® 22 • May/June 2010 • In Contract Magazine • www.<strong>Columbus</strong><strong>Realtors</strong>.com
What is NAR’s RPR (REALTORS® Property Resource)? A national database <strong>of</strong> every property in the United States This spring/early summer, NAR will roll out its newest member benefit – the REAL- TORS® Property Resource (RPR) – a national data base <strong>of</strong> public and private information on every single property in the United States pulled together into a single product. This $25 million dollar initiative is currently being beta tested across the country by 20 MLSs, ranging in size from 800 to 30,000 members. The overall feedback has been positive and expectations are high that the RPR could be one <strong>of</strong> the most important real estate resources to come along in a decade. Here are some <strong>of</strong> the highlights: • There will be no public access to the RPR, and the database and its data cannot be shared through consumer Web sites. • Provide unmatched access to a singlesource data base <strong>of</strong> <strong>tax</strong> assessments and comparable data, liens, zoning, permits, environment and neighborhoods, school districts, community demographics and psychographic information; maps, trends and reports exclusive to NAR members. • Members will register with their NRDS ID and have access to non-proprietary, non-MLS/CIE sourced data; only MLS/ CIE subscribers/participants will be able to view MLS/CIE sourced information. • With this new technology acquisition and data licensing, RPR will provide <strong>tax</strong> and assessment data coverage in 92 percent <strong>of</strong> the U.S. counties and has an aggressive plan to provide coverage for as close to 100 percent <strong>of</strong> the country as possible within two years. • The RPR’s national demographic information, along with enhanced search capabilities, will allow a REALTOR® anywhere in the country to provide more information to their clients. The enhanced search features will allow nationwide depth <strong>of</strong> property searches, as well as market-to-market comparisons; advanced user pr<strong>of</strong>ile features and social networking components will help REAL- TORS® create referral communities with REALTORS® across the U.S. • The RPR system will include online training and contextual help, along with support through e-mail, online chat and toll-free telephone. The RPR is designed to integrate with the Multiple Listing Services, but will not take the place <strong>of</strong> the MLS. Each <strong>of</strong> the 900 or so MLSs in the country can enter an agreement with RPR and provide access to integrate their data. If a MLS declines to participate, their members will still have access to RPR data through RPR’s Web site (narrpr.com), but the preferred method <strong>of</strong> delivery is through the MLS. Money Maker NAR plans to sell two small pieces <strong>of</strong> information – the value <strong>of</strong> a portfolio <strong>of</strong> properties (using the RPR) and, whether or not individual properties are on the market (using the MLS data) – to lenders and other institutions that own mortgages directly or through mortgage-backed securities and anticipates making a pr<strong>of</strong>it <strong>of</strong> $40 million per year. Concerns As noted above, beta-testers and those who have seen demonstrations <strong>of</strong> the product see it as a valuable tool, but do have some concerns with how the data it provides would be used, limiting the use <strong>of</strong> that data, and that there are no provisions to share potential revenues with the MLSs. In response to these concerns, NAR and RPR recently announced the following changes to the contract: • Safeguards will be put in place to protect the listing data from unauthorized use; • MLSs will be allowed to restrict the use <strong>of</strong> their content; • MLSs and REALTORS® will never have their own content sold back to them; and • when RPR becomes pr<strong>of</strong>itable, the possibility <strong>of</strong> pr<strong>of</strong>it sharing with MLSs will be discussed. Rollout Beta testing is ongoing and once concluded (late spring/early summer) and changes implemented, members <strong>of</strong> the MLSs that beta tested the program will be the first to get access. As other MLSs come onboard, their data will be integrated with the system and made available to their members once the integration process is complete. RPR’s standalone interface (i.e., the one not integrated with MLSs) will be rolled out region-by-region for members whose MLSs haven’t signed access agreements during the third quarter this year. NAR anticipates that the RPR will empower REALTORS® as the go-to source for trusted, complete and reliable data about real estate and homeownership. For more information on the RPR, call (888) 914- 7771 or visit Realtor.org/About_NAR/<strong>Realtors</strong>_property_resource. Where is CBR? The RPR is a somewhat controversial topic. Our own <strong>Board</strong> <strong>of</strong> Directors will need to decide, after evaluating pros, cons and competing requests from other entities, whether or not CBR will be providing our MLS data to the RPR and whether or not that will be on an exclusive basis. A task force <strong>of</strong> AEs from around the state attended a meeting, arranged by OAR President Doug McCloud, held earlier this year to see demonstrations <strong>of</strong> the RPR and the competitive First American resource. At the request <strong>of</strong> that task force, the Ohio Association <strong>of</strong> REALTORS® has arranged for a repeat <strong>of</strong> those demos during the upcoming OAR Spring Meeting, where the leadership <strong>of</strong> more boards around Ohio and their members will be able to learn, first hand, more information about the RPR. www.<strong>Columbus</strong><strong>Realtors</strong>.com • In Contract Magazine • May/June 2010 • 23
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