NAR, Homestore Enter e-Transaction Race

May 1, 2000

NAR and Homestore.com have announced plans to develop a system that enables all parties to a transaction--principals, salespeople, service providers--to process and track their deal electronically from start to finish.

“Given that real estate is the largest industry in the United States, the REALTORS® Electronic Transaction Platform could be the mother of all business-to-business exchange networks,” says Stuart Wolff, CEO of Homestore.com, the company that operates REALTOR.COM, NAR’s official Internet site.

A number of other efforts are under way to launch a real estate transaction platform, including one headed by Microsoft’s HomeAdvisor, a competitor of REALTOR.COM.

Wolff and NAR President Dennis R. Cronk announced the initiative in mid-March.

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