RESO Monthly, July 2024: Learn at RESO Summer Camp, RED-B Course Updates, Concessions Guidance, A New Data Dictionary Resource and More

This Month

July’s RESO Monthly is Sponsored by:

RESO Summer Camp

Registration is now open for RESO Summer Camp! As with our last two annual summer events, there will be two online educational sessions for RESO newcomers and those who wish to brush up on some of their real estate survival skills.

The first session will walk you through the basics of RESO’s Working with Real Estate Data – Business (RED-B) course, how to earn the RED-B designation, and how to set up your organization for continued learning and onboarding new staff and volunteer leaders through RESO.

The second session will serve as a primer for understanding the purpose of the Data Dictionary, how it works, how to use its wiki and how to contribute to it through RESO workgroups and subgroups.

Register today (at no cost!) and enjoy the RESO Summer Camp from the comfort of your own home or office!

Working with Real Estate Data Courses

Updates to RED-B
Timely industry updates have been added to our Working with Real Estate Data – Business (RED-B) course. If you have not signed up for the course yet, this is an excellent opportunity to receive up-to-the-minute education on the most important aspects of working with one of the most valuable assets in the real estate industry – its data.

Updates include:

RED Toolkit
For those who have already completed the course, you may return to it at no cost to review any new documentation. If you have already passed the course, you do not need to pass it again to maintain your RED-B designation, so consider boasting about it in your professional profile | SEE HOW

Establish an Enterprise License
RESO now offers annualized enterprise-wide unlimited licenses for RED courses, which are ideal for organizations that expect to onboard their entire staff, committees or board members with the course. | LEARN MORE

Finally, we are pleased to announce that we will be adding Working with Real Estate Data – Canada (RED-CA) to our educational offerings in 2024! Where RED-B brings real estate industry newcomers and veterans alike together on a journey of data flow through organized real estate, RED-CA will do all of that in a manner that is specific to the Canadian marketplace.

2024 RESO Fall Conference: Frisco, Texas

Registration is open for the 2024 RESO Fall Conference. Our beautiful venue will be the Omni Frisco at the Star, and the dates are October 22–24 with an opening reception the evening of October 21.

Hotel arrangements will be provided in the registration confirmation. We expect our hotel block to sell out, so don’t delay!

Speaker Requests: If you have knowledge to share with the best minds in real estate technology, please submit a speaker request for your innovative presentation idea. It’s not too early to stake your claim to a slot in front of experts from the largest MLSs, real estate tech companies and brokerages in the world. But no product pitches, please! Deadline: September 2, 2024. | SPEAKER PRESENTATION REQUESTS

We are also accepting sponsorships for all levels at this time. Please contact advertising@reso.org for more information.

REGISTER NOW!

Product Updates

Data Dictionary

Building Subgroup Proposal – The fields of the proposed Building Resource were approved by the Data Dictionary Workgroup.

Concessions in Price – The following fields and lookups were approved:

Fields

• ConcessionInPrice (Number)
• ConcessionInPriceType (Lookup)
• SellerConsiderConcessionYN (Boolean)
• ConcessionsClosingCosts (Number)
• ConcessionsPropertyImprovementCosts (Number)
• ConcessionsFinancingCosts (Number)
• ConcessionsBuyerBrokerFee (Number)
• ConcessionsOtherCosts (Number)

Lookups

• $ (ConcessionInPrice)
• % (ConcessionInPrice)

Concessions are a timely topic. Read more about how the Council of Multiple Listing Services (CMLS) and RESO are providing guidance in the next section, Industry News.

Waterfront Data Elements Subgroup

A proposal for a new resource for conveying information about nearby bodies of water was approved to be sent to the main Data Dictionary Workgroup.

RESO Analytics Version 3.1.0 Release Notes – New Testing Configuration Generator

• Providers may now export their prefilled Certification Environment File from the My Account section of the toolbar.
• The exported file will contain the user’s credentials and Certification API Key.

Industry News

Concessions Guide from CMLS
To support MLS implementation efforts related to the NAR settlement, the Council of Multiple Listing Services (CMLS) has created an MLS resource that outlines possible implementation options for “pre-sale concessions” in active listings. | VIEW THE GUIDE {CMLS Members Only}

How MLSs choose to implement the settlement terms will vary from one MLS to another.

Within the guide, CMLS cited RESO’s guidance on the matter as relates to data fields in the MLS. RESO will continue to update its own guidance as needed.

Attend the 6th Annual iOi Summit, August 28–29, 2024
Innovation, Opportunity, Investment. Those are the keywords that bring together proptech leaders, futurists, investors and forward-thinking real estate professionals to drive transformation in real estate. The iOi Summit provides an intersection for technology and real estate to interact. | LEARN MORE

Advertising Opportunities

In addition to conference sponsorships, RESO is opening up opportunities to be featured in three of our popular publications and products.

Advertise in this publication, RESO Monthly, as well as atop our monthly Product Updates blasts and within our Working with Real Estate Data (RED) courses.

Contact advertising@reso.org for more information about pricing and placement.

New Members

We are thrilled to announce the following list of new RESO members.

Association of Real Estate License Law Officials (ARELLO)
ARELLO is an international membership-based organization with a mission to support jurisdictions in the administration and enforcement of their real estate license laws. They support their members through resource materials, events, training and certification programs, and by facilitating collaboration around best practices in real estate regulation.

CMAsnap
CMAsnap allows REALTORS® to produce a branded comparative market analysis (CMA) from anywhere, on any device and in a short amount of time by simply entering the subject property address. You choose the most appropriate comps from the provided list, and CMAsnap does the rest.

