Connect with us

Real Estate Big Data

Is your MLS on the RESO naughty list?

(REAL ESTATE DATA) A lot has changed in the real estate industry at the MLS level, but if your MLS or Association is on the RESO naughty list, it may be time to say something so you’re not impacted negatively.

Published

on

Women typing on laptop representing leadership.

Heaps and heaps of data

At the core of what makes up the real estate practice is sales, negotiation, marketing, and data. The last bit often eludes not only agents, but brokers, and to be frank, the industry as a whole.

We’re sitting on massive amounts of data, endless points of historical information that come together like glorious Legos to build the most beautiful giant city of castles you’ve ever seen.

But Legos aren’t exactly concrete or marble, so the industry has come together (including brokers volunteering time) to improve this mass of data we’re all sitting on, and the MLS is the first point of contact for all of this data and info. Years ago, the “Real Estate Standards Organization” (RESO) was established to organize and standardize this wealth of data.

Problem solved, right?

False, there’s still a problem

Nope. There are still an embarrassing number of multiple listing services and real estate boards that aren’t RESO certified, meaning their mountain of data could be sloppy, disorganized, useless in many cases.

There is a running naughty list of AORs/MLSs that aren’t RESO certified (see below), and if you belong to one of them, it is worth making a call to ask what their plans are to obtain certification and adhere to the industry standards so the data isn’t as weak as a 100-story Lego house.

AORs/MLSs Not RESO Data Dictionary Certified:
Altamaha Board of REALTORS®, Inc.
Bay County REALTOR® Association
Beckley Board of REALTORS®
Big Bear Assocation of Realtors
Brooklyn New York MLS (Broker-Owned Non-N.A.R. Affiliated)
Buffalo Trace MLS
Capital Region Multiple Listing Service
Central Coast Regional MLS (CCRMLS)
Columbus Georgia Board of REALTORS
Covington County Association of REALTORS
Cushing Board of REALTORS®
Dan River Region Board of REALTORS
Dublin Board of REALTORS, Inc.
Eastern Arkansas Realtors Association
Eastern Kentucky Association of Realtors
Eastern Shore Board of REALTORS
Fayette-Nicholas Board of REALTORS®
Four County Board of REALTORS®
GREENBRIER VALLEY BOARD OF REALTORS
Garden City Board of Realtors
Grand Island Board of REALTORS
Greater Hazleton Association Of Realtors
Greenville Area Board of REALTORS
Hays Board of Realtors
Heartland Assocation of Realtors Inc
Henderson County Board of REALTORS
Iron County Board of REALTORS®
Jamestown Board of REALTORS®
Kansas Association of Realtors (Kansas Statewide)
Key West Association of Realtors
Lexington-Bluegrass Assn of Realtors
Lynchburg Association of REALTORS
Martinsville, Henry & Patrick Counties Association of REALTORS
McDowell Board of REALTORS
Memphis Area Association Of Realtors® Inc
Midlands Board of Realtors
Midlands MLS Inc.
Milledgeville MLS
Mitchell Board of REALTORS®
Nebraska Realtors Outstate (NRA)
Norfolk Board Of Realtors (NRA)
Okeechobee County Board of Realtors
Otsego-Delaware Board of REALTORS
Phenix City Board of REALTORS
Pike County Board of REALTORS
Pittsburg Board of REALTORS
Plainview Association of REALTORS®
Rockingham County Association of REALTORS
Royal Palm Coast Realtor Association
Russellville Board of Realtors
Salina MLS
Sheridan County Board of REALTORS
South Central Association of REALTORS
Southeast Georgia MLS
Southeast Kansas MLS
Southern Midlands Board of REALTORS
Southern Piedmont Land & Lake Assn of Realtors
Southwest Kansas MLS
Southwest Mississippi Board of REALTORS, Inc.
Tehachapi Area Association of REALTORS
Tennessee Valley Association of REALTORS
Tulare County Association of REALTORS®
Upper Cumberland Association of REALTORS
Williston Board of REALTORS®
Wiregrass Board of REALTORS®
Yancy Mitchell County Board of Realtors North Carolina

