By Brian Summerfield, Online Editor, REALTOR® Magazine

What makes REALTORS® relevant in the real estate industry? In a word, information. That’s why the REALTORS Property Resource™ is so important, Dale Ross, RPR’s CEO, told NAR’s Board of Directors Saturday at the 2010 Midyear Legislative Meetings in Washington, D.C.

“As REALTORS®, we have to know more about properties than anyone else,” Ross said. “Whatever has to do with that property, we need to have that info.”

The REALTORS Property Resource™, a database that will eventually cover every property in the United States, will pull in data from public records, prior transactions, MLSs, transfer taxes, and other relevant sources. It is one of NAR’s Second Century Initiatives.

In his update to the board, Ross said RPR is in “rolling beta” testing — meaning adjustments are made every time users provide feedback on the system — in 12 markets across the United States. The areas represented are evenly distributed geographically and have MLSs of various levels of size and sophistication, he added. The goal is to have RPR up and running for all REALTORS® by the end of next year, NAR CEO Dale Stinton said in a speech earlier this week.

Ross acknowledged some hesitancy on the part of some MLSs to adopt RPR. According to him, some have an enthusiastic, “early adopter” view, a second group has a wait-and-see mentality, and a third is not sold on the system at all.

However, Ross argued that RPR’s comprehensive data repository would make REALTORS® the go-to source for even the most information-savvy consumers.

“They have ways of finding that information if we don’t,” he explained, “so we need to be ahead of the curve.” 

Brian Summerfield

Brian Summerfield is online editor for REALTOR® Magazine. He can be reached at bsummerfield@realtors.org.