In a recent meeting with the guys from CRT, Mark Lesswing explained to my boss and several other key people in the local market about developments in the RETS standard and a recent decision by some of the biggest 3rd party data aggregators to agree upon a data sharing standard. Loosely named GTZY (or GITZY as we have been calling it) the promise behind the standard is to make it easier for Brokers, and MLS organizations to share data with sites that will use the GTZY standard.
The initial reaction from many at the table was like watching a car slam into a wall at 50 miles per hour. After an awkward moment of silence someone asked why would we want to do that? Mark did a really good job of addressing the market forces that were propelling us toward this point as well as some of the potential benefits of being involved in defining the standard.
I for one think it is a great idea and a long time in coming. Currently we allow vendors and IDX subscribers to download a raw (very nearly unformatted) chunk of listing data and deltas throughout the day. Due to the density of the content and layout it makes it very difficult for DIY designers to create their own data sources. So consequently subscribers in our market are limited to some pretty narrow choices when deciding how to integrate idx into their website. To further confuse the matter some of the larger national brand idx services require frameable links for their idx solutions so agents feel like they have very little choice in the matter.
Now granted I don’t think the typical agent is going to be setting up their own idx solution no matter the standard. However, they can if the standard is clear enough hire a programmer and develop a solution which is unique to their needs and built for their site rather than building their site around their idx solution. With enough resources and time local brands could build highly specialized systems to meet the needs of their target market and compete with larger national brands and I think everyone can agree competition is a great thing.
The other and less obvious reason I believe standardizing the data is a good thing is because we give too much of the information and not enough of it away.
What I mean is that most of these online data aggregation services would like only the barest minimum of data to work with and push the consumer off to the broker site or a landing resource for more information. Often these vendors end up getting way more data then they actually need this overhead increases the cost of transmission and also devalues the remaining compilation of data. As to not giving away enough of the data well I may be a bit of rebel here but I believe we should give a subset of the data to anyone who asks. As long as the attribution and lead goes to the Broker owner then sharing marketing information is valuable to agents who are seeking the widest exposure to marketplace.
While data standardization won’t fix all the problems with the current data sharing model. I believe that as a community we should embrace any option that gives us an opportunity to work with potential partners in a responsible way. I really hope the GTZY standard is embraced (not just because I like saying Gitzy) but because I think that it makes sense to be part of the solution instead of acting to delay the inevitable.
In closing I know data sharing is a hot button topic so let me conclude with the following observation.
REALTORS will continue to define their value through local knowledge, market expertise, and other services not because they have a user name and password to the local MLS. I prepare the stats for the association, troubleshoot it on a very high level, develop supporting services and create training programs for REALTORS seeking to increase their marketability. Now if you asked me for advice about buying or selling a home or what the market is doing I will be the first say “I dunno”. I am not saying this as industry pundit; just as the value of the association extends far past billing and mls the value of REALTORS extend far beyond gathering properties from the MLS and presenting an offer.
If you want to get a sneak peak into what the future Real Estate Data standard will look like check out the video below.
Direct Link
http://developer.yahoo.net/blog/archives/2008/02/real_estate_standard.html
Great post, Mark! On a related note, I was pleased to meet Michael at the Clareity Workshop this past week, so now I’ve met both of you in person! There was quite a bit of discussion about syndication at the Clareity event and, at least from those I heard from, there seemed to be general agreement that syndication is a good thing. I do wonder if there are diminishing returns but I guess that’s what performance metrics are all about.
Thanks for the comment Michael if you met Michael at Clareity I am sure he told you the feedback your organization recieved in that meeting both he and I were really pleased to hear it.
I for one am glad that the conversation is centering around syndication and while oversaturation is a concern I believe that by standardizing we will begin to see new and bolder niche developments which will in the long enhance the value of the data rather than dilute it.
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