NAR collects information for nationwide database

A nationwide database of all property is being created by the National Association of REALTORS® (NAR) as a resource for its members.

REALTORS® Property Resource (RPR) is expected to be a tremendous time- and cost-saving benefit for members, according to Jeff Young, RPR’s senior vice-president of operations.

“Research has shown that $30 million is spent annually purchasing public record and tax assessment data from third parties,” Young said. “RPR will be a single source for agents who sell in multiple areas and will allow them to compare the differences in the market.”

Young said there are 147 million parcels of property including vacant land, parking lots, commercial buildings and residential properties. “This is not a nationwide MLS. There’s no offer of compensation on RPR. We’re trying to create a depth of data for these properties whether or not it’s ever been for sale,” Young explained. “MLSs only have information about properties that are on sale or have sold so it’s a limited history of a property.”

While REALTORS® could obtain this information by extensive research of property records, online or in county court houses, NAR would like to provide this information for REALTORS® in one central location. “This information is better suited to be in one single place and ultimately consumers will benefit because REALTORS® will have access to this information,” Young said.

Currently the database is being built and RPR has collected about 92 percent of the nationwide data. RPR has a blog that allows REALTORS® to learn more. The RPR will be rolled out geographically throughout the country and all members are expected to have access to the data by the third quarter this year. Young said it’s expected that 100 percent of the data will be in place by the end of 2011.

MLSs and Commercial Information Exchanges (CIEs) are encouraged to participate in the RPR so the data will be all-inclusive. The RPR will also have tax records, mapping and school information.

“All real estate is local but the consumer doesn’t know anything about confined market areas,” Young said. “They move from one area of the country to another.”

Related posts:

1. REALTORS® Nationwide Open House slated for April 10-11
2. Designation offers timely information on short sales
3. Disclosure, anti-trust, RESPA to be highlighted at PAR Business Meetings

 Print This Article

Tags: member benefit, MLS, NAR, RPR

This entry was posted on Thursday, March 18th, 2010 at 6:00 am and is filed under Association News, Industry News, NAR. You can follow any responses to this entry through the RSS 2.0 feed.