REALTORS: Do You Know Your Letters: RESO, RETS, RPR, AVM, and RVM and many other key components of your future business tools being assessed by many who want to be part of the program, however maybe not part of the total solution?
Part of the process of any successful business is to look at the risk, the reward and how we reach the successful goals we want for our business or membership, in this case. Below are some descriptions to aid you, however, I would suggest you visit the links to learn more and make sure your local association leaders share it with all members.
Real Estate Standards Organization (RESO) – is an organization whose purpose is to govern the standards development, promotion, and maintenance activities of the Real Estate Transaction Standard (RETS) and related activities. The executive director of the Real Estate Standards Organization is Travis Wright a 30 year real estate and technology veteran. http://www.rets.org/about
The Real Estate Transaction Standard is a common language spoken by systems that handle real estate information, such as multiple listing services. A common language enables computers like the one on your desk to receive information from many different real estate systems or MLSs without being specially “trained” to understand the information from each.
RESO oversees the NAR-supported Real Estate Transaction Standard, which defined an approach for exchanging listings with multiple listing services. NAR’s Center for REALTOR® Technology provides staff support for RESO. http://www.reso.org/cms/About
REALTORS Property Resource (RPR)
This initiative – based on the collaborative efforts of REALTORS® and the real estate community, including MLSs – will provide access to a national database of real property information and will give real estate professionals the best access to real property information needed to serve their clients and customers. It will include in-depth, trusted information on every parcel of real property including public record information, details of prior transactions, MLS-provided information, zoning information, transfer tax information, and other relevant information.
http://www.realtor.org/wps/wcm/connect/585eda8040305009aeadff205f470b6e/RPR_FactSheet_November2009.pdf?MOD=AJPERES&CACHEID=585eda8040305009aeadff205f470b6e (Benefits and Highlights)
Then you have the AVM & RVM
What is an AVM?
•Automated Valuation Models (“AVMs”) are statistical analyses of public records data to produce valuation estimates
•AVMs are not appraisals, broker price opinions, or CMAs
•AVMs are used for >70% of mortgage and home equity applications, and throughout the collateralization and asset management processes
•LPS has fulfilled more than 70 million AVM responses through its Applied Analytics group in the past 12 months
What is the RVM?
•The REALTOR® Valuation Model (“RVM”) will replace the lagging data (sales and assessment records) used in AVMs with current market data (on-and off-market content) to produce a best-in-class automated valuation product
•The RVM will only use content, which has been licensed, and can be deployed market-by-market
•The RVM will be the gold standard for lenders and secondary market participants
•LPS will market the RVM throughout its Applied Analytics process, replacing its “legacy” AVMs with the RVM as it becomes available
Real Estate Standards Organization (RESO)– is an organization whose purpose is to govern the standards development, promotion, and maintenance activities of the Real Estate Transaction Standard (RETS) and related activities. The executive director of the Real Estate Standards Organization is Travis Wright a 30 year real estate and technology veteran.
The Real Estate Transaction Standard is a common language spoken by systems that handle real estate information, such as multiple listing services. A common language enables computers like the one on your desk to receive information from many different real estate systems or MLSs without being specially “trained” to understand the information from each.
This initiative – based on the collaborative efforts of REALTORS® and the real estate community, including MLSs – will provide access to a national database of real property information and will give real estate professionals the best access to real property information needed to serve their clients and customers. It will include in-depth, trusted information on every parcel of real property including public record information, details of prior transactions, MLS-provided information, zoning information, transfer tax information, and other relevant information.
Then you have the AVM & RVM discribed in detail by the RPR Blog.
An Automated Valuation Model, or AVM, is a statistical analysis of sales information that creates an estimated value for a property based on a variety of factors. AVMs are primarily used by lenders to make a preliminary determination in underwriting, or for a collateral-based loan. An AVM is a computer model based on available data, and is not an appraisal prepared by a licensed appraiser.
The Realtors Valuation Model™, or RVM™, is an AVM that will be developed by RPR using licensed listing data. The use of MLS data will create an estimated value which is superior to the AVM products that are on the market today, which are derived from public records data.
Here’s a few more resources on RPR that will provide you with additional information.
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components of your future business tools being assessed by many who want to be part of the program, however maybe not part of the total solution?
