In 2019, Vy Luu became Real Estate Webmasters’ general manager, and she is excited about the company’s recent multimillion-dollar investment in a new data solution that has the potential to revolutionize the real estate industry globally.
The real estate field has long suffered from a lack of data standards. Hundreds of MLS boards have significant differences that can affect performance and reliability. In the international market, MLS data is often lacking altogether. The Real Estate Standards Organization (RESO) has introduced new data standards so the industry can finally operate within consistent guidelines.
In the past two years, Real Estate Webmasters has migrated its data infrastructure to the Google Cloud Platform and partnered with Slalom, an international consulting firm that has helped companies in the finance, telecom and technology sectors find solutions to data-related problems.
Luu is now working on an innovative data solution that utilizes world-class technology and conforms to RESO standards. She is capitalizing on her experience in industries that rely heavily on data, such as telecommunications, travel and finance to improve the real estate industry.
Luu believes the changes will make it easier for agents to conduct searches and to detect changes on MLS boards, which will improve performance. Agents will also be able to perform searches based on a wider range of criteria than they can now. Luu believes that adopting consistent standards is a critical step toward improving real estate search technology around the world.
"We're bringing an international, multilingual MLS system to the world based on RESO standards that's going to change the way real estate is done," Luu recently told RISMedia. "This will open up data and facilitate competition, ultimately benefiting both sides of real estate transactions."