Brokerages in New York start 2024 with a competitive advantage - the first, standards-based, vendor-agnostic listing management data model with an RLS RESO Web API from Perchwell

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Jan 22, 2024, 05:00 ET

NEW YORK, Jan. 22, 2024 /PRNewswire/ -- Perchwell, the premier real estate technology platform, is setting a new industry benchmark with the launch of a RESO-certified Web API in New York City. In collaboration with the Real Estate Board of New York (REBNY) and the Real Estate Standards Organization (RESO), Perchwell has upgraded NYC's property data model from its legacy RETS-based structure to the more modern and interoperable RESO-based Web API. The migration of NYC's property data to uniform RESO standards not only ensures richer and higher quality data, but also makes these data more readily accessible to a far broader audience.

With NYC's transition, Perchwell has delivered a first-of-its-kind end-to-end RESO compliant listing service data solution. As of today, all REBNY Residential Brokerage agents and technology vendors are required to submit their data into the Residential Listing Service (RLS)—NYC's listing service run by REBNY—via an API adhering to the OData specification and enforcing the RESO Data Dictionary. The adoption of a RESO and OData compliant platform provides a much-needed common format to enable technology providers to create and update property data across markets and systems, reducing friction and improving industry participant scalability. In doing so, the RLS is fostering an ever-more favorable ecosystem for the development of next-generation technology products, which in turn delivers increasing value to REBNY's agents.

"Agents need easier access to more data, consolidated from a growing number of sources, to draw out insights to help their clients make real estate decisions that can influence well-being and wealth for generations," commented Brendan Fairbanks, Perchwell CEO. "The adoption of the uniform data standards espoused by RESO is an essential step in facilitating this."

Legacy systems often lack standardization, reliability, and organized taxonomy, which is a challenge to agents scaling their business practices. Clunky, patchwork systems can be error-prone, causing confusion and inaccuracies that ultimately cost agents time and resources. Perchwell built an operating system for the modern and evolving agent, removing barriers through technology and innovation throughout the real estate industry.

Why hasn't this happened already?
Integrating and standardizing data from disparate sources for use across unconnected systems is a significant challenge. With more and more data becoming available, connecting it in real-time to make it useful for agents requires rethinking and restructuring longstanding data models.

"The value extracted from data depends largely on its quality and relevance. Well-organized and standardized data can significantly enhance decision-making for an agent and their client. The Real Estate Standards Organization (RESO) helps our industry, and companies like Perchwell, in tackling the staggering volume of data, across increasing sources, to extract quality, accuracy and integration capabilities," commented Sam DeBord, CEO of RESO.

A listing service—such as Multiple Listing Services (MLSs) or the RLS—creates equal access and opportunity to all properties, in cities and towns across America, through the consolidation and standardization of listings and sales information for all providers of real estate services. MLS data distribution helps facilitate real estate transactions and therefore expands home ownership opportunities.

A crucial step forward
"This is a significant time in our industry, where the value of agent services and the role the MLS plays in supporting agents and brokers is being questioned," noted Fairbanks. "Perchwell is a data-driven technology partner transforming MLSs from mere data repositories into powerful property-centric advisory platforms enabling agents to elevate their services and demonstrate their value."

About Perchwell:
Perchwell is the premier data and workflow technology platform for the residential real estate industry. Perchwell's product offering includes a suite of data management, market research, and client collaboration tools for MLSs, brokers, and agents. For more information, please visit perchwell.com.

About RESO:
RESO provides the foundation for streamlined real estate technology through the creation and certification of international standards. Member organizations include MLSs, brokerages, REALTOR® associations and technology partners serving more than one million real estate professionals all over the world. | reso.org

Media Contact:
Christine Jacobson
[email protected]

SOURCE Perchwell