AORs/MLSs Not RESO Web API Certified
Altamaha Board of REALTORS®, Inc.
Americus Board of REALTORS
Ann Arbor Area Board of REALTORS
Ashland Board of Realtors
Bakersfield Association of REALTORS
Bay Area Real Estate Information Services
Bay County REALTOR® Association
Beckley Board of REALTORS®
Benton County Multiple Listing Service
Big Bear Association of Realtors
Boone County Board of REALTORS
Brooklyn New York MLS (Broker-Owned Non-N.A.R. Affiliated)
Buffalo Trace MLS
California Desert Association of REALTORS
Central Oregon Association of Realtors
Central Penn Multi-List
Cincinnati Area Board of REALTORS
Clear Lake Board of REALTORS
Columbia Greene Northern Dutchess
Columbus Georgia Board of REALTORS
Covington County Association of REALTORS
Crisp Area Board of Realtors, Inc.
Cushing Board of REALTORS®
Dan River Region Board of REALTORS
Dublin Board of REALTORS, Inc.
East Central Association of REALTORS
Eastern Arkansas Realtors Association
Eastern Kentucky Association of Realtors
Eastern Shore Board of REALTORS
Emporia Board of REALTORS
Fayette-Nicholas Board of REALTORS®
Firelands Association of REALTORS
Flint Hills Board of REALTORS
Four County Board of REALTORS®
Fresno Association of REALTORS
GREENBRIER VALLEY BOARD OF REALTORS
Garden City Board of Realtors
Goodland Board of REALTORS
Grand Island Board of REALTORS
Greater Hazleton Association Of Realtors
Greater Northwest Indiana Association of REALTORS
Greater Portsmouth Area Board of Realtors
Greenville Area Board of REALTORS
Hays Board of Realtors
Heart of Iowa Board of REALTORS®, Inc.
Henderson County Board of REALTORS
High Desert Association of REALTORS
Highlands-Cashiers Multiple Listing Service, Inc.
Humboldt Assoc. of REALTORS, Inc.
Huntingdon County Board of REALTORS
Internet-Technology Pasadena-Foothill
Iowa Statewide
Iron County Board of REALTORS®
Jamestown Board of REALTORS®
Kansas Association of Realtors (Kansas Statewide)
Key West Association of Realtors
Kings County Board of REALTORS
Lexington-Bluegrass Association of REALTORS
Lubbock Asssocation of REALTORS
Lynchburg Association of REALTORS
Madisonville Hopkins County Board of REALTORS
Marshalltown Board of REALTORS
Martinsville, Henry & Patrick Counties Association of REALTORS
McDowell Board of REALTORS
McKean County Association of Realtors
Midlands Board of Realtors
Milledgeville MLS
Mitchell Board of REALTORS®
Monroe County Board of Realtors
Moultrie Board of Realtors
Nevada County Association of REALTORS
Newton Board of REALTORS
North Central Board Of Realtors – Ponca
North Central Iowa Board of REALTORS
Northwest Iowa MLS
Ojai Valley Board of REALTORS
Otsego-Delaware Board of REALTORS
Phenix City Board of REALTORS
Pike County Board of REALTORS
Pittsburg Board of REALTORS
Plainview Association of REALTORS®
Plymouth County Board of REALTORS
Poweshiek County MLS
REALTORS Association of Lincoln (Midlands MLS)
Rockingham County Association of REALTORS
Royal Palm Coast Realtor Association
Russellville Board of Realtors
Salina MLS
San Francisco Association of REALTORS
Sheridan County Board of REALTORS
Snake River Regional Multiple Listing Service
Somerset-Lake Cumberland Board of REALTORS
South Central Association of REALTORS
South Tahoe Association of REALTORS, Inc.
Southeast Georgia MLS
Southeast Iowa Regional MLS
Southeast Kansas MLS
Southern Indiana REALTORS® Association
Southern Midlands Board of REALTORS
Southern Oregon Multiple Listing Service
Southern Piedmont Land & Lake Assn of Realtors
Southwest Georgia Board of Realtors MLS
Southwest Kansas MLS
Southwest Mississippi Board of REALTORS, Inc.
Storm Lake Multiple Listing Service
Tama County Board of REALTORS
Tehachapi Area Association of REALTORS
Tennessee Valley Association of REALTORS
Tulare County Association of REALTORS
Upper Cumberland Association of REALTORS
Vail Board of REALTORS
Valdosta Board of REALTORS/South Georgia MLS
Webster City MLS
West Central Iowa Regional MLS
Western Steuben Allegany Association of Realtors, Inc.
Williston Board of REALTORS®
Wiregrass Board of REALTORS®
Yancy Mitchell County Board of Realtors North Carolina

If you didn’t know, now you know

RESO says their organization “develops, promotes and maintains, through an open process, voluntary electronic commerce standards for the real estate industry. As a standards setting organization involving the participation of competitors, RESO is committed to full compliance with all laws and regulations and to maintaining the highest ethical standards in the way it conducts its operations and activities.”

If you belong to one of the aforementioned AORs/MLSs, perhaps it is time for you to get involved and volunteer alongside the hundreds of other volunteers that keep RESO running smoothly nationwide.

#RESOnaughtylist

Lani is the Chief Operating Officer at The Real Daily and sister news outlet, The American Genius, and has been named in the Inman 100 Most Influential Real Estate Leaders several times, co-authored a book, co-founded BASHH and Austin Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

Real Estate Big Data

Housing starts stagnate, market conditions are rapidly shifting

Housing starts for April stagnated, marking the second consecutive months of declines, and more renters being left out of this shifting market.

Published

on

construction home growth housing starts

Housing starts stagnated in April, down 0.2% from the prior month, according to the U.S. Commerce Department.

The sentiment appears to be that although this marks the second straight month of dips, most are seeing today’s news as a positive, especially as construction of new homes was expected to fall 2.4% in April.

Further, housing starts are up 14.6% from April of last year, driven primarily by multifamily construction.

But it’s worth not getting overly excited, given that permits dipped 3.2% in April which is a forward-looking indicator, so expect starts to continue cooling in a time where we quite need the inventory.

