The NAR Board of Directors approved a partnership between NAR and its wholly owned subsidiary Realtors Property Resource® and another company, UpStream RE, LLC, to create a data entry and collection system for Realty Alliance using the RPR® advanced Multi-list platform (AMP™). The system will give brokerages a single place to input their listing data for distribution on multiple platforms online, including Realtor.com, local MLSs, and broker websites. The initiative will be funded using NAR operating reserves over 36 months, at a net amount not to exceed $12 million.
- NAR created a video explaining the system, available on REALTOR.org. Access that now.
In a nutshell:
The Realty Alliance began development and support for a project they called “Upstream”. Their goal was to create a broker-controlled gateway to all online display of real estate data. Large franchisor brokers have been challenged adapting to the technology requirements and policies of multiple MLSs, and are getting first point of contact control of the data, instead of the MLSs that currently control (syndicate, share, publish) it.
The idea is also to give brokerages the ability to store and distribute any information they deal with, not just listings. This includes information related to salespeople, employees, customers or clients, vendors, accounting and historical property data.
The Upstream initiative will create a data entry and collection platform that will function as a middleman between real estate firms and the recipients of their data (MLS, Zillow, CloudCMA / whatever is used by the brokerage). This will change the flow of data, making Upstream the starting point…. Then listing data will travel to selected destinations, such as the MLS, the portals, etc… One problem we face locally is we are not set up to receive listing data from broker back-end systems.
In a statement, NAR President Chris Polychron said NAR believes Project Upstream will define the future of real estate listings.
“Building on RPR’s significant investment in data, technology and integrated member servicing operations over the past five years, Project Upstream aims to create a common back-end platform where brokers and franchises can enter and collect listing data, as well as manage how that data is integrated with their multiple listing services, vendors and other partners,” he said.
There are many, many opinions about what this means for the future of the MLS. We suggest you read more on the subject if you’re interested. Notorious Rob and Inman News have very interesting articles on these critical industry topics. It’s interesting to note that, according to Inman news, nearly two dozen brokerages, franchisors and brokerage networks have helped develop the project, and most belong to the company’s initial board of managers. Supporters include:
- Better Homes and Gardens Real Estate
- Berkshire Hathaway Home Services (HSF Affiliates LLC)
- Coldwell Banker
- Keller Williams
- Re/Max Holdings Inc.
- Realty Executives
- Sotheby’s International
- Leading Real Estate Companies of the World
- The Realty Alliance
- HomeServices of America
- Baird & Warner
- Long & Foster
- Real Estate One
- William Raveis Real Estate
- Northwood Realty
- Shorewest, Realtors
- Pacific Union
- Private Label Realty/Tenura Holdings
- Century 21 Real Estate
- Crye-Leike Real Estate
That support, and 12 million dollars is a lot of leverage.