NAR has just been set up for failure. I hope I’m wrong, but history is on failures side. As I reported in the past, NAR is developing a database of every possible piece of information on every property in the United State. Jim Duncan, who served on the task force that came up with the idea, first reported on this in December 07. This project has gone through several names. It started as the Gateway, then changed to the Real Estate Channel, then to the Library/Archive and now to the final and official name, the Realtor Property Resource (RPR).
I’m only half kidding about this – you get to decide which half – but I gave my input along the way as to what name we should use. I said call it whatever you want, but make sure it does not end up with a 3-letter acronym. You see NAR has a remarkable failure rate with things that have a 3-letter acronym. For instance, oldies like PRC and RIN and more recently IDX and VOW. Now, my definition of failure is debatable, but basically anything that involved a major lawsuit or loss of significant money, I consider a failure.
There have been no NAR initiatives with 3-letter acronyms that have succeeded since MLS and even that has faced many lawsuits. I still consider MLS a success because it is the number 1 member service NAR has ever come up with. Essentially, MLS was a killer application that brought order to the marketplace. Like it or not, MLS has been a success. I do not know the date MLS was coined, but it was a long time ago in relative terms to this post.
So, now the latest challenger to the 3-letter theory jinx is RPR. This concept is so BIG in concept that it may be a killer app in its own right. Time will tell, but I am optimistic that it can become a major resource for members.
Dave Barnes says:
5
FUBAR
3
SOL
July 18, 2008 — 8:41 pm
Greg Cremia says:
You forgot another three letter acronym that is a constant and nagging failure. NAR
July 20, 2008 — 4:02 am