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The Board of Directors of the National Association of Realtors® made history this week in a resounding vote to approve changes to its operating agreement that allow realtor.com® to publish listings from sources beyond those provided by Realtors®, such as additional new homes and rental properties.
Providing more flexibility to compete more effectively in an evolving online marketplace, the change reaffirms NAR’s commitment to making realtor.com® the “first, best online destination for home buyers and sellers,” the organization announced. The vote was held yesterday during a special meeting of the BOD in Chicago.
“Over the years, Realtors® have invested a lot of time and millions of dollars in building information technology to give consumers online access to real estate information, and we know that consumer demand for all things ‘home’ has never been greater,” said NAR President Gary Thomas, broker-owner of Evergreen Realty in Villa Park, Calif. “As the most trusted resources for real estate information, Realtors® want realtor.com® to have the resources and flexibility it needs to give consumers what they want while ensuring that today’s buyers and sellers can continue to rely on Realtors® for the most accurate, credible market data. We think the proposed changes achieve both goals.”
The operating agreement is between NAR subsidiary Realtors® Information Network and Move, Inc. subsidiary RealSelect, Inc. The RIN board sought advice from NAR’s BOD because any changes to realtor.com® could have a substantial impact on NAR’s members. The RIN board met immediately after the NAR BOD meeting, and approved the final recommendations.
“When today’s consumer is searching for their dream home, they are utilizing more tools and information than ever before,” said realtor.com® President Errol Samuelson, Chief Strategy Officer for Move, Inc. “Today’s historic and collaborative recommendation from the NAR board members empowers us to further expand and enrich the consumer experience on www.realtor.com and its mobile applications with greater breadth of content, and to do so with our continuing commitment to the highest level of quality and accuracy for both the real estate community and consumers.”
The proposal recommended by NAR’s BOD gives realtor.com® more flexibility to publish listings from sources beyond those provided by Realtors®, such as multiple listing services not affiliated with NAR. That includes additional new homes and rental properties. At the same time, the site will reinforce the value of using a Realtor® when buying, selling or investing in real estate, and will give consumers tools to differentiate between Realtors® and real estate agents who are not Realtors®.
“We want consumers to be able to envision their American dreams of homeownership online and then make those dreams a reality in the offline world,” said Thomas. “Working together, realtor.com® and Realtors® are making home happen.”
Move will discuss the details of the special meeting and the amendments during a Q1 earnings call on Aug. 1. Click here for more information. Stay tuned to RISMedia for additional coverage