As part of the newly elected Board of Directors of the Real Estate Standards Organization (RESO), I have accepted the challenge along with the other 9 Board members to construct a real estate data standard that can be beneficial for all parties involved: Agents, Brokers, MLSs, and the multitude of vendors serving all aspects.

Michael Wurzer, President of FBS Systems and the elected Chairman of the RESO Board, has issued this open letter to Yahoo!, Google, Trulia, and Zillow (and any others) to encourage cooperation with RESO in coming up with the future of real estate data standards.

I encourage everyone to read the full letter and comment on Mike’s Blog, but here are some key excerpts:

By focusing on a standardized data format together, we can make it easier for brokers who want to send their listings to your site to do so without duplicate data entry and extra expense in dealing with different data formats for each of your sites.

The reason I recommend the Real Estate Transaction Standard to you is that the RETS community has already worked hard over the last few years developing detailed schema for listing and property information that can be leveraged to solve this problem quickly.

Further evidence of the energy surrounding RETS is the recent adoption by the NAR MLS Committee of a new policy requiring all MLSs to adopt RETS by June 2009. As mentioned above, the vast majority of MLSs already support RETS and this new MLS policy, combined with your adoption, will help ensure that the most efficient data standards are both developed and adopted across the industry, which, of course, is the purpose of a standard.

Again, RESO wants to stress that this your data standard, not someone else’s. If you have an interesting business use case or issue that you would like for us to take into consideration, please feel free to email to me at david-at-futureofrealty-dot-com, leave a comment, or better yet, join one of our workgroups and contribute directly.