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Proptech Pioneers Podcast

The Importance of Data Standardization with Sam DeBord and Josh Darnell of RESO

Jul 19, 2023
Sam DeBord and Josh Darnell discuss the complexity of the residential proptech industry and RESO's efforts to address it. Topics include MLS landscape evolution, RESO's goals and progress, international expansion, how MLSs can support innovation, and best practices for startups.
01:15:40

Podcast summary created with Snipd AI

Quick takeaways

  • Data standardization is crucial for the evolution and efficiency of the real estate industry, and RESO is leading the way in creating standards and promoting data standardization within the MLS landscape.
  • The implementation of data standardization faces challenges, but its benefits include greater efficiency, interoperability, and competition within the industry, fostering innovation and enhancing the overall quality of products and services offered to consumers.

Deep dives

The importance of data standardization in real estate

Data standardization is crucial for the evolution and efficiency of the real estate industry. The Real Estate Standards Organization (RISO) is leading the way in creating standards and promoting data standardization within the MLS landscape. The adoption of RISO's Web API and data dictionary is steadily increasing in the United States and Canada. However, there is still work to be done to encourage more MLSs to convert to the standardized data feeds. The progress in adoption is tracked through utilization metrics, and RISO aims to reach a critical mass where trust and convenience drive greater adoption. International expansion is also on the horizon, with countries like Canada already adopting RISO standards, while others are exploring possibilities. Education, awareness, cost, and planning are factors that can hinder adoption, but RISO is working to address these challenges and make data standardization more accessible and beneficial for all stakeholders.

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