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NAR: Future of Commercial Data

News from the National Association of REALTORS® regarding Commercial Property Data

by Toni Cockeram

We’re passing along some encouraging information to our commercial brokers who no longer can rely on Xceligent or find other companies with accurate data and analytics that will not break the bank. You may be aware that NAR developed a PAG after Xceligent abruptly filed for bankruptcy last December. Do not hesitate to pass on to other commercial members. Please see the information below:

In December 2017, a Presidential Advisory Group (PAG) was formed to tackle the “future of Commercial Data.” Shortly after, industry-changing events with Xceligent left many members stranded without services.

Subsequently, the PAG:

  • Recommended all Institute Affiliate members have temporary free access to RPR throughout 2018.
  • Consulted with local commercial structures and commercial overlay boards on how they were moving forward with data solutions.
  • Conducted a data survey of commercial members, which resulted in the desire for NAR to focus on a national listing platform to market properties.
  • Recommended the PAG shift focus to solve the member need for a national commercial listing platform.
  • These actions were all supported and approved by the NAR Leadership Team.

UPDATE: National Commercial Listing Platform Search

Phase I: Platform RFP & Diligence Results

14 companies submitted proposals to NAR's RFP for a commercial data listing platform. Staff from Second Century Ventures scheduled 30 minute interviews with each of the 14 companies. Companies were evaluated using consistent criteria:

Vendor Assessment: Key Evaluation Criteria

  • Market traction (geographic market penetration, number of listings and users)
  • Company viability (business/revenue model; financial wherewithal/capitalization)
  • User experience / technology (scalability) -Management team/staff resources
  • 6 companies emerged as possible partners.
Phase II: Member Assessments, September 24-October 4

A diverse and representative group of commercial practitioners are reviewing the 6 semi-finalist listing platforms. Fact sheets, pre-recorded webinars and assessment surveys are being used by this member team.

Expectation: Survey assessments will narrow down the field to 2 companies for final consideration.

Phase III: Product Testing and Final Selection

Vendor Finalists will be in Boston to demo platforms; answer questions for commercial attendees. All members in attendance are invited to view demos and test platforms.

Expectation: Based on all criteria and assessments, a selection will be made, an agreement will be negotiated by late December, and a new platform will be ready for member use in early 2019.

NAR isn't buying or building this technology. We are seeking a relationship with a financially sound and competent company able to deliver a platform for members that is cost-effective and a high-quality solution for marketing listings nationally.

NAR’s asks you to get involved:

  • Communicate this information to your membership
  • Encourage members to attend the commercial listing platform demos in Boston [available Friday & Saturday, Nov. 2-3]

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