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 The Real Estate Standards Organization (RESO), is hoping to
adopt a formal dictionary for use of data standards across the industry.
The Data Dictionary is a project by RESO to define a
consistent way to count square footage, numbers of rooms etc. But
given the number of multiple listings across the country, over 900, this has
proven to be a challenge.
"Born out of a
National Association of REALTORS® effort to create a common way for the industry
to share data -- known as the Real Estate Transaction Standard -- RESO has
developed as a separate company to drive industry adoption for data standards."
writes Glenn Roberts, Jr. for Inman News. " The group has developed bylaws and
intellectual property agreements, and is awaiting federal approval for its
ability to gather funds from its members." The RESO states they are very close
to having the first Data Dictionary across the country.
REALTOR.com is among
a group of organizations across the country giving their input into the project. According to Rebecca Jensen, Chairperson of
the RESO Board, "The Data Dictionary will describe various common field names
in MLS entries, provide definitions for those fields, note data types, and may
also outline which values are allowed to be entered into those fields."
The purpose of the project was to create an easier way to
enter data and make it less confusing for the consumer. Developers were seeking a "plug and play" type
of model that could potentially open
doors for more innovation, writes Roberts, but experts are concerned that
lengthy approval processes will delay the project from becoming an industry
standard.
The Data Dictionary helps define common fields, but local
MLS's will still be able to use their local terminology on top of the standard
definitions.
Read the full story at Inman News.
 photo credit: quinn.anya
Posted on January 18, 2012 12:17:28 by  IPTV.Boyz
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