The work of the RESO Universal Property Identifier (UPI) Workgroup, led by Chair Mark Bessett of the California Regional Multiple Listing Service (CRMLS), is an excellent example of “When brokers talk, RESO listens.”
The UPI serves a need that the members of the RESO Broker Advisory Workgroup identified as being highly valuable to brokers and their agents.
The RESO UPI provides benefits that are broad and deep. Among other things, it can:
- eliminate duplicates of the same parcel
- provide for easier identification of parcels across market boundaries
- help unify public records from multiple sources in one display
- deliver faster updates to physical property characteristics
The RESO UPI is already receiving broad adoption. The Zillow Group, CoreLogic, CRS Data, and WolfNet are all in on using the UPI. The key is how brokers will leverage the UPI as more data aggregators adopt this RESO standard.
David Gumpper – head of the RESO Broker Advisory Group, former CTO at Michael Saunders and current CTO at WAV Group – shares his workgroup’s feedback on how brokers will benefit from the RESO UPI:
What does the RESO UPI standard mean to brokers?
A UPI removes the problem of duplicate properties displayed on broker and agent websites when they belong to multiple MLSs. To get maximum exposure for the seller, an agent will list a property for sale in both MLSs. Most data providers either do not deduplicate listings in a data feed or spend a tremendous amount of effort to remove duplicate properties.
Give an example of how a brokerage can use the RESO UPI.
The UPI offers the ability for brokers and agents to have parcel-centric websites that can display all the properties in a market area and designate them for being either on-market or off-market. The advantage of this strategy enables real estate websites to have the same depth in a market area as the national websites.’
What additional advantages can the RESO UPI deliver to brokers?
The UPI gives brokers better reporting and knowledge of events during the life of a home. Tax records offer minimum information about the events of a property. The UPI can be a wider source that includes tax records to build integrations across platforms for the portability of information or business intelligence.
Check out past RESO blog posts on the RESO UPI, including:
- RESO UPI is Catching On as Big Data Aggregators Adopt New Property ID Standard
- Video Blog: How the RESO Universal Property Identification Benefits the Real Estate Industry