Last week I had the opportunity to attend (and speak) at the Leading Real Estate Companies of the World annual conference – held at the Encore Resort in Las Vegas. One of the highlights of the conference was getting to sit in on a small session with Dale Ross and Marty Frame of the Realtors Property Resource (RPR). Even though I thought that I was pretty “up to date” on the FAQ’s of RPR – I found this session both enjoyable and informative. Find my rambling notes below:
What is the Realtors Property Resource (RPR)?
- National, parcel-centric database
- Member benefit of NAR
- Owned and controlled by NAR members
What are the Goals of RPR
- Provide all available information about residential and commercial property and ownership to NAR members
- Unique data content and analytics
- Eliminate cost for NAR members who pay for 3rd party services with limited scale
- Promote marketing efficiency among participants
- Provide this information to other 3rd party vendors (not listings) but data and analytic information
Who owns RPR?
- Not a third party vendor
- Not a publicly traded company
- Not a joint venture
Personal Question - *Said that the reports are NOT AVAILABLE TO ANY OTHER WEBSITE – but also talks about providing this information to 3rd party vendors for a fee. What and how much is available to these 3rd party companies?
Answer from Panel – *** The only thing that will be provided to external sources will be analytic data – this will NOT be viewable by consumers AT ALL through non MLS members. The analytic data will be used for their internal “knowledge-base”
- Mobile app – coming for beta soon
- Market Share Trends – Across MLS’s in one format
Office and company comparison by:
- Listings, sales and total – dollar and unit volume
- Market share percentage
- Ave. Sales price
- Sold vs. Original price
- Supply demand changes, Price Changes, and More
- ARM aging
- Delinquency or default status
- Gov. Assist. Or incentives
- RBR demand and segmentation
Add. Benefits offered by RPR
- Nationwide community cost of living comparisons and demographic enhances Relo Team svc to incoming clients and provides outbound referral opportunity.
- Company forms and population (disclosures ABA) reduces risk and liability
- Training curriculum
Additional Data Sets Available
- Delinquency and Short sale elevations vs. foreclosures
- HUD/GOV data and program eligibility
- FHA and first time assistance (low income)
- Condo master/HOA documents
- Beta testing phase (NOW)
- RPR User Advisory Council Beta testing April 2010
- First Beta Markets launched beginning in June 2010
- Additional markets to be launched beginning in June 2010 based upon contract and data mapping status
- Phased geographic launch to all NAR members via narrpr.com beginning Q3 2010
- Full informational Blog and Demo Videos located at www.Blog.narrpr.com
Open Floor Question and Answers:
- Is there going to be any branding ability for the broker to maintain brand-fluency?
o They (RPR) are thinking about allowing the brokers to “brand” this with their information, brand logo, consistency. This is not available at this time.
- What steps are we taking to make sure that this is not in any legal issues?
o NAR legal council has been in review of this product since day 1 and they see no DOJ issues
- Discussions with MLS/First American
o Fear is that we are trying to build a national MLS. MRIS is afraid of this and has not signed the contract. Provisions in the contract that this is a “non-compete” to protect the MLS’s in that regard.
o Information is coming from LPS (prior Cyberhomes) and they have found that First American is less attractive. First American has now approached the MLS systems and told them that they would “pay” the MLS systems for them feeding the information to First American. These are two essentially “competing” with one anther and if they choose to enter with exclusivity, their data will not be available to RPR.
o NAR is putting up $25 million. This is the 1st rollout. There is a business model behind it. Revenue model below:
- Monies that NAR puts in will be paid back (1) for reinvestment
- Then monies will be paid into RPR
- Sell the analytic data (products) to mortgage, wallstreet, etc. will PAY RPR for this information so they can trend this.
- Partner with LPS (shared 50/50%) with LPS with all revenues.
- How did NAR allocate $25 million without vote
o Money came from a reserve that NAR has created from HomeStore.
o All leadership committees at NAR voted yes on this product
- How up to date is the REO information?
o Delinquencies – 15 days after 1st of the month
o Foreclosures – as soon as it is updated with the MLS
- Can you customize reports and is there a Broker/Agent Level display?
o There will be pre-created reports, but there are ones that will be able to be customized and created.
o Stayed away from the sales associates and recruiting
o Company market share will be brokerage and office level
- What about feeding the API to brokerage company?
o They will be exploring the usage of brokerages with API in the future within the restriction of their data license.
o The build out can take years to do – and that is why we are coming to the brokers now. This is not agent centric – it is broker centric. We are looking for brokerage feedback.
- Concern of the amount of data and legal liability to brokers
o Yes – there are going to be things on this site that are “sensitive” but they are an aggregate of information that all exists in the public sector and available to the general public right now.
o There are certain liabilities that RPR will maintain (accuracy of data) and some will roll onto the providers of the data.
- What about Agent to Agent Referrals and Relocation?
o We have pulled back on this specifically because of the relocation networks and their push back.
Dollinger’s Closing Thoughts: At the end of the day, the brokers in the room really seemed to be upset about one thing, “They weren’t asked to be more involved in the decision”. Although, I have to admit that this was exactly how this initiative got pushed through so quickly.
I have my fears about this level of information making it into the hands of “less than stellar” agents – allowing them to poise themselves as knowledgeable. However, where I do believe (as I indicated in an earlier post here) that this will serve as some type of “field-leveler” – I have truly come to believe that all the data in the world won’t make your clients believe you, unless you can articulate what that data means.
I’m excited to be on the beta test team for RPR and looking forward to sharing more thoughts on this along the way. My best advice to anyone out there is simple:
- Follow the RPR official blog
- Keep up to date on any trainings that are offered
- Become skilled at data interpretation
- Be the first one in your area to become an expert on RPR