NAR acquires tech for national database

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

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