and RESO, to date, many MLSs have responded, and most have already begun implementation.
“As NAR CEO, it’s my priority to keep the association and it’s 1.3 million members ahead of industry evolution, and one way I’m doing that is by ensuring the creation and adoption of industry-wide data standards and that all REALTOR® association-owned MLSs are compliant with RESO standards,” says Bob Goldberg, CEO of NAR. “This will improve industry-wide access to consistent, real property data and allow increased competition for new technology systems that will bring huge benefits to real estate professionals and better services for buyers and sellers.
“Today, the number of REALTOR® association-owned MLSs that have not yet implemented data standards represents less than 2 percent of [approximately 17,000] REALTORS®, so this initiative continues to be a huge success,” Goldberg says.
“This is as much our effort as it is the industry’s effort,” says Jeremy Crawford, CEO of RESO. “Along with NAR, RESO is committed to ensuring these mandates are met. Across the board—from its executive leadership to its policy staff—NAR has been an instrumental partner. We are actively assisting the MLSs that have responded, and are confident they will implement our standards successfully.”
The deadline to implement the RESO Data Dictionary was Jan. 1, 2016; the deadline to implement the RESO Web API was June 30, 2016. Both the Data Dictionary and Web API were developed by the Real Estate Standards Organization (RESO) in an effort to create consistency, cost savings and efficiency in the industry.
Stay tuned to RISMedia for more developments.