RETS WEB API

The MLS Technology and Emerging Issues Advisory Board makes the followingrecommendation for consideration by the Multiple Listing Issues and Policies Committee at the 2014 REALTORS® Conference and Trade Expo on Saturday, November 8 from 9:00am to 12:00pm in New Orleans.

Possible Recommendation: That MLS Policy Statement 7.90, Real Estate Transaction Standards (RETS) be amended as follows (underscoring indicates additions, strikeouts indicate deletions):

The integrity of data is a foundation to the orderly real estate market. The Real Estate Transaction Standards (RETS) provide a vendor neutral, secure approach to exchanging listing information between the broker and the MLS. In order to ensure that the goal of maintaining an orderly marketplace is maintained, and to further establish REALTOR® information as the trusted data source, MLS organizations owned and operated by associations of REALTORS® will comply with the RETS standards by December 31, 2009,and; will adopt and implement the RETS Web API by January 1, 2016; and will keep current with the standard’s new versions by implementing new releases of RETS and RETS Web API on at least one of the MLS’s servers within one (1) year from ratification. Compliance with this requirement can be demonstrated using the Real Estate Standards Organization (RESO) compliance checker. (Amended 11/0914)

What is an API?

API, short for Application Program Interface, describes a data transfer method that eliminates the need to copy listings between servers. The MLS becomes the original and only source of MLS property data.

Benefits:

  • Provides MLSparticipants/subscribers with improved MLS data access includingfaster updates/results, increased security, and ease of use in displaying property information.
  • The RESO Data Dictionarystandardizes all available data fields for software programing and eliminates the need to “map” local MLS data. This will not preclude MLSs from using local terminology for naming data fields.
  • Standardized data fields enable vendors and programmers to develop tools, applications and other resources available fromMLSsto MLS participants/subscribers without the challenges associated with locally implemented data definitions.
  • Less expensive for brokers and MLSs to reformat and use MLS datawith a more mobile-centric focus.
  • Improved accuracy of MLSdata with no degradation of information.
  • Gives MLSs, MLS participants/subscribers the same technology already being used by outside competitors, syndicators and aggregators.
  • “The next advancement in technology that REALTORS® deserve TODAY.”
  • “Plug and play for listing display.”

Misconceptions:

  • “We can wait to make these improvementslater.”

If not now, when? Many real estate portals are already taking advantage of the benefits associated with providing property information using API.

  • “Too expensive.”

APIs decrease the overall costs associated with MLS vendors and programmers in developing broker websites, back office tools, and other resources.

  • “Just another unfunded mandate that doesn’t impact the brokers on the street.”

Review the benefits above and reconsider how greater access, reliability and ease to use MLS information willaid the broker on the street.

  • “If it’s not broke, don’t fix it.”

The real estate industry, and in particular the use of MLS data is at a cross roads in our industry. Associations, MLSs and brokers need to adapt, adjust, and overcome to excel.