New Estate Only
New Estate Only (NEO) offers developers, agents, home buyers, international investors and other industry professionals a shared platform where they can meet and establish business relations, matching specific market needs of the pre- and under construction real estate playing field early on. NEO provides updated project information that is accessible from anywhere in the world.

Oregon Data Share
Klamath County Association of REALTORS®, Southern Oregon MLS and the MLS of Central Oregon have combined forces into a pooled platform deemed as Oregon Data Share that features a consistent user experience across mobile and desktop platforms for all three independent MLSs.

Property Shield
Property Shield defends real estate listings from online threats, such as fraud, brand impersonation and unauthorized occupants for brokers, MLSs, property managers, investors and, ultimately, consumers.

Supra
Supra offers lockboxes, digital key solutions and a showing management platform for real estate agents, brokers, associations and MLSs.

Welcome to RESO!

Intentionally International

International MLS Forum: Milan, Italy, October 7–8, 2024
The growth in representation for the 2nd International MLS Forum is incredible: Milan, Brussels, Chicago, Dubai, Beverly Hills, Accra, Boston, Prague, Orlando, Ottawa, Râmnicu Vâlcea, Austin, Barcelona, Denver,  Rome, Cleveland, Montreal, Seattle, Kampala, San Diego, Paris, Atlanta, Toronto, Portland, New York, Tbilisi and counting.

This year’s event promises to enrich and enlighten with perspectives from around the globe. Who else wants to attend or speak? | LEARN MORE

RESO@

June 2024
RESO was invited to participate in events in New York with OneKey MLS and in Denver with CoreLogic. 

July 2024
RESO will be represented in Las Vegas for the annual Inman Connect Las Vegas.

August 2024
RESO will be back in Chicago at the Leadership Summit and iOi Summit, both hosted by the National Association of REALTORS®.

On the RESO Blog

RESO Announces Two New Board Members
Filling a Class A Director seat is Dan Weisman, Director, Innovation Strategy, within the Strategic Business, Innovation and Technology group at the National Association of REALTORS® (NAR). Filling a Class F Director seat is Janine Sieja, Senior Vice President, Product Development, Realtors Property Resource® (RPR). We are excited to add their leadership to our incredible roster.

AI Highlights from the RESO 2024 Spring Conference
As new AI tools and use cases enter the real estate industry and, particularly, as they cross paths with data standards, RESO is dedicated to highlighting AI usage updates. At the RESO 2024 Spring Conference, we had three AI sessions, which we synopsized into this handy blog post.

Three Questions

The Three Questions interview series introduces you to real estate professionals with a hint of personality and humor. | VISIT THE THREE QUESTIONS ARCHIVE

Recent Entries:

• Anthony Jordan of CoreLogic
• Nathan Brannen of Restb.ai
• Emily Chenevert of Unlock MLS
• Richard Renton of Triad MLS

Three Questions will take a summer hiatus for July and return in August with biweekly entries every other Friday.

RESO Workgroup Meetings

Interoperability Workgroup | June 11, 2024
The group continued their work on user stories for Association Management Systems (AMS) and Offer Management (OM). Additionally, fields tagged for the OM payload component of the Payload Filter Business Case were discussed and the PayloadSamples Tagging Worksheet received updates. | NOTES

Rental Subgroup | June 13, 2024
The group went over prior recommendations from the Rental Subgroup Recommendations spreadsheet with the goal of including them in the next Data Dictionary version (2.1). | NOTES

Fast Track Subgroup | June 18, 2024
All tabs of the Suggested Mappings sheet were reviewed and approved. Lookup suggestions continue to be added to the Fast Track Potential Data Dictionary Additions and Changes sheet based on usage of ten or more implementations. RESO staff will present a list of highly used lookups to the Data Dictionary Workgroup for discussion. Staff will also create a list of lookups that are duplicated in the Data Dictionary, including which fields they are under and their usage numbers. | NOTES

Data Dictionary Workgroup | June 20, 2024
The Building Resource Proposal from the Building Subgroup and the fields and lookups in the Concessions in Price proposal were approved. A subgroup to enumerate a new FeedType field to support Single Feeds (RCP-035) in Data Dictionary 2.1 was announced, and the Data Dictionary fields needed for Universal Property Identifier (UPI) v2.0 were discussed, including a need for opinions on field naming. | NOTES

Waterfront Data Elements Subgroup | June 25, 2024
The group voted to approve Proposal 1 with the caveat that the WaterBodyRestrictions field be removed. The proposal now moves to the Data Dictionary Workgroup for further discussion and approval. The group decided to continue the subgroup with water restrictions as the next topic. | NOTES

Broker Advisory Workgroup | June 27, 2024
The group discussed the recently approved Concessions Field Changes in the Data Dictionary, which includes eight new fields, the reasons for their addition and the various ways they may be implemented. The recent buyer agreement changes as a result of the NAR settlement were also discussed. | NOTES

Upcoming RESO Workgroup Meetings

If you want to participate in any of the following recurring workgroup or subgroup meetings, it’s never been easier to do so. | JOIN A RESO WORKGROUP

• Thursday, July 11: Research & Development Workgroup
• Tuesday, July 16: Fast Track Subgroup
• Wednesday, July 17: Internet Tracking Workgroup
• Thursday, July 18: Data Dictionary Workgroup
• Thursday, July 18: Certification Subgroup
• Wednesday, July 24: Universal Property Identifier (UPI) Workgroup
• Tuesday, July 30: Waterfront Data Elements Subgroup