June 2009 Server Compliant
From RETS Community Wiki
The integrity of data is a foundation to the orderly Real Estate market. The Real Estate Transaction Standards (RETS) provides 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 REALTOR® will comply with the RETS standards by June 2009, and keep current with the standard’s new versions by implementing new releases of RETS within one year from ratification.
Rationale: At its November 14, 2007 meeting, the Multiple Listing Issues and Policies Committee received the report and recommendation of the NAR Internet Strategy/Technology Work Group proposing mandatory adoption of the Real Estate Transaction Standards (”RETS”) by all REALTOR association-owned or operated MLSs. That Work Group noted that REALTORS® are competing for consumer contact with outside entities holding an important competitive edge, i.e. developing tools and practices that leverage their own internally-developed data standards. The Work Group reported that RETS adoption by MLSs currently stands at 63%; that all major MLS vendors support RETS interfaces; and noted that a consistent industry standard will ensure that MLS Participants will be able to develop and implement best practices within their businesses. As noted in the Work Group’s recommendation, which was subsequently endorsed by the Multiple Listing Issues and Policies Committee, data integrity is the underlying foundation of an orderly real estate market. The RETS standards provide a vendor-neutral and safe method of exchanging listing information between Participants and MLSs. Ensuring adoption of the RETS standards by all REALTOR® association owned or operated MLSs by June, 2009 will further establish and maintain REALTORS®’ in their position as trusted advisors and as a primary source of reliable property information.
