So now our MLS has more to do with absolutely no return!

Typical.

Great. NAR is spending our dollars on something that NAR will profit on and so will some tech company execs. Our MLS will not get any financial benefit and likely will have to spend resources on the data transfer setup, maintenance, and upgrades as time goes on. So my MLS gets bogged down with the details of giving good data to NAR and gets zip in return.

As an agent, I sell locally. I’m not an expert on this, but I bet 99% of agents sell within the area covered by one or two MLSs. NO ONE SELLS EVERYWHERE, so why do I care about a national database as an agent? NAR and their tech partner obviously care because they need national data to sell and profit from.

Texas is a non-disclosure state. That means our real property values are none of the government’s business. I don’t put it past NAR to sell to government agencies, as they have said there is massive interest from government agencies. So now, you can expect our normally sub market value taxes to go through the roof. Who wins here? Again it seems to be only NAR and their tech partner. Buyers and sellers will see less value for their dollar and the cost of home ownership will rise. If you’re not from Texas, let me tell you that our property taxes are already high compared to most. Think 2% per year. Each bump in appraised value is not $5, but more like several hundred $$$ a year.

I just don’t see this as a move that makes sense for agents, brokers, and MLS systems. Do we need it? Nope. Does it help the agents in the field? I don’t see how. Will it cost agents/MLS anything? Unless the data is going to grow legs and walk over to NAR, YES. Is NAR or the tech partner going to give us anything of value in return? Not really, unless you count access to data from Wasilla, AK something of value to agents in the lower 48.

If I’m missing something, let me know.

Right now, I think RPR is just NAR bringing a tech friend along to their “Giving Tree” that is the agents who enter data, pay for NAR membership, and see nothing in return.

Joe Cline
Austin Realtor

“I can confirm that RPR will provide an API for VOW operators. There is still work to be done on this piece, but as I understand it will allow a registered VOW user to go to a section of the VOW, select a report and the RPR system will deliver the link to the report back through the VOW.”

I’m looking forward to more information.

I’ll be very interested to see the RPR in action, especially in a place like Texas, where our taxes are based on appraisal district data (as we are a non-disclosure state). I see a lot of houses (especially older ones) that are in the appraisal districts data as (for example) 1,000 square feet, but thanks to non-permitted construction or data that wasn’t updated properly, are in reality twice that size because of additions or conversions.

Thanks!

Also worth noting is the RPR refinement tool that will allow members to modify key property details for their own experience. Then using very complex algorithms, eventually RPR will learn from the aggregate of this shared data.

Rather LPS will be used as a marketing channel for an analytic product created FROM the data.

Reggie – How will RPR account for bad data in the first place? I know my MLS is chock-full of inaccurate information and data that has been input (whether knowingly or not) that couldn’t be correct if it tried. Like the agents on the NE side of town (why it’s prevalent on that side of town I do not know) that like to list acreage without decimal points. A 773 acre lot with a 3/2 home on it for $160,000? I don’t think so.

I know you’re a data kind of guy, so I’m sure you know the old phrase:

Garbage in, garbage out.

This assumes of course, that I am understanding you correctly…that MLS data will help feed into the RVM algorithm.

Oh sure Greg, anything to make your english professor happy!
(Geeeze… the guy’s givin’ me homework!)