WASHINGTON, DC-The Chicago-based Real Estate StandardsOrganization, which oversees the National Association of Realtors’Real Estate Transaction Standard, has formed a workgroup to publishdata standards for the commercial real estate market. Aseemingly esoteric standard, the Real Estate Transaction Standarddefines an approach for exchanging listings with multiple listingservices.
The end result of this effort could have a significant impact onthe day-to-day lives of commercial brokers, Mark Wesswing, chair ofthe workgroup, and senior vice president and CPO of NAR, tellsGlobeSt.com. The workgroup's mission is to develop the fields thatcommonly identify commercial property and that will be universallyaccepted by stakeholders.
Ensuring that these standards are in one format, the softwaretools brokers use to load listing in MLS, for example, will likelybe cheaper as well, Wesswing says. The organization hopes topublish the standard by the beginning of next year.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
