The National Association of Realtors has acquired technology from Lender Processing Services Inc. to assist its development of the Realtors Property Resource, a planned property information database that will include information on all U.S. properties, NAR has announced.
In a statement today, NAR CEO Dale Stinton said, "Realtors need to respond quickly to today’s tech-savvy consumers, and the RPR provides a means for multiple listing services, commercial information exchanges and real estate brokerage business models to support the Realtor community, rather than requiring Realtors to purchase data aggregated by third parties."
The Realtors Property Resource has evolved over several years since the creation of NAR’s MLS Future Presidential Advisory Group in 2006.
Lender Processing Services, which provides technology and services to the mortgage and real estate industries, in 2008 spun off from Fidelity National Information Services. Cyberhomes.com, a consumer-facing real estate valuation and information site, is a division of Lender Processing Services.
Dale Ross, co-founder of Metropolitan Regional Information System, serves as CEO for the RPR; Marty Frame, former general manager of Cyberhomes, serves as president; Mona Steen, former senior vice president for Cyberhomes, serves as senior vice president of industry relations at RPR; and Jeff Young, 2008 president of the Michigan Association of Realtors, serves as the NAR director for RPR.
While the RPR has stirred up controversy, as some NAR members have questioned whether it could develop as a national MLS system, the NAR statement assured that RPR "is not a national MLS, and will carry no offers of cooperation and compensation."
Stinton stated that RPR will be "a private, NAR members-only benefit. The assets acquired by NAR will be directed through a wholly owned subsidiary corporation, Realtors Property Resource LLC."
Also, NAR announced that RPR will not compete with MLSs and commercial real estate information exchanges. …CONTINUED
The California Association of Realtors and Florida Association of Realtors will be among the partners for the RPR, according to the statement, and will be "offering a number of technology applications which will be incorporated within the RPR."
Brian Boero, a principal with real estate consulting group 1000Watt Consulting, wrote in a Saturday blog post (see here) that NAR’s move "is unprecedented," and characterized the acquisition of technology and managers as "a serious move to lift property information above the broad plain of local silos."
He added, though, "I still think this is a defensive, almost quixotic move by the NAR, which seems to be wishing, once again, that Realtor value can be secured behind barricades and that a million-plus Realtors is a good thing."
In another technology development, NAR’s Realtor Magazine reported last week that HouseLogic, a consumer-facing NAR site, will make its debut on Thursday, timed with NAR’s annual conference, which is being held in San Diego.
The site is "designed to help homeowners protect, maintain and enhance the value of their home" and "will be a go-to resource for homeowners," according to a report by Erica Christoffer of Realtor Magazine.
Also, the site is intended to allow homeowners "to speak together with Realtors" on policy issues in which they have common interests, and to help Realtors "extend their relationship with consumers through the entire lifecycle of homeownership."
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