WASHINGTON – Nov. 10, 2009 – The National Association of Realtors® (NAR) announced today that it acquired technology to create a database of all properties in the U.S. According to NAR, it will help Realtors better serve clients who expect immediate information.
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. Using that data, NAR will develop the Realtors Property Resource™ (RPR), an information database that includes all the 147 million property parcels in the country. NAR is plans to launch RPR in second quarter 2010.
“Realtors are the first, best source for real estate information, and the RPR is another emphatic feature to that resource,” says NAR President Charles McMillan. “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.”
“These acquisitions will allow Realtor interests to control the program and the content,” says NAR CEO Dale Stinton. “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.”
According to Stinton, RPR is not a national MLS, and will carry no offers of cooperation and compensation. “It is a private, NAR members-only benefit,” he says. “The assets acquired by NAR will be directed through a wholly owned subsidiary corporation, Realtors Property Resource, LLC.”
Once operational, RPR will provide nationwide access to public records, such as tax and assessment data, liens, zoning, permits, environmental information; and information on neighborhoods, such as school district and community demographics; along with advanced search features for property searchers, as well as market-to-market comparisons and referral opportunities not currently available.
According to NAR, RPR will develop business strategies and will complement, not compete with, MLSs and CIEs. While many MLS and CIE systems provide a range of services, no two are alike. RPR is designed to support local MLS and CIE models to create a common experience for agents and brokerages.
RPR will have many partners, including the Florida Association of Realtors and the California Association of Realtors, offering a number of technology applications, which will be incorporated within the RPR.
“The Florida Realtors and its 122,000 members are excited about the launch of Realtors Property Resource, which we believe will be a valuable addition to the toolkit for Realtor business success,” says John Fridlington, Florida Realtors EVP. “The Florida association and its business subsidiary also look forward to discussing potential partnerships to further enhance the value of RPR to Realtors nationwide.”
The management team of RPR includes CEO Dale Ross, co-founder of the Metropolitan Regional Information System, the country’s largest regional MLS; President Marty Frame, former General Manager of Cyberhomes; Senior Vice President of Industry Relations Mona Steen, former SVP with Cyberhomes; and Jeff Young, NAR director of the Realtors Property Resource and 2008 president of the Michigan Association of Realtors.
For more information on the Realtors Property Resource, visit www.realtor.org/about_nar/realtors_property_resource.
© 2009 Florida Realtors®
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