Well here we are in the year 2018 and what does the largest trade organization in Real Estate go out to the real estate tech world in general and ask for?
A Commercial Real Estate Listing Platform. Let me clarify. A consumer-facing commercial listing platform.
Below is the exact letter/email that has been sent out to prospective vendors. ( I obtained this from several sources.)
The National Association of Realtors® (NAR) is America’s largest trade association, representing 1.3 million U.S. members and an estimated 5,000 international members involved in all aspects of the residential and commercial real estate industries. NAR’s membership includes 80,000 commercial members and an estimated 300,000 members who conduct 1-4 commercial transactions annually.
The commercial real estate data and listing landscape is disrupted and NAR’s members are impacted. Our priority is to help members find solutions. Currently, we are exploring aligning with a vendor who can provide a public-facing commercial listing platform as a preferred member website to post, search, and market properties nationally. NAR is not interested in building or buying the technology – we know it exists. Rather, we are offering international marketing exposure to 1.3 million members on an already proven platform.
Scope of Services: A list of core features and functionality deemed essential and valuable to members was developed. Interested companies need to have a majority of the desired features, or be willing to expand services at their expense, for NAR to continue discussions.
Initial Must Haves:
– Property information and photo ownership retained by the broker
– Broker online portal with detailed commercial fields for selling and leasing
– Mobile/Tablet application
– Robust SEO capability
– Brokers online listing agent/broker marketing reporting [clicks, unique visitors, leads, etc.]
– Basic online reports of statistics for broker, agent, and industry property data
– Robust mapping and satellite imagery
– Demographics with drive time, radius stats, gap reporting, etc.
– Ability to upload/enter comparable data
– Ability to avoid duplicate data entry [link to company websites]
– For Sale-Lease property searches & mapping
– Data integrity
– Ability to upload documents and pictures (.pdf, .jpg)
– Ability to use video
– Ability to produce flyers, brochures
– Ability to create websites specific to each property.
– Data input verification in system [issue alerts]
– Frequent data backup capability
– Customer support – accessible and available
– Data may not be sold to 3rd party vendors
– A consumer (public-facing) friendly portal
– Consumer ability to load search preferences
– Separate broker and consumer sign-in capability
‘Wish List’ Features
– Detailed market statistics for each market and property type
– Ability to link to third party or an integrated contact management system
– Agent listing expiration warnings
– Broker company reporting by category and by agent
– Broker index of volume and statistical comparison of companies
– CDX Capability
– Comparable Sold data
– Online billing system for invoices and payments
Now at first glance, this would be a straightforward robust platform for listing commercial property.
Again it’s intent is to face the actual consumer/user of commercial property.
So what’s wrong with this?
Between you and I? Nothing.
If you are more than familiar with NAR and their core mission to put this simply this is what they see as providing their members a service.
If you have been paying any attention at all you might also know the recent history of some of the past vendor relationships that NAR has been involved in that may not have fared so well. (Xcleegentialela)<<<sp?
( A little insider history, NAR way back in the day owned part of Loopnet.) They have ZERO interest today.
And if by chance you did not see and or glanced over the red letters above they made sure to state this:
NAR is not interested in building or buying the technology – we know it exists. Rather, we are offering international marketing exposure to 1.3 million members on an already proven platform.
In other words….Bring IT!
So along with the well thought out list of features already on the list what other possible features should they ask for?
ONE WORD: FREE!
MAKE IT FREE!
FREE TO THE CONSUMER!
FREE TO THE NAR BROKERS TO USE!
I SAID FREE!
ONE MORE TIME, FREE TO THE CONSUMERS/USERS
FREE TO THE BROKERS!!!!!
How will that work?
That’s not the question. The question is how bad can this be screwed up?
MAKE IT FREE!
Be smart enough to make $$$$$ in other ways!
NOT smart enough to figure out how to do that?
Then step away!
STEP AWAY, you will hold the business of #CRE back.
YOU WILL NOT ONLY NOT MAKE MONEY YOU WILL F*CK UP #CRE AND CONTINUE THE CYCLE OF STUPIDITY AND IGNORANCE.
Again this is just my opinion.
What a tremendous opportunity to do something RIGHT for #CRE on a national scale!
I will be watching, waiting and hoping!
+1 How about this? We Need A Tradable Data Marketplace And We Need To Build It Ourselves.