NAR Guides Agents After Xceligent Shutdown
December 18, 2017
The announcement last week that Xceligent is ceasing operations and filing for Chapter 7 bankruptcy surprised thousands of commercial real estate practitioners who subscribed to the service. Xceligent operated in markets throughout the country, including Atlanta, Houston, Denver, and Miami. Many commercial practitioners have been turning to the Realtors Property Resource®—which is a subsidiary of the National Association of REALTORS® and an exclusive benefit for NAR members at no additional cost—asking how the platform can assist them now that Xceligent is no more.
RPR Commercial has data on more than 35 million off-market properties, 320,000 listed properties, and 106,000 leasing opportunities. Emily Line, vice president of commercial services for RPR, says that because RPR Commercial never integrated active listings from Xceligent, the listing count within RPR is unaffected by the bankruptcy. RPR’s data is provided through contracts with 26 CIEs and CMLSs and 668 MLSs. The data includes:
- Building ownership
- Property specifications
- Tax records
- Mortgage information
- Legal descriptions
In addition, RPR now includes information on more than 7 million commercial tenants through an integration with SMR Research. A recent article from RPR on the top data needs for researching commercial properties provides information on the tools and additional datasets available through RPR Commercial.
“We understand that commercial members’ workflow may have been interrupted with the recent news about Xceligent,” RPR CEO Dale Ross said in a statement Monday. “As members of the National Association of REALTORS®, you have existing technology with data and analytics that may meet your practical commercial transaction needs. RPR is committed to continued enhancement of the commercial product delivery, ensuring the REALTOR® position in the marketplace.”
NAR has expressed sympathy for employees of Xceligent, which had been in operation since 1999 and was a REALTOR Benefits® Program partner. NAR CEO Bob Goldberg sent a notice to the association’s committees Friday, saying its priority would be “to ensure that NAR members have the business support they need.”
NAR President Elizabeth Mendenhall, a broker from Columbia, Mo., has formed a presidential advisory group headed by Florida practitioner Cynthia Shelton to define the essential commercial real estate data needs of NAR members and develop pathways for access. REALTOR® Magazine will report updates as they become available.
—Stacey Moncrieff, REALTOR® Magazine
Updated: July 17, 2018