Where Real Estate Gets Its Dirt

NAR put hammers down on non-RESO compliant MLS providers

Remember in The Godfather when Michael Corleone told Carlo those fateful words.

“Today I settle all family business”

Well today feels like one of those days.

It started with the NAR announcement about shutting down AMP and now I’m hearing that close to 100 MLS Providers received letters from NAR threatening to pull there E&O Insurance if they don’t start to comply with RESO standards, within 60 days. I’m told these emails were sent to MLS staff, association staff, EO/AEs and volunteer leadership.

Here’s some excerpts from the email sent by Rodney Gansho, Managing Director for NAR, Association and MLS Governance.

“It has come to our attention your MLS may not have completed implementation of the RESO Data Dictionary and/or Web API. Immediate action is required to ensure that the Association and MLS does not jeopardize its NAR insurance coverage

In accordance with MLS Policy Statement 7.90, Real Estate Transaction Standards, adopted by the National Association of Realtors® Board of Directors in November 2011, REALTOR®-Association-operated MLSs are required to implement RESO Standards. The deadline to implement the RESO Data Dictionary was January 1, 2016. The deadline to implement the RESO Web API was June 30, 2016. Subsequent releases to RESO Standards must occur within one year from ratification. “

and the kicker…

We request the association/MLS respond immediately to confirm the MLS is scheduled to use the RESO compliance certification program or, alternatively, provide confirmation the MLS otherwise complies with the RESO standards. Failure to respond within 60 days from the date of this notice will result in the loss of NAR insurance coverage.

“The 200 vs the 500” war has begun. This is a huge win for brokers, standards and the MLS community in general.

“That’s the Chicago Way.”

Goldberg takes a stand

More details on NAR’s decision to shut down AMP.

Realtors Property Resource® Suspends AMP Program, Announces Multiyear Funding Cuts

“The decision to cut funding for AMP, an open architecture platform that provides customized back-end technology services for small- to mid-size multiple listing services, was made by NAR CEO Bob Goldberg, and endorsed by NAR’s Leadership Team and RPR’s senior management, as part of an organizational review of NAR and its subsidiaries, including RPR. NAR recently announced an organizational realignment to become a radically member-centric organization.

In less than 7 months NAR’ new CEO, Bob Goldberg has reorganized the entire Associaiton and now making cuts to one of it’s most controversial initiatives. Less than 7 months people, this is not your old NAR.

“As part of its cost reduction efforts, RPR is also taking action to reduce its overall operating costs by at least 20 percent in 2019; those savings will be reallocated to help fund other higher priority NAR initiatives. NAR and RPR senior management will be working together closely over the coming months to conduct an in-depth review of RPR’s activities to identify and achieve those cost saving measures, as well as further optimizations and expense reductions over the coming years.”

20 percent is huge. You can’t get to that without some sort of staff reduction. How high? It’s anybody’s guess.

““I vowed a full review of the organization and its programs when I assumed the role of CEO to ensure we provide the best value to our members. Suspending funding for AMP will allow RPR to refocus its resources on delivering the best user experience to Realtors®,” said NAR CEO Bob Goldberg. “NAR will continue offering its full support to the MLS and MLS-vendor community as it moves toward an environment that fosters greater innovation and allows for faster and easier technology integration.”

There were many naysayers when Bob was announced as the new CEO. Not me. Bob, NAR President Elizabeth Mendenhall, and I suspect many other volunteers are not letting things stay the same.

It’s not about laying blame (in fact I love the way Bob mentioned the MLS community at the end of this quote), you got to move on, make the tough decisions, and follow through on what you promised.

That’s called leadership.

Praise from Caesar

Thanks Brad!

Constellation Software acquires Real Estate Digital

Constellation Software’s Perseus Operating Group Completes Acquisition of Real Estate Digital

“Constellation Software Inc. (“Constellation”) (TSX:CSU), announced today its Perseus operating group (“Perseus”), has purchased Real Estate Digital LLC from Xome Holdings LLC, excluding its reDataVault product which will be retained by Xome. The acquisition further expands Constellation’s market presence in the real estate industry as a leading provider of scalable SaaS products.”

Shortest press release I’ve read in awhile. I’ve got some thoughts on this I put together in another post. Big news day.

N.A.R. shuts down RPR’s AMP program

Looks like letters are being sent out this morning:

“At a meeting of the RPR Advisory Council this week, the future of AMP was discussed, and its relationship to its overall resource and funding levels supported by NAR. The result of this assessment is that NAR Leadership, with the full endorsement of RPR’s Senior Management, have concluded that continued funding of the AMP project is not within the 2018 strategic plan for RPR.

This will result in the reallocation of funds for the AMP program in 2018 to other, higher priority NAR initiatives. At the same time, this will allow RPR greater focus on both its core features and products, and to add resources to the Upstream project. The AMP program will be suspended and begin winding down its operations as of February 1, 2018.”

developing…

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