NAR Tech Acquisition Will Create National Property Database

Washington, November 09, 2009

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.

“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.” – NAR CEO Dale Stinton

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.

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 tax and assessment data, liens, zoning, permits, environmental information, and information on neighborhoods, 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.

“We’re honored to have been selected by the National Association of Realtors® to provide technology, data and other services for the RPR™,” said Jay Gaskill, president, LPS Real Estate Group. “Being involved with such a transformational industry initiative serves as an endorsement for our company and the premier products and services we provide to MLSs and associations, brokers, franchisors and sales associates.”

RPR™ will develop business strategies to make it affordable and feasible for NAR members, and will complement, not compete with, MLSs and CIEs. While many MLS and CIE systems provide a range of services, no two are alike. Brokers are looking for tools that support their agents across multiple markets with similar service levels and access to robust and valuable data. 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 California Association of Realtors® and the Florida Association of Realtors®, offering a number of technology applications which will be incorporated within the RPR™.

“The California Association of Realtors® believes the RPR™ project provides the significant opportunities of scale and reach necessary to serve our members future needs for many years to come. We are already working closely with the RPR™ team to incorporate additional functionality directly into the RPR™ system using Realtor®-owned zipLogix electronic forms as well as Relay transaction management and risk reduction software for members nationwide,” said Joel Singer, CAR CEO.

“The Florida Association of 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. The Florida association and its business subsidiary also look forward to discussing potential partnerships to further enhance the value of RPR™ to Realtors® nationwide,” said John Fridlington, FAR EVP.

For more information on the Realtors® Property Resource™, visit www.realtor.org/about_nar/realtors_property_resource.

About Lender Processing Services
LPS is a leading provider of integrated technology and services to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop), portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by volume are serviced using LPS’ Mortgage Servicing Package. In fact, many of the nation’s top servicers rely on MSP, including eight of the top 10 and 14 of the top 20. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, please visit www.lpsvcs.com.

LPS Real Estate Group provides market-leading MLS Systems, broker and agent technology and software service solutions, public record data, data aggregation services, and content relevant to real estate professional services. Through relationships with hundreds of MLSs, associations and broker organizations, LPS Real Estate Group’s tools are used by over 350,000 real estate agents in the United States. For more information about LPS Real Estate Group, please visit www.lpsreg.com.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

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Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section.

5 replies
  1. Gary Brennan
    Gary Brennan says:

    Hard to believe that there are no comments on what is potentially a game changing “service” offered by NAR.
    While this may be something useful to the realtors in California and Florida (beta test grounds) where listings are overflowing like Niagra Falls, I don’t see this as a useful tool for most realtors. While there is no explicit offer of compensation, you can be sure that most realtors will not work for free. I guess time will tell and I will keep an open mind.

    Reply
    • Reggie
      Reggie says:

      Gary, thank you for your comment, although I respectfully disagree. You don’t need to have “listings overflowing like Niagara Falls” to take advantage of the many benefits to RPR. Imagine one place to go for a complete view of any property in the country. A view that is mashed up with assessor data, historical data, current listing data, mortgage record and default data…just to start. Think of how this will streamline the research process for you and your clients.

      As for your point about compensation, you will continue using the MLS for uncovering that number.

      Reply
      • Gary Brennan
        Gary Brennan says:

        Reggie,

        I can’t imagine that a Realtor will have a client and try to shop for homes outside of their local market. How can that possibly be of service to the buyer? The Realtor has no local knowledge. Isn’t that a large portion of what we offer to our clients?

        Our market has not seen anything near the swoon of California or Florida or other areas hit hard by the recession. We do have Realtors, out of our board, that almost insist that we are/were in dire straits.I would never try to research properties out of my area on more than a cursory level. That would be a disservice to my client.

        Reply
    • Reggie
      Reggie says:

      Morgan – RPR is a NAR member benefit, and can only be accessed by members. There will be no consumer access to the site.

      Although REALTORS should understand they will be able to provide client reports on their Web sites via a Virtual Office Website (VOW). This will be possible because of an VOW API offered by RPR for its members.

      Reply

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