RPR and Commercial Real Estate
I recently had a little conversation with the people at Realtors Property Resource (RPR), which many of you are likely familiar with. If not, it is well worth your time to take a look at the RPR demo online.
Of course it uses residential property in the demonstration, but believe me- commercial property is coming.
Select initiatives that RPR will apply to commercial property:
The RPR database will include depth of data for all of the approximately 147 million parcels of property across the country.
Initially, the RPR database will include information available in the public domain, primarily tax assessment and property data, and licensed data from third parties, such as financial, lending, mapping, demographics, and school information. And, of course RPR will include licensed MLS data and photos.
On a more local level, the RPR will cross local market boundaries, providing consistent depth of data across historic market areas, and eliminate county to county differences in access to valued information.
RPR will license all commercial property types from participating MLS/CIEs.
RPR will include a private community framework that promotes social interaction among members. Ranging from comment streams to Q & A, and expert forums, members will be able to determine who they share with and what they share. Members will also be able to annotate the information in RPR with their own comments, and choose whether to publish their comments or not.
Access to the RPR is free for NAR members, and the company will not provide it to any entities that wish to resell it to NAR’s members.
The Realtors Valuation Model™ (RVM™) is an automated valuation model (AVM) that will be developed by RPR using licensed listing data. The use of MLS data will create an estimated value which is said to be superior to the AVM products that are on the market today which are derived from public records data.
What does this mean? Here’s where it gets interesting:
Did you read the first part? 147 million properties. As in pretty much all properties.
Of course initially it will be public data only. But here is where it gets really interesting… What other data should be included? I’ll start a list or as I think of it… layers:
- Facilities Management: as in BOMA-like facilities data. The list of data available here is almost endless.
- 3-D Animated Cad: every building with true and accurate layouts. Accessible in real time.
- Analytics: not just a valuation model, real numbers.
- Leasing Info: yes real lease info. It’s already being done.
- Connected Buildings: as in Networked- old idea, maybe not so much.
- Mobile or Geo-fencing: Look at Tagwhat. Just stick it on a building.
- CRM: In real time with a backend support system.
- Real time vendor bidding: think contractors, architects, designers etc. Real time access to true historical building info.
- The Social Component: Interacting, sharing, seeking information from other CRE experts and giving advice. WOW!
These are just a few of the ideas I have for the layers of data for the RPR.
What happens next?
The RPR is in beta mode now. The commercial launch is targeted for the first quarter of next year. Did I mention that RPR is FREE?
Is this a chance for real collaboration within the commercial real estate industry to once and for all create a real true and accurate data standard? Will Co-Star and Loopnet suffer as a result?
There is a lot more to come on this subject. The RPR has a chance to change commercial real estate forever. Feel free to jump in with your thoughts.