Real estate dictionary in the works
Buyers and sellers utilize multiple listing services to gain information about homes on the market. How many baths does the house have? How many days has the property been on the market? The answers to these and other house-related questions might get different answers, depending on the local or regional MLS that manages the property information entered by individual real estate professionals. Variances may soon become streamlined, however, as a formal real estate dictionary is in the works.
The Data Dictionary is a project led by the Real Estate Standards Organization (RESO). The goal? With the input of various MLS organizations, vendors, and consultants, the Data Dictionary aims to define common field names used in MLS entries. Over 900 MLS providers exist around the nation. Professionals in the industry who champion the cause feel that the project is a necessary step in standardization.
Board members for the Real Estate Standards Organization (RESO fosters the development and use of data standards in the real estate industry) will meet in April to decide the project’s adoption. In the future, buyers and sellers may finally agree on terms such as full, half, and quarter bath.