homeequity

While you were arguing about listing syndication, the impact of social media in real estate, tweetie vs. tweetdeck, LPS just pulled off the biggest real estate data deal in the last two centuries.

There have been lots of posts about the validity and impact of RPR on the real estate industry, two of my favorites are Brian Boero and Rob Hahn. Go read those, now. And don’t forget the comments too!

As many of you know as early as July I’ve been telling you something big was about to happen, a great disturbance in the force, a game changer, well NAR has delivered on this big time. But rather focus on whether RPR is a good idea, or what it means to the real estate industry, or even if they can pull it off, I want to focus on NAR’s partner (their words, not mine), LPS.

What a huge win this is for LPS. The take away for me is that LPS is now the defacto real estate data provider in the United States. Think about it:

They now power the RPR; the property centric database of the 100 year old NAR.
They will create a new RVM “gold/platinum standard” home valuation model.
Their former employees have key leadership positions in the new RPR company
The federal government will be a customer. How would you like a customer that literally “prints” money?
I’m sure LPS’s lender group is literally drooling on the many ways they can sell this new data set.

What I also like is that NAR really made it a point to say that LPS was a “partner” in their effort.This industry needs more partners, not vendors.

RPR? Of course I have lots of questions.

How will the MLS providers react?
Will Jonathan Green still buy that new car?
Will NAR upgrade their web cam?
Will this foster or stifle competition?

Time will tell.

In any case, super congrats to LPS Real Estate and their huge win. They have shown all of us what a “big deal” really looks like.

Advertisements