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Sign into your accountBrokers need full data transparency and unified standards, not self reporting
October 07 2015
The room was filled with brokers, eager to hear how the real estate industry is beginning to make great strides in wrangling Big Data to the benefits of everyone: brokers, agents and consumers.
The three panelists on stage represented a broad spectrum of the industry: Rainy Hake, a well respected brokerage leader who oversees the Technology, Marketing, Training and Strategy departments for Alain Pinel Realtors; Trent Gardner, the CEO of ListTrac, known as the "Google Analytics for Listings;" and Jeremy Crawford, the dynamic MLS leader who heads up RESO (Real Estate Standards Organization) and the chief evangelist for the Data Dictionary, real estate's "Rosetta Stone."
Rainy shared a very telling observation during this session at San Francisco's Real Estate Connect: How the self-reporting data does not match up well with their own tracking data.
This comment has been haunting me ever since, because the two other panelists represent organizations – RESO and ListTrac – are about data standards, transparency and unbiased, accurate information.
Standards are vital
RESO has gained real traction and its trailblazing effort to standardize data fields for property information will be a welcome godsend to real estate brokerages and technology firms. Backed by the NAR mandate of adoption by MLS firms that are connected to NAR (which is almost all of them), come January 1, 2016, the industry will be taking a bold step forward toward fostering accelerated innovation and cost savings.