Internet tracking events have become an essential part of the modern software business model. For real estate, it can help brokers and agents gain greater insight into consumer activity and behavior to better serve their needs.
That’s why RESO Internet Tracking Workgroup Chair, Chris Lambrou, and a team of volunteers are working hard at creating a RESO standard for Internet tracking.
Having been involved in RESO since the mid-2000s, Lambrou is currently the CIO at Metro MLS, as well as a workgroup chair at IEEE (Institute of Electrical and Electronics Engineers). Previously, he was VP of Special Projects/R&D at Midwest Real Estate Data (MRED).
In this video interview, Lambrou talks about the rapid growth of RESO and what the Internet Tracking Workgroup is doing to help support the continued success of the organization.
“It’s been a real honor and a privilege to be the first chair for Internet Tracking and to be involved in RESO for so long and to watch something grow literally from a roundtable to a big event twice a year that’s extremely well-run,” said Lambrou.
After working for two years as a group, RESO Data Dictionary 1.6 debuted an assortment of fields to help improve the traffic analytics, tapping into the data that MLSs process every day, and sharing that information.
Lambrou explained that tracking can provide brokers and agents a lot of insight into consumer behavior. He noted that something as simple as tracking a viewing of a listing on MLS websites, portals and apps can help brokerage firms and MLSs measure the success of where listings appear and how they are consumed. Said Lambrou, “This type of information is more paramount these days and easier to get. It’s being done at all levels and with all real estate products.”
The goal is to make the Internet tracking data easy for everyone to consume in one place, which can make harder decisions easier and faster to make.
Notably, Lambrou points out that tracking and sharing information based on RESO standards will help brokerage firms find out where their data is located throughout the Internet. It will help brokerages determine the amount of views a listing gets and from what region in the nation, what time of day it is viewed, what photos are being looked at and more.
“Digital marketing is a very important part now of the modern REALTOR®,” he adds.
The RESO Internet Tracking Workgroup is made up of contributors from all aspects of the real estate industry, including representatives from MLSs, MLS tech providers, brokerage firms, consumer software providers and more.
From tracking information that includes showings to open houses, Lambrou notes that the RESO Internet Tracking Workgroup is working to find ways to bring more value from the data that MLSs consume.
Looking ahead, he notes that finding a way to track consumers going from one real estate site to another in an anonymous way is a driving goal of the workgroup.
Lambrou recommends MLS leaders to advocate to their tech vendors for the need for this kind of information. “Become more comfortable with big data,” he says. “Understanding your end users and what they’re doing with your product – or where your footprint is – is really paramount into bringing a better world for your membership.”
Lambrou invites other to join the RESO Internet Tracking Workgroup, encouraging anyone with skills to help better visualize data. LEARN MORE ABOUT THE RESO INTERNET TRACKING WORKGROUP
