It’s been getting a lot of buzz in REALTOR® circles lately, but just what is this RPR you’ve been hearing about? The goal of REALTORS® Property Resource (RPR) is the creation of a nationwide database of the 147 million residential and commercial properties around the country, says RPR CEO Dale Ross.
RPR will be a one-stop spot for real estate professionals to find everything they need to know about a particular parcel of property, from mortgage history and tax assessment data to zoning permits, transactional history and current listing information.
Right now REALTORS® often have to search multiple Web sites and public records sources to get the information they need on a property. RPR, an initiative of the National Association of REALTORS®, aims to pull all that information into one single source.
Dale Ross and RPR Senior Vice President of Industry Relations Mona Steen gave an RPR informational presentation today to a gathering of Illinois REALTORS® attending the Illinois Association of REALTORS® March Business Meetings in Springfield.
They also covered what RPR is not – namely a national Multiple Listing Service (MLS) nor will it carry offers of cooperation and consideration. RPR will work with area MLS or Commercial Information Exchanges (CIE).
RPR also isn’t a consumer database and will not be open to the public. It is strictly designed as a free resource for NAR members and for members of participating MLS/CIEs.
As for a revenue source, Ross said there is a demand on Wall Street and elsewhere for the accurate and timely analytics and market trending reports that the RPR database will be able to provide.
RPR is beginning initial testing in some select markets this month and will be periodically rolling out the program to other areas in the future. But Ross says that because compiling such a wealth of information will take time, the full build-out of RPR will take five years.
So while you wait for RPR to come to your area, you can learn more about RPR and any new developments at the RPRblog. You can find FAQs, videos and an RPR demo.