Contributed Article
Introducing a tech-driven solution for the multifamily sector to meet growing demands for fee clarity and integration.
By: Lori Reeves, RETTC, and Valerie M. Sargent, Broadband Communities
Understanding the MITS update
The Multifamily Information and Transaction Standards (MITS) have long been a cornerstone for data exchange within the multifamily housing industry. Since its inception by the National Multifamily Housing Council (NMHC) in 2002, MITS has enabled a streamlined, standardized process for exchanging data during the leasing and resident process, improving operational efficiency across property management, software providers, and advertisers.
It is still the only data and systems standards initiative that is focused exclusively on the multifamily sector. Now, with new industry demands for greater fee transparency, the Real Estate Technology & Transformation Center (RETTC) brought together a working group of housing and technology providers to collaborate and update the data model, identify opportunities for operational efficiency, and enable enhanced transparency of fees and charges throughout the resident journey. Through MITS, data transmission among software systems, both within and between organizations, is facilitated through Application Programming Interfaces (APIs) and Extensible Markup Language (XML) to allow systems to communicate in key operational areas. The MITS update for fees enhances the way charges, costs, and fees are included in transactions between systems.
The MITS data model update: What has changed?
The key to the MITS update lies in its ability to categorize fees in a way that accommodates the various types of charges property owners may pass on, from rent and parking to more niche fees like valet trash or pet deposits. In this latest update, MITS has expanded the property-marketing/ILS (internet listing service) to version 5.0, which plays a critical role in the online leasing process, to incorporate an extended list of fee classifications.
Simplified adoption for property managers and tech partners
One of the primary goals of the MITS update was to make it as easy as possible for housing providers and technology partners to adopt the new data model. Rather than overhauling the way fees are classified within management systems, the MITS update introduces a simple fee classification layer. This means property managers can continue using their established workflows, and the system will map them to the appropriate fee classification.
To help drive adoption, RETTC will be providing an implementation tool for housing providers to quickly categorize and map existing fees to the new classification, reducing the workload and helping to accelerate adoption.
The MITS update will be most effective when implemented by property management and property listing software companies, many of which are already in the process of integrating the new model. Major software providers like RealPage, Yardi, and Appfolio have committed to incorporating the new MITS data model into their upcoming product releases.
The benefits of fee transparency
The push for fee transparency is not just about meeting legal requirements. It’s also about improving the rental experience for residents. By offering clear and consistent fee structures, property owners can help residents better understand their financial commitments from the beginning. This transparency helps build trust, prevent disputes, and improve overall satisfaction.
Taking action now
The MITS update presents an opportunity for rental housing providers and their technology partners to leverage tools to enhance fee transparency—a benefit to renters and housing providers alike. The time to act is now: Ensure your property is ready to adopt the MITS data model and lead the way in fee transparency. MITS is freely available for download and its use is completely voluntary. See the MITS Data Models page at RETTC for downloads and more information.
Lori Reeves is senior advisor for the Real Estate Technology & Transformation Center (RETTC) and can be reached at lreeves@rettc.org. Valerie M. Sargent is a multifamily speaker, trainer and executive consultant, and is the multifamily news correspondent for Broadband Communities. Contact her website, seen here. For more information, visit http://www.nmhc.org or https://rettc.org/.
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