What is RETS?

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RETS Overview Value Proposition
New Topic

• What is RETS?
• Who is using RETS?
• What is RETS used for?
• How why did RETS start?
• RETS value proposition to
• Realtors
• MLS

Kevin McQueen
Yogi Schulz
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TopicObjectives

• Build familiarity with RETS
• Components
• Usage
• History
• Understand RETS value proposition
• Identify opportunities to employ RETS

RETS is delivering real benefits
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What is RETS?An IT Standard

• Open standard for exchanging real estate data
• RETS is not closed or hidden
• A standard described in a document
• RETS is not software

RETS meets the needs of real estate industry
stakeholders
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What is RETS?Technical Principles

• Enables data suppliers to provide access to data
• Uses a standard data access interface
• Applies widely-used and proven concepts
• Uses Internet standards where possible

Sample RETS implementations are available
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Who has access to RETS Services?

• MLS software vendors who offer RETS services to
  600 customers
• FBS Data 70
• FNIS 340
• Interealty 45
• MarketLinx 28
• Offutt 50
• Rapattoni 89
• In-house systems MRIS, Denver Metrolist,
  Naples, CRISNET, MLSNI

175 MLSs use RETS 50 of national listing
inventory
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How do RETS Clientsand Servers interact?
Realtor RETS client
MLS RETS server
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What is RETS Used for?- 1

• Data access by MLS data customers
• Brokers use to update web sites back office
  systems
• IDX/VOW web sites
• Third party provider applications - WyldFyre, Top
  Producer, Pocket Real Estate
• Wireless / PDA access
• Statistical summary/market trend analysis
• Realtor.com other data aggregators
• MLS vendors use RETS when changing systems/
  conversions

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What is RETS Used for?- 2

• Data access by MLS staff
• Query MLS database
• Statistical or other reports
• Compliance with business rules - e.g. Listing
  Checker
• data exports e.g. membership, photos
• Others?
• To standardize data access

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RETS Value Proposition Realtors

• Wider choice of software applications
• More MLS customers can use software that meets
  their specific needs and styles
• Higher quality solutions
• Reduced license and support fees

See a more detailed value proposition
at www.corvelle.com/rets or tools.rets.org/rets/
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RETS Value PropositionMLS

• Makes data delivery more consistent and robust
• Reduces MLS staff effort shortens elapsed time
  fulfill customer requests
• Minimizes impact and disruption caused by data
  changes
• Reduces risk, effort downtime during MLS system
  and client conversion

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TopicSummary

• RETS is a standard not software
• RETS offers a comprehensive solution to improve
  real estate data distribution
• RETS provides benefits to all industry
  stakeholders
• real time access to data
• increased service and revenue

Discussion Time
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What themes motivateddevelopment of RETS?

• High cost of customized data exchange interface
• Inability to plug clients into multiple MLS
  systems consistently and economically
• High support costs
• High cost and downtime associated with ongoing
  changes to database

Pain leads to action
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What is RETS?Community Organization

• Organized and funded by NAR
• Regular meetings sponsored by NAR
• Attended by all interested companies
  individuals
• Improvement ideas sought from industry
  participants
• Changes to the RETS standard are by change
  proposals
• Workgroups address details of the RETS standard
• Plugfests are held to establish interoperability
• Compliance certification is available

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