NAR Acquires LPS Technology for National Property Database
The National Association of Realtors (NAR) acquired certain licensed data and secured data aggregation services from LPS Real Estate Group, a division of real estate technology provider Lender Processing Services (LPS). With the software, NAR can create and maintain the Realtors Property Resource (RPR), a database of all properties in the US. NAR said when its database launches in Q210, it will include more than 147m individual properties. The database will include public record information including tax and assessment data, liens, zoning, permits, environmental information, and information on neighborhoods, school district and community demographics, along with search features, market-to-market comparisons and referral opportunities, NAR said. “RPR will give Realtors nationwide data on all properties at their fingertips so they can respond quickly to consumers interested in residential and commercial real estate,” said NAR president Charles McMillan, a broker with Coldwell Banker Residential Real Estate in North Texas. The database is not a national multiple listing service (MLS), NAR said, and will carry no offers of cooperation and compensation. It will only be available to NAR members and will eliminate their need to purchase data from third-party aggregators. A wholly-owned NAR subsidiary, Realtors Property Resource will be led by CEO Dale Ross, co-founder of the Metropolitan Regional Information System, and president Marty Frame, former Cyberhomes general manager. Write to Austin Kilgore.