ShareUpdated February 2013
Talking Points
- Realtors Property Resource® was conceived in support of one of NAR’s strategic objectives in 2008, “to be the most comprehensive, reliable and accessible source of real estate information.”
- RPR® provides robust, analytic property information to all Realtors® without regard to geographic boundaries and gives NAR members timely access to uniform real property information.
- RPR is currently available to all Realtors®, regardless of multiple listing service (MLS) or commercial information exchange (CIE) participation. It is offered at no additional cost to NAR members.
- Realtors® are very satisfied with RPR – the feedback we’ve received from our members has been overwhelmingly positive.
- NAR set out to build a dynamic repository for the 147 million parcels of real property in the U.S., and RPR continues to add valuable features, tools and reports in multiple releases through the year.
- More than 465 MLSs/CIEs are on-board or in the queue, representing over 71 percent of NAR’s membership.
- Whether they’re working with buyers or sellers, Realtors® can use RPR to provide their clients detailed datasets and customizable reports, enhancing the value Realtors® bring to the real estate transaction.
- RPR is a dues-funded Realtor® member benefit. RPR derives revenue from selling authorized analytic products to Tier-1 lenders and GSEs. RPR’s goal is to offset NAR’s investment by providing sustainable revenue models, and by providing cost efficiencies and technology solutions to NAR industry sectors.
- This Realtor® access to real-time, national property data could also become a tremendous reliable, real-time source of market information for Tier-1 lenders and federal agencies by helping speed up the current short sale/foreclosure pipeline clog; this continues to be among the most frustrating aspects of our members’ daily business lives. Interest in RPR’s platform from Tier 1 lenders and federal agencies has been very positive.
Background
Realtors® Property Resource was created in 2008 as one of NAR’s Second Century Initiatives. RPR was designed to support the core competence of NAR’s members by creating a Realtor®-only, national database of property information.
RPR currently has 10 terabytes of property data (1 terabyte = 1,099,511,627,776 bytes). This is equivalent to the entire printed collection of the Library of Congress (source: Library of Congress website, loc.gov)
RPR’s data includes:
- 163 million properties
- 1 billion photos
- 420 million tax records
- 133 million deeds
- 100 million mortgages
- 13 million default records
- 4.7 billion valuations
RPR released its Broker Tool Sets in 2011, providing Brokers with Company Branding, Affiliated Service Support, Chart Service, and the RPR Data Tool.
RPR Commercial is in phase 2 beta testing. RPR Appraisal tools will begin beta testing in the first half of 2013. RPR’s Association Dashboard and Appraiser Tools will also begin beta testing in 2013.
Currently, 20 large MLSs (over 5,000 members) have not yet agreed to participate in licensed partnerships with RPR. This has prevented RPR from achieving the 85 percent national coverage footprint required by the Tier-1 lenders and federal agencies who indicated a strong desire to purchase these best-in-class, uniquely sourced analytics, and delayed the delivery of revenue projections.
The Realtors Property Resource®, LLC, is a wholly owned subsidiary corporation of the National Association of Realtors®.
RPR has 24/7 Customer Service to help Realtors® with all their questions. Located in Omaha, Neb., RPR’s Customer Service provides telephone, Internet chat and e-mail assistance.
RPR is headquartered in Chicago, Ill., with offices in Washington, D.C., and Irvine, Calif.
Realtors® can access RPR at www.narrpr.com.