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TMCNet: Realtors(R) Envision the Future of Real Estate in Real Time

[May 16, 2008]

Realtors(R) Envision the Future of Real Estate in Real Time

WASHINGTON, May 16 /PRNewswire-USNewswire/ -- Today's handheld technologies and wireless networks are changing the way Realtors(R) are doing business, enabling them to stay productive and connected with clients, even when they aren't in the office.

That's according to experts at the Technology & Information Systems Forum held during the National Association of Realtors(R) Midyear Legislative Meetings & Trade Expo, here through Saturday.

"I like to say real-time is the only time. Real estate is a relationship business, but Realtors(R) are mobile agents and require timely and easy access to information and communications even when they aren't in the office," said Realtor(R) J. Lennox Scott, liaison to NAR's Business Technology and Information Systems Forum. "Clients want that access and timeliness as well, confirming that real-time technology and information support the client-agent relationship."

"Consumers have embraced the timeliness and convenience of the Internet, and when it comes to real estate, they want access to a variety of real estate information at anytime of the day," said panelist Mark Lesswing, NAR chief technology officer and senior vice president. "Real-time is about improving the flow of information between MLSs, Realtors(R) and consumers, with the end goal being increased customer service."

Panelist Errol Samuelson, president of Realtor.com(R), believes that within the next decade more people will access the Internet through mobile devices than through personal computers, making broader wireless access and handhelds with increased capabilities the wave of the future.

According to Samuelson, 11 percent of the general population has a Smartphone; however, that number is nearly three times higher among real estate professionals, and it's not just young professionals taking advantage of the technology. "In fact, six in 10 real estate professionals who use Smartphones have been in the business for longer than five years," said Samuelson. "In the future, I see an explosion in the sophistication of handheld devices and online video technology. This will make it easier for Realtors(R) to stay in touch with their clients and for consumers to access listing information."

NAR's Center for Realtor(R) Technology is also working to improve the flow and exchange of real estate listing information. CRT and other industry groups are active members of the Real Estate Standards Organization, which governs the standards development, promotion, and maintenance activities of the Real Estate Transaction Standard.

RETS, an industry effort initiated by NAR and maintained by RESO, is an open data standard for exchanging real estate transaction information between authorized parties. RESO currently supports a RETS listing standard and a syndication standard; while the two share a common XML-based data layout, they are different.

The RETS listing standard allows brokerage companies and MLSs to easily and securely transmit, access, and share property listing information on the Internet.

"Partnering with MLSs on the adoption of real estate standards improves the exchange of information and other collaborative efforts, lowers costs and improves security," said Lesswing. "RETS allows real estate professionals to manage their listings in a number of systems and syndicate those changes, saving time, energy and money. In the past, brokers who belonged to multiple MLSs needed different programs to access each MLS."

In November 2007, an NAR committee recommended that all Realtor(R)-affiliated MLSs adopt RETS by June 2009. According to NAR's 2007 MLS Technology Survey, an estimated 63 percent of all MLSs have already voluntarily adopted the technology.

A RESO working group recently approved a draft standardized data format for distributing real estate listing information. The syndication standard simplifies the process of sending real estate listings to multiple advertising Web sites such as Yahoo! or Google by not having to deal with different data formats.

"Standardizing data formats makes it easier for Realtors(R) to feed their clients' property listings to multiple Web sites, which helps increase visibility for their clients' homes. Previously, if a Realtor(R) wanted a home to appear on multiple sites they would have to manually enter the listing on each site -- if the price or other information changed, each Web site needed to be updated individually," said Lesswing. "The syndication standard streamlines that process so Realtors(R) can feed and update a listing on multiple Web sites all at once."

Another key issue in 2008 is increased MLS data-sharing agreements, which allow brokers to share their property listings information with other participants and display listings from those participants on their own Web sites. "MLS data-sharing agreements benefit brokers and agents working in communities with multiple MLSs, as it eliminates the need for them to join and pay fees for more than one MLS, or enter the same information multiple times," said Lesswing.

According to NAR's survey of MLSs, one-third currently have reciprocal data-sharing agreements, and more than one-half of MLSs that currently do not have data-sharing agreements have considered forming one.

NAR's CRT was established to provide technology leadership, guidance and assistance for its members. CRT makes available informed industry insight, research and open-source applications through its mission of implementation, advocacy and information.

The National Association of Realtors(R), "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at http://www.realtor.org/. This and other news releases are posted in the Web site's "News Media" section in the NAR Media Center.

REALTOR(R) is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS(R). All REALTORS(R) are members of NAR.

National Association of Realtors

CONTACT: Sara Weis of National Association of Realtors, +1-202-383-1013,sweis@realtors.org

Web Site: http://www.realtor.org/

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