First American Integrates Transaction Manager With Leading MLS Provider
—First of its Kind Implementation Extends First American Technology to Top REALTOR® Associations—
March 1, 2004, SANTA ANA, Calif.
First American Residential Group, Inc., a member of The First American Corporation (NYSE: FAF) family of companies, today announced the successful integration of its Transaction Manager technology with North Texas Real Estate Information Systems, Inc.’s (NTREIS) Multiple Listing Service (MLS) platform. More than 17,000 NTREIS members now have access to NTREIS Transactions, a private-label version of the First American software that automates manual real estate tasks such as order entry and status tracking. The integration marks the first time a major MLS provider has incorporated transaction management into its MLS system.
“This is the culmination of a strategy formed by First American and NTREIS eight months ago,” said Stephen C. Roney, president and chief executive officer of First American Residential Group. “Our efforts at creating a truly integrated transaction management and MLS system have resulted in a tool of unprecedented power for brokers and agents facing an increasingly competitive real estate market. We’re pleased to offer this exciting new technology to NTREIS subscribers, and look forward to extending our platform-independent solution to other leading real estate organizations.”
Implemented in late 2003 and officially launched Feb. 16, 2004, NTREIS Transactions is a secure, Web-based technology that offers agents, vendors and clients continuous access to information in a collaborative work environment. It can be used during all phases of a real estate transaction cycle—from listing to closing—and features automated status tracking, online order entry for settlement services and electronic document delivery. NTREIS Transactions keeps real estate professionals at the center of transactions through online negotiation and management features, while keeping clients informed and involved throughout the process.
“In a matter of minutes, I can upload contracts, disclosures—everything—and access my documents from anywhere,” said Shelly O’Neal, an agent with Dallas-based Keller Williams Realty and NTREIS Transactions user. “I particularly like not having to fax documents back and forth. The electronic files are easier to manage and much easier to read. As more agents and title companies start using the system, it will become even more powerful.”
“The convenience of single log-in access to both the NTREIS MLS and NTREIS Transactions allows for seamless transition between the applications,” said James Harrison, chief executive officer of NTREIS. “Both property data and membership data from the MLS are directly imported into the transaction management system—a big plus for users seeking maximum efficiency.”
First American’s subsidiary MarketLinx SolutionsTM, the nation’s leading provider of Web-based MLS services, became the exclusive provider of primary MLS services to NTREIS with the implementation of its TEMPO™ software in November 2003.
NTREIS service subscribers can access NTREIS Transactions at no additional cost. Vendors pay nominal setup charges and per-transaction fees to participate in the NTREIS-funded platform, and brokers seeking added customization tools for site branding and system management can purchase upgrades to the core platform. With promotions and end-user training now underway, First American anticipates that its easy-to-use, highly adaptable transaction management system will be widely adopted by NTREIS subscribers in coming months.
“First American is well-known as the nation’s premier provider of real estate data, and the successful rollout of applications such as Transaction Manager demonstrates our growing strength as a provider of real estate management tools,” said Parker S. Kennedy, president and chief executive officer of The First American Corporation. “In meeting the industry demand for fully integrated, single-source solutions, we are creating new and significant opportunities to service clients at every stage of the real estate process.”
About First American Residential Group
First American Residential Group provides service, technology, outsourcing and product solutions to members of the real estate and relocation industries. The company offers integrated solutions to real estate brokers and agents that streamline the listing and closing process and lead to increased efficiency and profitability. First American Residential Group's technology platforms and product solutions have been built specifically to meet today's ever-changing real estate transaction management needs. For more information, visit: www.firstam.com/residential.
About The First American Corporation
The First American Corporation is a Fortune 500 company that traces its history to 1889. As the nation's largest data provider, the company supplies businesses and consumers with information resources in connection with the major economic events of people's lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within seven primary business segments including: Title Insurance and Services, Specialty Insurance, Trust and Other Services, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $6.21 billion in 2003, First American has nearly 30,000 employees in approximately 1,400 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.
North Texas Real Estate Information Systems, Inc. (NTREIS), a leading real estate information and technology solution provider, serves the real estate community in the Dallas-Fort Worth area. NTREIS provides information management services to more than 17,000 MLS subscribers of its 18 shareholder REALTOR Associations, including more than 3,000 real estate offices. NTREIS researches, develops and delivers technology products and services through strategic alliances, utilizing a sales and distribution network which includes its shareholder REALTOR Associations. For more information, please visit www.ntreis.net or call (214) 800-8420.