WASHINGTON, DC-The Chicago-based Real Estate Standards Organization, which oversees the National Association of Realtors’ Real Estate Transaction Standard, has formed a workgroup to publish data standards for the commercial real estate market. A seemingly esoteric standard, the Real Estate Transaction Standard defines an approach for exchanging listings with multiple listing services.
The end result of this effort could have a significant impact on the day-to-day lives of commercial brokers, Mark Wesswing, chair of the workgroup, and senior vice president and CPO of NAR, tells GlobeSt.com. The workgroup's mission is to develop the fields that commonly identify commercial property and that will be universally accepted by stakeholders.
Ensuring that these standards are in one format, the software tools brokers use to load listing in MLS, for example, will likely be cheaper as well, Wesswing says. The organization hopes to publish the standard by the beginning of next year.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