Demand for housing inventory remains high, but the National Association of Home Builders reports today that confidence in the single-family housing market fell dramatically in May, marking the lowest level in two years.

Dr. Lawrence Yun, Chief Economist at the National Association of Realtors said in a statement, “The worst of the housing shortage is ending, but market equilibrium between supply and demand is still some ways off.”

He notes that as mortgage rates increase, builders “are chasing rising rents, with fewer homebuyers and more renters being forced to renew their leases,” noting that even prior to the interest rate increases, rents were rapidly rising and vacancy rates rapidly declining.

Pointing to another market shift, Dr. Yun notes that “Some degree of a return to the office is also fueling back-to-city living where high rises are concentrated.”

That’s a problem.

“Even as home sales look to trend back to pre-pandemic levels after the big surge of the past two years,” concludes Dr. Yun, “inventory will not return to pre-pandemic conditions. That means home prices will get pushed even higher in the upcoming months, albeit modestly, given the supply-demand imbalance.”

Continue Reading

Real Estate Big Data

Home prices jump double digits in majority of American metros [report]

(REAL ESTATE) Housing affordability was already a widespread challenge before current economic pressures were applied, but now home prices are skyrocketing.

Published

on

homeownership home prices

As home sales slide and mortgage rates rise, home prices in 70% of 185 measured metros saw a double digit annual increase in Q1, according to the newest data from the National Association of Realtors (NAR), up from 66% in the previous quarter.

The Southern region accounted for 45% of home sales in Q1, and experienced a 20.1% increase in annual home prices (compared to 14.3% just the quarter prior). Home prices in the Midwest jumped 8.5% annually in Q1, while The Northeast rose 6.7%, and the West increased 5.9%.

The median sales price of a single family existing home has now hit an astonishing $368,200.

“Prices throughout the country have surged for the better part of two years, including in the first quarter of 2022,” said NAR Chief Economist, Dr. Lawrence Yun. “Given the extremely low inventory, we’re unlikely to see price declines, but appreciation should slow in the coming months.”

Yun expects supply levels to improve, and for “more pullback in housing demand as mortgage rates take a heavier toll on affordability,” given that “there are no indications that rates will ease anytime soon.”

At first blush, price appreciation sounds lovely to anyone that owns a home, given that it is the largest investment most Americans will ever make.

But regarding today’s report, several homeowners told us that they now feel trapped, and that if they sold their current home, even if they purchased a new house at that same price, they would likely have to downgrade.

Affordability is an ongoing problem weighing down the housing sector. NAR reports that the monthly mortgage payment on a typical existing single-family home with a 20% down payment rose to $1,383 (up $319, or 30%, from one year ago). Families now typically spend 18.7% of their income on mortgage payments (but only spent 14.2% one year ago).

“Declining affordability is always the most problematic to first-time buyers, who have no home to leverage, and it remains challenging for moderate-income potential buyers, as well,” Dr. Yun observed.

Map of how home prices are behaving nationally

Continue Reading

Real Estate Big Data

Office occupancy is on the rise, but its knocking down morale

(BIG DATA) Despite work from home policies still in place and the flexibility some employers are offering, office occupancy is increasing steadily.

Published

on

Empty startup office with open floor plan, abandoned while working from home.

As coronavirus numbers dwindle and some officials begin calling for a fourth COVID-19 shot, more and more people previously working at home after being kicked out of shuttered office buildings are returning to the bullpen.

The National Association of Realtors reports that more than 80% of metro areas in the United States have seen an increase in in-person working.

Boston saw the largest office occupancy growth over the past year. Chicago, New York and Washington, D.C. have the most open space.

NAR researcher Scholastica Cororaton says office occupancy is also increasing in areas with a big tech presence. San Jose, San Diego, San Francisco and Seattle lead those areas.

“The rising occupancy in these tech metro areas indicates that tech companies are contributing to the demand for office space,” Cororaton wrote. “Even as nationally, 45% of mathematical and computer workers work from home for at least some part of the time.”

The way companies are returning to work vary and are sparking anger. For instance, Google employees must now be in the office three days a week. On the other hand, Apple begins its return to office plan next week. It starts with employees coming back one day a week which will eventually grow to two days and then three days a week. Apple employees have revolted against the idea and are have threatened to quit.

Many in leadership are pleased with the return to the office to boost productivity and collaboration. However, employees are finding they’re showing up in person to just log in to Zoom again, which has stirred up even more frustration.

On top of the redundancy of work that could be done at home, a study shows only 3% of white-collar employees want to work in the office all week. 86% want to stay home for at least a few days.

Plus, the return to the office drives up costs, with gas prices seeing soaring and inflation at a 40-year-high.

Since the second half of 2021, 30 million square feet of office space has been taken up, however, about 100 million square feet remain.

NAR reports filling that space up again could take through the end of 2024.

Continue Reading
Advertisement

Our Partners

Get The Daily Intel
in your inbox

Subscribe and get news and EXCLUSIVE content to your email inbox!

Still Trending

Get The American Genius
in your inbox

subscribe and get news and exclusive content to your email inbox