In addition to his position at CIO for MetroMLS, based in Milwaukee, Chris Lambrou heads up the RESO Internet Tracking Workgroup. It’s one of the most exciting new standards initiatives underway at RESO. If participation is any indication of how important to the industry this effort is, with over 60 members, clearly Internet Tracking is a big deal. To gain insight into this effort, here is a Q&A with Chris talking about why RESO pushed into this space, the Workgroup’s efforts underway, the value of standards for Internet Tracking, and what’s next.
Jeremy: Chris, how did the Internet Tracking Workgroup get started, and why did you decide to accept the Chair?
Chris: From an MLS standpoint, I am reminded often of how cumbersome measuring ROI (return on investment) is for the various platforms and services that are offered. The vision of creating a dashboard-style analytics screen was the driving force for me. It compelled me to write a proposal to RESO on getting more involved in an Internet Tracking effort.
The timing was perfect: the RESO BOD have begun talking about this need internally already.
Jeremy: How important or valuable do you see standards for Internet Tracking for the future of real estate? Who benefits and why?
Chris: Right now, the real estate industry is playing catch up here. MLS execs have realized that tracking analytics are no longer a luxury, but an immediate necessity for internal operations and of great value to their membership.
The stakeholders are plentiful and include the MLS, brokerage firms, individual agents and teams, technology partners and—most important of all—the consumer!
The benefit is really the same for everyone—a more consistent, reliable stream of information that shows a value of service.
Jeremy: Can you give some real world examples where Internet Tracking could help a broker and their agents?
Chris: Currently, each technology partner has their own way of tracking online data. Brokerage firms have to piece together that data from various sources to try and paint the picture of Internet outreach that today’s consumer demands.
The RESO Internet Tracking fields standard will streamline that task and pave the way for deeper analytics and a better class of service.
Jeremy: Can you give me a quick review of where the Internet Tracking Workgroup is today, and what you have been able to accomplish?
Chris: We have now identified the main stakeholders, gathered input on suggested fields from the community, created a data-structure we feel will serve the industry best, reviewed each field and have made modifications as needed. We are ready for a final review before publish. It’s an exciting time.
Our goal has been not to pollute the Data Dictionary with additional fields, yet provide a ways and means that is both robust and flexible for growth. I think the Workgroup has done a tremendous job on this.
Jeremy: What are your next steps and timing for your work to be released?
Chris: We should be ready to publish in the next few months. After that the real task begins—implementation.
It’s been great to see major effort from MLS technology partners, consumer portals and brokerage firms throughout our Workgroup meetings. We need to build on that momentum and have it carry over into real world RETS implementations.
Right now, we are looking for a series of white papers on best practices in regards to implementation and delivery of the new RESO Tracking Fields to help the cause.
Next up: The group needs to have the discussion on transport of this data. How much should RESO be involved here, if at all? We have some different opinions on this in the Workgroup and we intend to roll-up our sleeves and figure out the best approach.
Jeremy: How has this experience, as a Chair of a RESO Workgroup, been for you?
Chris: I am extremely grateful to have members of the RESO community in our Workgroup that are truly passionate about the need for analytics. It’s really been a terrific, groundbreaking moment for me, being able to facilitate this RESO conversation.
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Editor’s note: Internet tracking events have become an essential part of the modern software business model. A RESO standard on tracking event fields would streamline the tracking information process. No longer is having the data secure and readily available enough. Providing stakeholders with analytics that measure and track performance is commonplace throughout the software industry. More importantly, these analytics are expected. If you are interested in learning more about RESO and the standards we are developing through our Workgroups, email info[at]reso.org.
