Original Post: https://www.wavgroup.com/2018/10/22/brokers-say-no-to-setup-fees/ –
If you missed the Real Estate Standards Organization (RESO.org) 2018 Fall Conference in Milwaukee, you should plan on attending the 2019 Spring Conference in Boise, ID. There were many informative and powerful sessions sprinkled throughout the conference. RESO is the only conference where MLSs, Brokerages, and Technology Companies collaborate under one umbrella striving to create a better industry. This time, there was one topic which resonated with Brokers; Say ‘No’ to Setup Fees.
A panel led by Marilyn Wilson Lund of WAV Group Consulting discussed the value of RESO to Brokers. Panelist John De Souza, President of Cressy Everett Real Estate, indicated that he always questioned potential new tech partners on why the setup fees are so high. Most vendors respond that the high fee is due to multiple MLS data setups. Lately, John’s response to vendors who use this crutch is, be “RESO Certified”.
The value of RESO to Brokerages is simple. When real estate technology companies are certified to the RESO Data Dictionary and Web API, Brokers win with better pricing models and lower setup fees. Therefore, lessening the Brokerage’s expenses in doing business. This is a critical factor as brokerages margins continue to shrink due to pressures from many fronts.
Bottom line, as a Brokerage, always investigate what you are paying in vendor setup fees.
Brokers are not asking for RESO Certification
We often heard during the conference – and all the earlier RESO conferences – that Brokers are not requesting their MLSs or technology partners to leverage the RESO Data Dictionary or Web API certification. A survey of brokers completed earlier this year by WAV Group Consulting and RESO indicated that they were asking, just not realizing the benefit. You can find a list of certified MLSs and Technology Companies on their web site. Look for yourself to see WHO has achieved certification.
- MLSs and Associations who have achieved RESO Certification
- Technology Companies who have achieved RESO Certification
Important note: MLSs who are owned or operated by associations of Realtors® must implement RESO Data Dictionary and Web API. This is policy and is found in the NAR Handbook on Multiple Listing Policy. MLSs are to implement new releases one year from RESO ratification and compliance is shown through the RESO certification process.
RESO Certification for Real Estate Tech
Real estate technology companies should be RESO certified. There are now three case studies by RESO which prove the value of certification and implementation of the standard.
- TRIBUS Case Study – Why Open Standards are Vital to the Real Estate Industry?
- MyTheo Case Study – RESO Standards: Are they a Fairy Tale or the Future?
- Homes.comCase Study – RESO is Lighting Up $1 Billion in Savings for the Real Estate Industry
Eric Stegemann of TRIBUS spoke during the RESO Brokers Advisory Group Workshop and indicated that the process for certification was not difficult.
All that was necessary was contacting RESO by phone. After a few exchanges, RESO supplied a tool to run against the platform. The results from the tool were analyzed by RESO and TRIBUS was recognized as compliant to RESO standard.
Call to ACTION for Brokerages
RESO and WAV Group Consulting is seeking a Brokerage who would take part in reviewing their tech vendors for RESO certification. We would be excited to partner with you in writing a case study. Let’s show others how beneficial and important it is to ensure that your MLS and tech vendors are RESO certified.
WAV Group’s passion is helping brokerages find strategies that add value to their company. If you would like take part of a RESO Certification Case Study, contact Victor Lund, Marilyn Wilson Lund, or David Gumpper.DLU October 24th, 2018