SOMERVILLE, Mass., Sept. 20, 2021 (GLOBE NEWSWIRE) — The Real Estate Standards Organization, RESO, created the Residential Rentals Workgroup because nearly half of the U.S. population call rentals home, but there is no structure or definition for rental language within the industry. Working in tandem with Rental Beast, provider of rental-centric software for Multiple Listings Services, the Workgroup will establish and maintain data standards for rental properties, a crucial part of the housing market greatly impacting the buying and selling of homes.
“It is beyond time for our industry to bring universal standards to this important part of the housing market,” said Sam DeBord, Chief Executive Officer of RESO. “Real estate professionals and MLSs can benefit from relevant rental information in our Data Dictionary. This is a project that answers a need for today and into the future.”
Rental Beast is a technology provider with the only lead-to-lease SaaS platform empowering real estate professionals in the rental space. With a comprehensive database of more than ten million rental listings not found on any multiple listing service, Rental Beast for MLS offers MLSs and their members a complete and unparalleled view of their rental marketplace directly accessible from their MLS platform. With more than 480,000 real estate professionals in Rental Beast’s technological ecosystem, Rental Beast is the fastest-growing rental technology provider servicing the real estate industry. With the 2020 launch of Rental Beast for MLS, the firm is on track to service an additional 500,000 new MLS subscribers by year’s end.
The Rental Beast data platform will soon be expanding to markets in Canada in addition to continued growth in the U.S. The leasing commissions equal $2.49 billion annually in Canada. Their rental markets are also more than 60% of millennials who plan to purchase a home within five years.
Accessible within MLS platforms, MLSs participating with Rental Beast for MLS capture thousands of properties that are off-MLS inventory. They can leverage core, rental-centric MLS functions, including powerful search, listing ingestion, and maintenance systems. Members have direct access to Apply Now by Rental Beast, a lightning-fast, secure, and Fair Credit Reporting Act (FCRA)-compliant online rental application and tenant screening engine. These tools are complemented by access to Rental Beast University, an interactive, on-demand, online educational platform. All of these systems are available directly from their MLS platform via a seamless, single-sign-on (SSO) integration.
“We are excited to share the benefit of our data and technology solutions in the RESO Residential Rentals Workgroup. Our focus has been to build seamless solutions for our users. Tight inventory is fueling the demand for rentals all over the country. Real estate professionals need systems to navigate these markets. They also need uniformed standards and definitions in the rental space. We will work with RESO to ensure the language of rentals will be as advanced and relevant as the tools we provide,” said Ishay Grinberg, Rental Beast Founder and CEO.
About RESO
Founded in 2002 by the National Association of REALTORS® (NAR), the Real Estate Standards Organization (RESO) provides the foundation for streamlined real estate technology through the creation and certification of standards. Member organizations include MLSs, brokerages, REALTOR® Associations and technology partners serving more than one million real estate professionals.
RESO’s mission is to create and promote the adoption and utilization of standards that drive efficiency throughout the real estate industry. RESO standards create efficiency; faster software development and integrations, scalable tools that cross marketplaces, and more accurate, robust, and informative data.
Open standards organizations, like RESO, exist in most industries to ensure technology advancement. A well-known example is W3C, which creates the standards for the World Wide Web. In real estate, RESO’s standards are created to promote that same experience: interoperability between MLS, broker, agent, and consumer technology tools.
For more information, visit reso.org.
About Rental Beast
Rental Beast is an end-to-end SaaS platform empowering real estate professionals with powerful productivity tools and the nation’s most comprehensive database of nearly ten million off-MLS rental properties. Sourced directly from property owners, updated in real-time, and offering a fulfillment-grade rental dataset, the Rental Beast database provides real estate professionals with an unparalleled view of all properties and owner types. Rental Beast for MLS brings the power of Rental Beast to Multiple Listing Services and their subscribing agents and brokers. Utilizing a seamless and secure integration, participating MLSs capture thousands of properties that are normally off-MLS inventory, and leverage essential search, data ingestion, and maintenance systems needed to help member agents capture their share of $12 billion in annual leasing commissions.
For more information, visit RentalBeast.com/MLS.
