Realtors to create national property database

The National Association of Realtors has acquired technology to create a database of all properties in the U.S. According to NAR, it will help Realtors better serve clients who expect immediate information.

The technology acquisition includes licensed data and secured data aggregation services from LPS Real Estate Group, a wholly owned subsidiary of Lender Processing Services Inc. Using that data, NAR will develop the Realtors Property Resource, an information database that includes all the 147 million property parcels in the country. NAR is plans to launch RPR in the second quarter of next year.

“These acquisitions will allow Realtor interests to control the program and the content,” says NAR CEO Dale Stinton. “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.”

According to Mr. Stinton, RPR is not a national MLS, and will carry no offers of cooperation and compensation. “It is a private, NAR members-only benefit,” he says. “The assets acquired by NAR will be directed through a wholly owned subsidiary corporation, Realtors Property Resource LLC.”

Once operational, RPR will provide nationwide access to public records, such as tax and assessment data, liens, zoning, permits, environmental information; and information on neighborhoods, such as school district and community demographics; along with advanced search features for property searchers, as well as market-to-market comparisons and referral opportunities not currently available.

RPR will have many partners, including the Florida Association of Realtors and the California Association of Realtors, offering a number of technology applications, which will be incorporated within the RPR.

“The Florida Realtors and its 122,000 members are excited about the launch of Realtors Property Resource, which we believe will be a valuable addition to the toolkit for Realtor business success,” says John Fridlington, executive vice president of Florida Realtors. “The Florida association and its business subsidiary also look forward to discussing potential partnerships to further enhance the value of RPR to Realtors nationwide.”

For more information on the Realtors Property Resource, visit www.realtor. org. 