The National Association of REALTORS® has acquired technology to create a database of all properties in the United States. With this resources, 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., a leading provider of real estate technology solutions. NAR will use the assets to develop the REALTORS® Property Resource, 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 RPR 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,” says NAR President Charles McMillan.
“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,” says NAR CEO Dale Stinton.
RPR is not a national MLS, and will carry no offers of cooperation and compensation, he 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 says.
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®.
RPR will provide nationwide access to public-record information such as taxes and assessments, liens, zoning, permits, environmental data, neighborhoods, school districts, and community demographics, along with advanced features for property searchers and market-to-market comparisons and referral opportunities not currently available.
RPR will develop business strategies to make it affordable and feasible for NAR members, and will complement, not compete with, MLS's and CIE's. It 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 California Association of REALTORS® and the Florida Association of REALTORS®, offering a number of technology applications that will be incorporated within the RPR.
source: NAR
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