A New Tool
Today NAR announced a new acquisition that will create a National Database of Real Estate Information for Realtors®. The announcement was made on Realtor.org, but many already knew about this move.
Here is the opening statement from the news release:
The National Association of Realtors® has acquired technology to create a database of all properties in the U.S. so Realtors® can better assist consumers in a high-tech, fast-paced business world.
The technology acquisition includes licensed data and secured data aggregation services from LPS Real Estate Group, a wholly owned subsidiary of Lender Processing Services Inc. (NYSE:LPS), a leader in real estate technology. NAR will use the assets to develop the Realtors® Property ResourceTM, a parcel-centric information database covering all of the more than 147 million property parcels in the country as a resource for NAR members. NAR is planning to launch RPRTM in the second quarter 2010.
“Realtors® are the first, best source for real estate information, and the RPR™ is another emphatic feature to that resource. RPR™ will give Realtors® nationwide data on all properties at their fingertips so they can respond quickly to consumers interested in residential and commercial real estate. This is exciting news and a terrific NAR member benefit. NAR is committed to keep Realtors® central to the transaction and to the buying and selling experience with their clients and customers,” said NAR President Charles McMillan, broker with Coldwell Banker Residential Real Estate in Dallas-Fort Worth.
NAR CEO Dale Stinton said, “These acquisitions will allow Realtor® interests to control the program and the content. Realtors® need to respond quickly to today’s tech-savvy consumers, and the RPR™ provides a means for multiple listing services (MLS), commercial information exchanges (CIEs) and real estate brokerage business models to support the Realtor® community, rather than requiring Realtors to purchase data aggregated by third parties.”
There are a number of speculations that this will be a MLS Killer,but NAR is assuring it’s membership that this is no more than a tool for Realtors®. Interestingly, Dale Ross, co-founder of MRIS will be on the RPR management team.
Also from the news release:
RPR™ is not a national MLS, and will carry no offers of cooperation and compensation, Stinton added. “It is a private, NAR members-only benefit. The assets acquired by NAR will be directed through a wholly owned subsidiary corporation, Realtors® Property Resource, LLC,” Stinton said.
We’re sure that this will be a much discussed topic at the NAR Convention and will most likely make the “Future of MLS” panel very popular. It’ll be interesting to watch and see how this tool will impact members. As always, it’s important for Realtors® to reach out and learn about, as well as use those tools created by your Association.
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Now this is a REAL value! I look forward to it!