Chicago Association of REALTORS Partners with Synteleos to Offer New Tool Benefiting Buyers and Sellers; CAR To Employ New Technology in Chicago Real Estate Industry.

Business Editors/Technology Writers

CHICAGO--(BUSINESS WIRE)--March 5, 2000

The Internet Empowered Consumer (IEC) continues to emerge as a powerful force in today's residential real estate industry, highlighting their frustration with the traditional transaction process.

In response, the Chicago Association of REALTORS(R) (CAR) proactively searches for and offers its members the latest tools and training needed to meet the demands of today's Internet-savvy homebuyers and sellers.

To date, buyers and sellers have used the Internet to access and post information about available property, research potential living areas, take virtual tours of homes and organize the tasks associated with making an offer, even securing pre-approval status for a loan. A new partnership with Synteleos, Inc. of Pleasanton, Calif., will enable CAR to employ advanced Internet technology to further improve their buying experience.

"People are looking to the Internet for simplified home buying solutions," said Darcy A. Dougherty, CEO of the Chicago Association of REALTORS(R). "We are taking the next step by introducing a new tool to make the transaction even easier during the listing and closing process."

Along those lines, CAR is introducing Synteleos' newest product to Chicago metro -- the Transaction Management Network. The Network is an Internet-based tool designed to standardize the real estate transaction from list to close.

"The Transaction Management Network allows the Association to make a quantum leap into the online transactional process," said Dougherty. "Our brokers and agents will be able to communicate real time information to a client about the progress of their transaction."

The Network is hosted on CAR's Web site. Collectively, the Network enables buyers and sellers, their respective agents and brokers, and vendors to interact, communicate and share common data real time. Through their privately labeled location on the Internet, participants can order and confirm services, exchange and view contracts and documents, and access real time status reports regarding the progress of their transaction.

"We are excited to partner with such a progressive association," said Michael A. Colon, vice president of business development at Synteleos. "It's great to know that our technology can assist CAR members in better serving consumers."

Since 1995, CAR has been working hard to leverage available technology to further streamline the process and improve the customer's experience.

"In the mid 1990s, a new trend emerged in the Chicago metro market," said Dougherty. "An increasing number of buyers and sellers were moving into the city from the suburbs -- they wanted to avoid the hassle of owning a single-family home and spending hours each day commuting."

Dougherty felt a clear message was being sent -- consumers wanted to make their lives easier -- and CAR needed to respond. In addition to the Transaction Management Network, the Association actively promotes the use of cellular phones, pagers, voice mail, laptops and palm pilots -- tools needed to respond to client questions 24/7. CAR also has established a technology-training center where members can learn to operate common office applications such as Word, Excel, Power Point, e-mail and the Internet to further enhance their real estate services.

"Our motto is `Helping our members work smarter, not harder'," said Dougherty. "A cliche? Maybe. But it all boils down to serving the customer faster and better than the next person."

About Chicago Association of REALTORS(R)

The Chicago Association of REALTORS(R) (CAR), the voice of real estate in Chicago since 1883, has over 7,000 members that practice all specialties of real estate throughout the nine-county Chicago metropolitan area. CAR members closed nearly 28,000 residential transactions in the city of Chicago in 1999. CAR is a member of one of the largest Multiple-Listing Services (MLS) in the country with 45,000 -- 60,000 plus active listings valued in the billions of dollars. For more information visit www.car-realtor.com.

About Synteleos

Synteleos, Inc., located in Pleasanton, Calif., was founded in 1996 to develop software products for the real estate industry. Synteleos is an application service provider (ASP) and developer behind the Transaction Management Network, a B2B browser-based technology solution. The network enables buyers and sellers, their respective agents and brokers and all third-party affiliates to interact, communicate and exchange information through privately labeled locations on the Internet during the real estate transaction. For more information visit www.Synteleos.com or call 800/331-1284.