DATA SHARING PROMPTS DATA STANDARDS FOR IRES

IRES will be introducing some new fields and removing others during January 2008. We do not anticipate any of these changes will be detected on any Richter Scale, but wanted to provide advance notice and an opportunity for discussion, disagreement or whole-hearted endorsement.

New fields - actually, features - on IRESis closely match those recommended by the Uniform Input Workgroup. The additions will improve data mapping, creating a 1-to-1 match . Features identified for removal are rarely utilized, in some cases are out-dated and also match the Workgroup's recommendations.

There may not be room to list everything in this post but let's start with the additions, preceded by the Feature Group where they will be found:

1. Outdoor Features: Tandem Garage, Carriage House
2. Construction: Adobe, Concrete, Moss Rock
3. New Financing: 1031 Exchange
4. Ownership: HUD
5. Design Features: Kitchen Island
6. Roof: Cement Shake, Concrete Tile, Simulated Shake
7. Inclusions: Disposal, Smoke Alarm(s)
8. Style: 1 1/2 Story, Raised Ranch, Tri Front/Back, 4L Front/Back
9. Type: Chalet, Foursquare/Denver Square, Contemporary/Modern [Note: We anticipate this Feature Group will eventually be refined further and renamed "Architecture".]
10. Utilities: High Speed Access [Note: We will convert our existing options for DSL and Cable Modem to this more generic description.]
11. Location Description: House/Lot Faces NW, NE, SW, SE
12. Garage Type: Reserved, Off Street
13. Fireplaces: Pellet Stove

While we are on a roll here, let's continue with the features we plan to delete:

1. Existing Lease - Removing all feature options within this group. It is rarely used and as appropriate, uploaded documents can be added to the IRESis system.
2. Tenant Pays - Removing all features in this group for the same reasons noted above.
3. Data Available - Removing all, same reasoning. This group is outdated since many of the options are commonly part of today's listing such as Legal Description, Map, Aerial Photo, and Builder Plans. Demographics are also part of every listing on IRESis, thanks to the IRESneighborhoods report provided by eNeighborhoods (Extras tab).
4. Energy Rating - Although well intentioned, the Star ratings never took hold. We will be removing all numeric Star rating options.

Although this should not be considered a definitive or final list, it does represent the majority of changes being considered as of this writing. Feel free to comment and add your opinion as data sharing continues to unfold.

The Evolving MLS System: IRESis

How many of you remember a dial up MLS system, the screeching sound of a modem attempting to connect and hieroglyphic commands to perform a search? My, how we have changed – for the better!

Proprietary software and modem racks rode off into the sunset when the Internet based IRESis system was launched in 2001. Instead of desktop software, users instead needed to find an ISP and "get connected." If memory serves me correctly, only 30% of our users had their own email account at the time, but that quickly changed.

Fast forward to the present. Our IRESis system was designed to leverage the connected broker and consumer. Integration of daily activities is a consistent goal. Whenever possible, features are introduced at no additional charge. (All of the following are included with an IRES subscription.)

• Online contracts integrated with prospects, contact information and MLS listings save time and money. Even more cutting edge, contracts & forms are available to brokers in Colorado through a stand alone subscription, without becoming an MLS subscriber.
• Mapping MLS listings and Public Records enables visual searches, along with viewing the proximity of matches and sales activity. Consumers expect no less. And IRES delivers.
• Our Showings module integrates agents, offices and listings along with showing instructions and automatic email feedback. Reports can be emailed to sellers as desired.
• Transaction Checklist offers a list of common activities from the listing presentation to the closing table. The Checklist was designed to be used for internal tracking as well as a communication tool with sellers or buyers for a better understanding of the big picture.
• Let MySite do the work. This system generated web site sends emails to prospective buyers whenever a listing matches their criteria. All 18 photos can be viewed along with property details and a neighborhood report.
• Sentrilock integration offers unparalleled convenience since obtaining the One Day Code is a click away on IRESis.

All of these features are based on needs of our users, responding to evolving consumers. The IRES system will continue to evolve to meet broker demands. Next chapter: Expanded data sharing.

Joint Statement regarding MLS of Choice

Front Range MLSs in Colorado – Metrolist, Inc. and IRES, LLC – are collaborating to exchange their MLS listing content in early 2008, including all statuses and comprehensive listing information. Listings entered in one MLS will automatically be shared with the other. Subscribers/Members will access shared listings through their MLS of Choice, providing a broader listing inventory for buyers and increased market exposure for sellers.

Several milestones have been established related to the data sharing arrangement and efforts are already underway. February 1, 2008, has been identified as the target for exchanging listing content. Each MLS will make independent business decisions, specific to their technology features as they integrate shared listings in their respective systems. Data sharing will be conducted in a secure environment using Real Estate Transaction Standard (RETS), a national standard and industry best practice.