Homestore And NAR Create Joint Transaction Platform Homestore.com, Inc. (Nasdaq: HOMS), the largest home and real estate network on the Internet and operator of REALTOR.com®, and the National Association of Realtors® (NAR), America's largest trade association, are streamlining online transaction management for consumers and real estate practitioners. The process should enable both parties to integrate the essential steps in the process of buying a home over the Internet, say both organizations. According to Realtor.com, the REALTORS® Electronic Transaction Platform will provide a one-stop online suite of tools, technology and expertise to empower both consumers and real estate professionals in all areas of the multi-faceted real estate transaction. With as many as 20 separate elements of the real estate deal, including mortgage, title, escrow and appraisal, the purchase of a home represents the largest single financial transaction most Americans will enter into in their lifetime, and for most, one of the most complicated and emotional. The real estate industry represents $1.5 trillion of the U.S. Gross Domestic Product, its single largest market sector, while the transactional elements of these real estate deals generate $90 billion in fees on an annual basis. "Given that this is the largest industry in the U.S., this could be the mother of all BtoB exchange networks,'' said Homestore's Wolff. "Stay tuned. You'll see additional announcements shortly as this new platform continues to be built.'' "This is a huge step in the evolution of embracing technology in the home buying process,'' said Dennis Cronk, president of the National Association of REALTORS®. "By teaming with our partner on this initiative, we are ensuring that Realtors will continue to play an important role in the real estate transaction.'' Homestore.com(TM) and the NAR will announce the REALTORS® Electronic Transaction Platform charter partners shortly. |
