Dozens of companies working in the real estate and mortgage space today announced the formation of the Online Real Estate Association, a group devoted to improving the consumer experience and developing more protections for both customers and Realtors. Announced today at the Real Estate Connect 2000 Summit in San Francisco, the coalition will share common practices and work closely together to bring online real estate to new levels of customer focus and satisfaction.
The association includes such long-time industry players as Microsoft, Intuit's Quicken Loans, HomeGain, ImproveNet, Inman News Features, John L. Scott Real Estate and dozens more.
"By working together, we'll be able to better serve our customers and innovate with technology much more than if we worked apart," said Bradley Inman, the Association's founder. "This new group of the industry's more dynamic executives will allow us to more effectively communicate with each other and share what we've learned, all with one goal in mind - better and safer service and products for our customers."
In the past year, the online real estate industry has exploded, with the number of Web sites catering to both consumers and real estate professionals more than tripling in number. With literally hundreds of real estate sites operating on national and regional levels, the Online Real Estate Association will work to establish new standards of professionalism and performance for everyone associated with real estate on the Web.
"If we expect consumers to trust us with the largest and most important investment of their lives, we all must be committed to making online real estate and mortgage transactions easier, safer and more convenient," said Allison Mnookin, group product manager for Quicken Loans. "We must continue to innovate and ensure we can wow the consumer every step of the way."
In addition to improved usability and performance among their respective services, Association members will work with state and federal regulatory agencies and government bodies to ensure that further innovation and technology enhancements can automate parts of the real estate transaction successfully and safely. The Association will also encourage new policies to forward the online real estate industry by allowing greater cooperation between all transaction-related parties and tighter security standards to protect private financial information.
"The formation of this association is proof that the online real estate industry has come into its own, and is serious about improving the home sale in the safest manner possible," said Nick Karris, senior analyst for Gomez Advisors Inc. "With the combined resources of these category giants, in the objective view of Gomez Advisors, there is promise of an increased level of innovation and security for Realtors, brokers and consumers in the near future."
Companies interested in joining the Online Real Estate Association can do so by visiting www.oreaonline.org.
