Decoded: Why MLSs across the globe choose RESO standards
Real estate doesn't stop at the border. Sharing a common set of rules improves the transparency and efficiency of transactions in the U.S. and beyond.
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The views expressed in this column are solely those of the author.
In April, France's premier real estate association, the Syndicat National des Professionnels Immobiliers (SNPI), became the first Multiple Listing Service in Europe to be fully certified on two important global technology standards, establishing it as a data powerhouse in the international marketplace.
SNPI President Alain Duffoux called the Real Estate Standards Organization (RESO) Data Dictionary 2.0 and Web API 2.0.0 certification a "pivotal achievement" for the 15,000-member SNPI and European real estate. "Our adoption of the RESO standards underscores our dedication to technological excellence and our ongoing commitment to enhancing professionalism within the global real estate community."
The SNPI MLS's 120,000 active listings will now be available in a format that is translatable to any language and accessible via a standardized API in any market where SNPI chooses to do business. It's a remarkable achievement on its own and a symbol of the broad growth in demand for global real estate data standards.
Why global standards matter
Open standards that cross borders are everywhere — Wi-Fi, Bluetooth, PDF and USB are just a few examples — and they provide a transparent set of rules, increasing the trust and efficiency of transactions.
Real estate professionals need the same efficiency. RESO's standards make this possible for real estate technology everywhere. The Data Dictionary defines common data field names and types, the Web API provides a consistent way for data collaborators to request and respond to data transport needs, and unique identifiers enable users to objectively classify organizations, properties, and professionals.
Building technology that serves organizations across multiple countries requires understanding cross-border commerce. Technology companies aggregate property records with different local, legal, governmental and language requirements. It's an immense task. Standards are the universal language that allow these disparate practices of property transactions to be aligned across borders.
RESO's global partners
With RESO's original membership base built up over many years in the U.S., MLS coverage is significant: 93% of the approximately 500 MLSs in the U.S. are already certified on RESO standards. These MLSs have brokers who work with international customers buying property domestically and domestic customers buying property internationally.
As those global connections have strengthened, demand for these standards has driven RESO's membership to expand to organizations in more than 30 countries across six continents, and the opportunities to grow the resources of RESO's member base and increase cross-border commerce is clear.
Canada: Working with the Canadian Real Estate Association (CREA), RESO is helping MLSs and technology organizations across Canada move from the traditional National Data Standard (NDS) to RESO's global standards that help them scale data relationships into new markets.
Europe: Across the Atlantic, the European Association of Real Estate Professions (CEPI) represents more than 30 national and regional trade associations, and CEPI members are working with RESO members to implement new MLS systems according to the unique needs of each market.
Latin America: RESO members are adapting MLS and brokerage systems to support the local idiosyncrasies and language differences across Latin America. While North American markets often have a top-down style of MLS systems for listings and Association Management Systems (AMS) for roster data, many Latin American countries have a bottom-up approach that sources data through broker and agent CRMs. RESO standards empower the data sets to be aggregated and distributed efficiently to all stakeholders in local real estate transactions.
Asia: While some MLSs in Asia are being built and funded privately, others are driven entirely through government initiatives, particularly in the Middle East. And in India, the national trade organization, which represents 2.5 million professionals across 40+ associations, is partnering with RESO as joint members to help develop an MLS system for its vast membership.
Why global expansion makes good business sense
RESO's global efforts — which are already profitable — benefit its traditional members in financial and functional ways. While the majority of RESO's resources are still spent on the MLSs in the U.S., for every $1 RESO spends on international initiatives, it brings in $10 in international revenue from membership, event registrations and sponsorships. And member organizations are reaping the benefits of these new global relationships through partnerships in consulting, education, technology development, data shares and referral collaborations.
So while there are some organizations in real estate that limit their geographic scope, RESO, at its core, was built to expand. A technical standards body succeeds at an accelerated rate through network effects, which is why RESO's board of directors made global growth a top priority for the organization in 2024.
And the timing couldn't have been better. MLS efforts across the world have been accelerating as more countries are seeing that data standards can be the foundation for the trusted marketplaces that their communities need.
Looking forward
The long-term commitment of RESO member organizations is key to the continued growth of the value of real estate standards. As more capabilities continue to be built out for supporting different languages, currencies, measurements, unique local features and legal requirements, experts from different regions of the world are needed to serve as subject matter experts at RESO. And international members continue to find ways to improve parts of the standards that already exist today.
Technology is global and ever-changing. As more global markets demand the access to innovation, speedy development, and trusted information that standards provide, RESO will continue to offer its support.
Sam DeBord is CEO of the Real Estate Standards Organization (RESO) and the author of Working with Real Estate Data, organized real estate's premier technology course for onboarding and professional development. He has served as President's Liaison for MLS and Data Management with NAR, and has also worked as a consultant, managing broker, NAR REACH mentor, and board director for association, MLS and venture fund organizations.