File: 03_RETS_Overview.PPT 1 RETS Overview & Value Proposition  What is RETS?  Who is using RETS?  What is RETS used for?  How & why did RETS start?  RETS value proposition to: –Realtors –MLS RETS Overview & Value Proposition Kevin McQueenYogi Schulz

File: 03_RETS_Overview.PPT 2 RETS Overview & Value Proposition Topic Objectives  Build familiarity with RETS: –Components –Usage –History  Understand RETS value proposition  Identify opportunities to employ RETS RETS is delivering real benefits

File: 03_RETS_Overview.PPT 3 RETS Overview & Value Proposition 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

File: 03_RETS_Overview.PPT 4 RETS Overview & Value Proposition 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

File: 03_RETS_Overview.PPT 5 RETS Overview & Value Proposition Who has access to RETS Services?  MLS software vendors who offer RETS services to 600+ customers: –FBS Data70 –FNIS340 –Interealty45 –MarketLinx28 –Offutt50 –Rapattoni89  In-house systems – MRIS, Denver Metrolist, Naples, CRISNET, MLSNI 175 MLSs use RETS 50% of national listing inventory

File: 03_RETS_Overview.PPT 6 RETS Overview & Value Proposition How do RETS Clients and Servers interact? Query Search Result Realtor RETS client MLS RETS server

File: 03_RETS_Overview.PPT 7 RETS Overview & Value Proposition 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

File: 03_RETS_Overview.PPT 8 RETS Overview & Value Proposition 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

File: 03_RETS_Overview.PPT 9 RETS Overview & Value Proposition 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: or tools.rets.org/rets/

File: 03_RETS_Overview.PPT 10 RETS Overview & Value Proposition RETS Value Proposition MLS  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

File: 03_RETS_Overview.PPT 11 RETS Overview & Value Proposition Topic Summary  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

File: 03_RETS_Overview.PPT 12 RETS Overview & Value Proposition What themes motivated development 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

File: 03_RETS_Overview.PPT 13 RETS Overview & Value Proposition 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

File: 03_RETS_Overview.PPT 14 RETS Overview & Value Proposition Innovative Tech Support