1. Welcome to AppraisersForum.com, the premiere online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Didn't see this coming.NAR & THEIR OWN AVM'S & DATA BASE

Discussion in 'General Appraisal Discussion' started by NORTON, Nov 9, 2009.

Thread Status:
Not open for further replies.
  1. NORTON

    NORTON Senior Member

    2
    Oct 10, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    http://www.futureofrealestatemarketing.com/nar-leaps-into-the-fray-in-a-big-way

    The NAR has taken over certain technology assets of Cyberhomes from LPS (formerly known as FNRES) in order to bring its RPR (Realtors Property Resource) project, as well as its consumer-facing play, HouseLogic, to market. To do this, they have created Realtors Property Resource, LLC – a wholly owned subsidiary of the NAR.
    This is huge. A national database of over 140 million property records – eventually enhanced by property status (on or off market) data from MLSes around the country. A suite of tools built to allow Realtors to access and share this data with their clients. Even a stab at knocking off those pesky computer-generated Zestimates with a new RVM or “Realtor Valuation Model”.
    This is huge. Rob Hahn, calls it a “Coming Civil War” and a shot across the bow at the local MLSes — and it’s certainly is a bold move.
    But ultimately RPR is an attempt (last-ditch?) for NAR to stay relevant to its membership – since the savviest of them have long been questioning the need for a national association.
    Consumers can find reams of property data on any number of real estate search sites these days. Brokers and agents have a number of low-cost tools at their disposal to build a rich and compelling online experience. And most importantly these two groups can now connect in much more meaningful ways through social media.
    As Jim Duncan, writing on Agent Genius, succinctly put it; “NAR recognized the need to be competitive“.
    But frankly, I will be happily surprised, if the NAR/RPR can out innovate the innovators. While they have assembled quite a team behind the project, I worry that a monolithic enterprise like this will ultimately be doomed by legislative paralysis.

    For NAR/RPR to truly take a run displacing the current status quo – they need to adopt the mindset of their free-market competitors. Do something really disruptive. Here’s a few ideas:
    1. “Powered by NAR” – Build an API that will let engineers across the country to piggyback off of this data mine and build a thousand variations of the HouseLogic interface. Ask only for reciprocal link and acknowledgment of the source.
    2. Offer a challenge like the Netflix Prize – A $1 million prize for the team that can take the base RVM algorithm and improve it.
    3. Go open source – take a subset of the Cyberhomes code and release it to the world under a GNU General Public License – let the developers go wild and help improve the experience for all.
     
  2. Winston Wolf

    Winston Wolf Member

    0
    Jul 4, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    garbage in-garbage out

    Improvement size 2,500sf (buyer to verify)
    Lot size 25,500sf (buyer to verify)
    3 bedroom/2.25 bath (buyer to verify)
    Clear title (buyer to verify)
    Infinity...
     
  3. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    227
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I believe the model is called Zillow.

    The NAR does not have credibility. Local MLS data gets fed to NAR and they generate distorted statistics with it.

    The one application and the one intended user are the AMCs that have non-local review appraisers and they need local MLS data with out joining each local MLS.

    However, I am not shaking in my boots over NAR offering this. It will not replace Sandicor (San Diego county MLS) as the source for appraisers and Realtors.
     
  4. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    227
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    The Realtor site now looks like a home search site for current listings.

    It also has an AVM. The AVM isn't worth squat.
     
    Last edited: Nov 9, 2009
  5. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    Top Poster Of the Month

    750
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    As I have said before, the NAR would like to put appraisers as a separate profession out of business and reestablish the omnipotent Broker as the giver of all values...under the NARs thumb, of course.
     
  6. Aprazr

    Aprazr Member

    0
    Jan 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    Zillow had me paying $68,000 more for my own home than I did. Realquest had me paying $72,300 more than I did. My wife even sent en email this morning from Yahoo for house values for our area and it compared to 35 yr old homes that are 1/2 the value of ours (ours is 10 yrs. old) and did not take into consideration that we now have a pool.

    Where will it end? Lenders DEPENDING on this type info. to MAKE LOANS. Geeeees.

    Then they want an appraisal to find out the REAL market value (???????) After the fact (ha)...only because they got what they deserve and now want help getting out from under it all.
     
  7. GCJim

    GCJim Senior Member

    5
    Dec 11, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Jersey
    I was honestly wondering what the hell is taking them so long to start assembling their data. But as others have so eloquently put it here, that data is usually very questionable, and always filtered with those rose-colored glasses.
    About the NAR making the data 'available'? Fuhgettaboutit........I would be shocked.
     
  8. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    227
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Think about justifying to your membership why they are paying all that money to NAR, other than lobbying the US Congress, what do they get?

    Now, they get referrals from the national web site when anyone looks up a property or addresses or listings. It also contains 140 million homes as a database.

    NAR is transforming itself to make more money and not from only the membership.
     
  9. CSP 49

    CSP 49 Member

    6
    Dec 2, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I am surprised by this only because I hadn't thought of this happening.

    As for the accuracy of the information, the agents can over ride, but, while putting a listing into the system there is a lot of information auto populated from the public records. In Central FL, MLS is tied into IMAPP public records which contains things such as lot sizes (although not dimensions), census data, flood zone info, etc. I don't know if includes zoning but that is available online. If agents let the computer do the work this could be a lot more accurate/reliable than people are giving it credit for.
     
Thread Status:
Not open for further replies.

Share This Page