NAR leaps into the fray -- in a big way

The Realtors Property Resource (RPR) is likely the most important technology story of the last few years. And it will probably be the most closely watched story for the next couple of years too.

What is the RPR? Brian Boero from 1000Watt Blog sums it up nicely.

"The NAR has taken over certain technology assets of Cyberhomes from LPS (formerly known as FNRES) in order to bring its RPR (Realtors Property Resource) project, as well as its consumer-facing play, HouseLogic, to market. To do this, they have created Realtors Property Resource LLC -- a wholly owned subsidiary of the NAR."

This is huge. A national database of more than 140 million property records -- eventually enhanced by property status (on or off market) data from MLSs around the country. A suite of tools built to allow Realtors to access and share this data with their clients. Even a stab at knocking off those pesky computer-generated Zestimates with a new RVM or "Realtor Valuation Model."

This is huge. Rob Hahn calls it a "Coming Civil War" and a shot across the bow at the local MLSs -- and it's certainly is a bold move.

But ultimately RPR is an attempt (last-ditch?) for NAR to stay relevant to its membership -- since the savviest of them have long been questioning the need for a national association.

Consumers can find reams of property data on any number of real estate search sites these days. Brokers and agents have a number of low-cost tools at their disposal to build a rich and compelling online experience. And most importantly these two groups can now connect in much more meaningful ways through social media.

As Jim Duncan, writing on Agent Genius, succinctly put it: "NAR recognized the need to be competitive." ...CONTINUED

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