Breaking News: NAR/RPR + Cyberhomes =

So much more …

First impression: The National Association of Realtors have done something really, really good, pertinent and valuable for its members.

Done well and right, the RPR (Realtor Property Resource) could be a tremendous value-add to Realtors, and could put a damper on ancillary real estate service companies – mapping, real estate data, IDX perhaps …

There have been some grumblings and speculations making their way through the real estate space, starting with Brian Boero’s post yesterday in which he cryptically posed:

I am hearing weird noises in the online real estate atmosphere. They are on a frequency few can register, and still fewer will acknowledge.

And Gregg Larson hinted:

You are correct-o-mundo, Brian. It is XXL and pretty clever. It will be interesting to see the industry’s reaction…(nda)

Is the RPR ready for launch?

Just about. The addition of Cyberhomes to the fray is a huge move forward. Launching in April 2010.

I wrote this three years ago:

Yet I have been wondering – what if Zillow’s reach becomes so great, their data become so vast and inclusive, that their Zestimates significantly impact what is fair market value? What if the purchasing and selling population refer to Zillow as the end-all, be-all estimator for their homes’ valuations? What if “close enough” is “good enough”? What if they become the de facto standard for home valuations?

Replace “Zillow” with “RPR”

100% owned by NAR.

Rich, deep and hopefully accurate information, data, maps, financing, mortgage records … this tool will make good Realtors better at what they do, and make not-so-good Realtors a bit less dangerous.

What is the Realtor Property Resource? For starters:

1)
What is the REALTORS® Property Resource (RPR)? ((bolding mine))

The REALTORS® Property Resource is one of NAR’s Second Century Initiatives. The
goal of this project is to build a national database of robust, property centric information
covering every parcel of property in the country. This database is designed to be a
resource for NAR members and Institute Affiliates, creating single source access to data
which will add value to the information available for REALTORS® to use with their clients
and customers.

2) Is it designed to be a national MLS?
No. The RPR will carry no offers of cooperation and compensation. Its design is to
provide a single source access for public record information such as tax assessments and
comparable data, liens, zoning, permits, environmental, neighborhoods, school districts
and community demographics. Its enhanced search features will allow nationwide depth
of property searches, as well as market to market comparisons and referral opportunities
not currently available.

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6) What is the future role of an MLS or CIE if all data could be made available on a national platform?
The goal of the RPR is to complement, not compete with the MLS’s and CIE’s. The RPR’s
purpose is to enhance the quality of public records information and other data collections.
The RPR could also assist MLS’s and CIE’s in data acquisition to enhance the integrity of
the data at a price point possibly less than what they are able to do individually, and make
REALTORS® more efficient.

10) Will the public have access to the RPR?
There is no plan to create public access to the system. The goal of the RPR is to be a
REALTOR® based resource and member benefit for NAR members and Institute Affiliates.

What does this mean?

It means that the NAR recognized at least two things –

1 – They shouldn’t reinvent the wheel

2 – Cyberhomes offered a valuable proposition. They are similar in many ways to Zillow but offered something that Zillow does not have – more data and less baggage.

“I hate Zillow” – 426 results and “zillow sucks” = 8,750 results.

“I hate Cyberhomes” – 0 results. and “cyberhomes sucks” – 733 results

The Cyberhomes database includes more than 100 million property, ownership, sales, and mortgage records, covering more than 85% of the United States population. We update more than 575,000 new ownership records every month, verified from the original source, and our data is also enhanced with more than ten years of appraisals and appraisal review information.

Zillow have:

Zillow.com is an online real estate community where users can find and share information about homes. With data on 92 million homes and estimates on another 70 million homes

Challenges:

– Cultural integration of Cyberhomes and NAR.

– What will be the Realtor reaction to the Realtor Valuation Model (RVR)? Think AVM but with really good data.

– More to come

Data:

– Combining the Cyberhomes/LPS data with the MLS data positions Realtors to have access to what could be the single best source of property information. At least for the short-term, and it’s good to see them finally making this product come to fruition.

How will Realtor.com factor into this?

God help me, I hope they don’t have the ability to publicly display the RPR’s data. And that Realtors are able to do so.

Summary:

What are Cyberhomes and NAR going to do with the data?

How can we (Realtors) use the information?

– Generate reports for clients or fellow Realtors

– Market Forecast Report

I think this is a good thing. The NAR recognized the need to be competitive. And, while it’s a long time since they first started the NAR MLS (Presidential Advisory Group) PAG, it seems that they are moving ing the right direction.

Questions:

– Will Realtors be able to widgetize this information?
– How are “RPR users” defined? (Answer: “NAR members with a NRDS id and in the future, all MLS subscriber participants with participating MLSs”)

Update 6 November 2009:

1) I reserve the right to re-visit this post next year if NAR/RPR screw up.
2) More at 1000WattBlog.

Related reading:

– Future of MLS Features – 2008

– What is the future of the MLS?

– Getting ready for another MLS PAG

– Preliminary NAR Gateway Report released

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