NAR's Second Century Ventures Acquires ePropertyData
The National Assn. of REALTORS® has acquired ePropertyData, a major provider of commercial information exchange (CIE) services for the commercial real estate industry. The acquisition was accomplished by NAR’s new for-profit subsidiary, Second Century Ventures LLC, a strategic private equity fund that was conceived to help support NAR members in emerging technologies and services.
“REALTORS® are industry innovators, and through this acquisition, NAR will provide its members with two important new services – a robust national commercial real estate listing and transaction platform, and a broker-centric solution provider for the CIE industry,” said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists, Long Beach, CA. “The national listings and transactions platform will give our commercial members national exposure for all their sale and lease listings and provide the industry with an excellent and trusted resource to search for properties across the country,” he added.
For the past five years, ePD, based in Gig Harbor, WA., has been providing CIE services to the commercial real estate industry. ePD operates two of the largest CIEs in the country, CommercialMLS.com, on behalf of the 4,500-member Commercial Brokers Assn. in Seattle, and CommercialGateway.com for the 2,000-member commercial division of the Houston Assn. of REALTORS®.
“For years Seattle and Houston have been two of the most progressive commercial real estate markets in terms of organization, sophistication and technology,” said Bob Goldberg, NAR senior vice president for marketing and business development. “They introduced us to their technology provider, ePD, and it became clear that this company could develop to become NAR’s exclusive national commercial platform operator.”
The new listings and transaction platform will be located at CommercialSource.com, which is managed by the REALTORS® Commercial Alliance, NAR’s commercial real estate division. RCA expects the site to become the primary source for all commercial real estate information on the Internet.
REALTORS® who practice commercial real estate may elect to have their listings aggregated through their local CIE. REALTORS® who are not a member of a CIE may choose to post their listings directly through ePD’s Web site. REALTORS® will be able to post and have access to all listings at no charge. Ultimately, millions of people will see the listings.
“The relationship between ePD and NAR will give NAR members the means to expose their commercial properties for sale or lease to investors and industry professionals,” said Bob Hale, chief executive officer of the Houston Association of REALTORS®.
Approximately 60,000 REALTORS® are members of RCA, and it is estimated that more than 80,000 NAR members offer commercial real estate services. Information about RCA is available at www.realtor.org/commercial.
The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of residential and commercial real estate industries.
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