South Metro Denver Association of REALTORS July 17, 2002 The Pines at Genesee July 17, 2002 The Pines at Genesee Quick Overviews: REALTOR e-Commerce +

South Metro Denver Association of REALTORS

South Metro Denver Association of REALTORS

July 17, 2002

The Pines at Genesee

July 17, 2002

The Pines at Genesee

Quick Overviews:

REALTOR e-Commerce

+

The Center for Real Estate Technology

+

The Shared Services Initiative

NRDS Was Developed by Association Executives to

…

NRDS Was Developed by Association Executives to

…

E-Commerce is Intended to be

Your Reward for Surviving NRDS

* Do Away With Multiple Databases

* Improve Member Record Accuracy

* Conserve Association Resources

E-Commerce Consists of 5 Optional Modules:

E-Commerce Consists of 5 Optional Modules:

• Member Invoicing

• On-line Payments

• EFT

• Investment

• REALTOR Mall

What Does REALTOR e-Commerce

Comprise?

Association e-Commerce Defined

Association e-Commerce Defined

• Invoice Presented On-line

• Provide a “Checkout Counter”

• Offer Immediate Validation

• Deposit Money Electronically

Flow Through Policy …Flow Through Policy …

In Colorado, if a Local Association chooses the “flow through” option,

both the State Association and NAR will pay their individual

portions of the credit card and e-check fees.

In Colorado, if a Local Association chooses the “flow through” option,

both the State Association and NAR will pay their individual

portions of the credit card and e-check fees.

Transaction Is Real-time End to End Transaction Is Real-time End to End

• View Invoice• Enter Payment Information• Receive Authorization (or Rejection)• Move Money

A Member Can …

After Two Years …After Two Years …311 Associations are Now Live on

REALTOR e-Commerce311 Associations are Now Live on

REALTOR e-Commerce

CAR Live MMSI Invoice

Colorado Springs

Live Rap Invoice

Denver Live Mall

Montrose Live NAR Invoice

EPOE

+1

Pikes Peak

Live Rap Invoice

Status of e-Commerce in Colorado

Your OptionsYour Options

• Use the NAR E-Commerce System

• Build Your Own Interface

• Purchase the Rapattoni or MMSI Interfaces

Previous Method ofDues Processing

Previous Method ofDues Processing

L o ca l A ssoc ia tionR e ce iv e s D u es

L o ca l A ssoc ia tionP ro cesse s D u es

S ta te R e ce iv esD u es

N A R R e ce iv esD u es

N A R P ro ce ssesD u es

N A R D e p o s itsD u es

S ta te R e m its D u esto N A R

S ta te P ro cessesD u es

S ta te D e po s itsD u es

L o ca l A ssoc ia tio n R em itsS ta te & N A R D u es

to S ta te

L o ca l A ssoc ia tionD e p os its D u es

R E A LT O R R e m its D u esto Lo ca l A ssoc ia tion

Simplification of Dues Billing Functions:

Simplification of Dues Billing Functions:

Function Manual Electronic EliminatedDeveloping Statements X

Printing Statements X

Billing Members X

Sending Reminders X

Receiving Dues X

Verifying Amounts X

Shortages/Refunds/ISF X

Posting to Financials X

Endorsing Checks XDepositing Funds X

When Members Embrace On-Line Dues Payment Associations No Longer ...

When Members Embrace On-Line Dues Payment Associations No Longer ...

Print Dues Statements

• Sort, Stuff and Mail Dues Statements

• Post to Member Financial Records

• Endorse and Deposit Checks

• Deal with Overdrafts

• Forward Payments to State/NAR

• Issue Late Notices

How Much Can You Save By Collecting Dues Electronically?

How Much Can You Save By Collecting Dues Electronically?

• An audit was performed in Vermont in February 2000 by Grant Thornton to identify actual association costs in the dues billing and collection processes before and after the implementation of electronic dues payments.

• Savings Per Member in Time and Materials

$10.14

REALTOR Associations are not the only associations that understand the savings e-Commerce brings.

REALTOR Associations are not the only associations that understand the savings e-Commerce brings.

USA Today: January 15, 2002“Airlines Use Fees to Encourage e-ticket use”

USA Today: January 15, 2002“Airlines Use Fees to Encourage e-ticket use”

Four major airlines now charge $10 for paper tickets … estimate e-ticketing saves $15-20 million a year, or $2 a ticket.

Banks realized the savings e-Commerce provides and began charging for teller-assisted services.

Additional Savings* Include ...

Additional Savings* Include ...

• Credit Card: (1.88%) savings of $2.39 per electronic member

• Electronic Checks: (1.9%) savings of $2.34 per electronic member

• EFT: ($.08) saving $8.92/Transaction.

* Based upon 1999 survey of average fees paid by state and local REALTOR associations. Variables include dues amount and previous fees paid.

Will the Members Use It …

Will the Members Use It …

NRDS Technical ResourcesNRDS Technical Resources

• E-Commerce CD

• ORP search: “ecommerce manual”

• E-Commerce Lab

• Help Line: 800-868-3225

• Realtorae.com/association technology/ nrds & e-commerce resources/realtors e-commerce network

NAR’sCenter for REALTOR®

Technology(CRT)

NAR’sCenter for REALTOR®

Technology(CRT)

Program Overview

Goal 1Advocate Technology for

REALTORS®

Goal 1Advocate Technology for

REALTORS®

• Represent industry needs to vendors.• Promote features that assist

REALTORS®.

• Encourage the adoption of technology that works now.

• Assist vendors who want to demonstrate their solutions to REALTORS®

Maximize the Technology Investment of REALTORS®

Goal 2Implementation Support for

REALTORS®

Goal 2Implementation Support for

REALTORS®

• Help the implementation of NAR policies with technical guides written for "technical staff“.

• Provide architectural support to vendors serving the market.

• Publicize the implementation of tools that assist REALTORS®.

• Support standards that assist information exchange.

Tools and Techniques for REALTORS®

Goal 3Provide Information to REALTORS®

Goal 3Provide Information to REALTORS®

• Vendor Guide• Trends• How-to Publications• Speaker series

Self Help for REALTORS®

Center StaffingCenter Staffing

• Initial group of 5 staff by December– Focus on technologists and

practitioners• Located in Chicago

Keeping the Center Cost Effective

Questions/Comments/DiscussionQuestions/Comments/Discussion

Mark [email protected]

Thank You!Thank You!