Alphabet soup? Not really, RETS stands for "Real Estate Transaction Standard" (see www.rets.org), I hope you know what MLS stands for, and DOJ is the "Department of Justice". First let's understand a little more about RETS.
In 1999, NAR looked around the US landscape and concluded that MLS data was not uniform. They discovered that each MLS programmer had their own way of storing the data, and different software wouldn't talk to each other. NAR gathered some of the top providers in the country and started conversations on how to standardize the industry. They weren't the first, "The RELML specification was first announced in the summer of 1998. This version of the draft is currently implemented in OpenMLS's Real Estate Listing Management system", nor are they alone "The Alliance for Advanced Real Estate Transaction Technology (AARTT) announced an initiative to create open standards for data exchange within the real estate industry in order to streamline the residential real estate industry; this initiative is called CRTML (Comprehensive Real Estate Transaction Markup Language)". But RETS became the standard. Thanks to a strong influence from NAR.
My article splits here. First: How standard is the standard Second: Now comes the DOJ.
First: A RETS feed has come to mean a live database (empasis on LIVE) that has standard coding for any software to interpret. The key here is LIVE. IDX is typically a file, downloaded each day at the same time. The file may be saved every night at 1 a.m., and downloaded by your provider at 4 a.m. That data is fed into your IDX display, and stays the same for 24 hours. Effective, easy, but data still has to be mapped.
A RETS feed data stream is live. I have a RETS feed, but not on my site. Terradatum uses live data for market analysis. I see now, what happend 5 minutes ago. You can see the power of this. Sally agent puts a listing in at noon, but it won't be on your site until the next day. Not a really big loss, but as information is faster, live time is better.
RETS problem? Not really standard. Good attempt, lots of fields are standard, but how many US Cities have the same names for subdivisions? Some cities have suburbs, some have subdivisions. Different custom fields for different areas. Some may use Zip codes, some may require school names - on and on. I'm told by several programmers, IDX feed is easier to work with than RETS feeds. I suspect this will change as we work with RETS feeds more.
So the standard isn't really a standard yet. We all have various things in our communities that are different. Varies from MLS to MLS. Will for some time yet (Just think, would Ocean View be a good standard field in Wichita Kansas?).
PS to First: Does anyone know of a Listing Provider for Web Sites working in RETS feed yet?
Second: The DOJ wants all this data public. I don't don't that there are lots of accesses for all of us to put our listings, but how? I know have to enter the same listing into:
a. The MLS
b. Website (who submits to other sites for me
c. Craigslist (who won't take any feeds.... yet)
This time isn't free, nor the technology to do it, nor the follow up. Not to mention how much time - effort - and money has been spent to organize this system of... a type of standardization.
Providers will standardize, and the listings will be easier. The difference between Microsoft, MaBell, and Nar? In NAR we are an organization, whose members all own much smaller businesses. We've agreed to cooperate in our buissnesses for our client. We ARE NOT one huge cooperation. Every one of the Realtors, Brokers, Providers, etc are companies that we, our clients, etc choose to work with. NAR allows us to Cooperate. They do not own us. This, in my humble opinion, is the greatest difference in NAR, and the other mentioned companies that DOJ broke apart.
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