RPR 201 Beyond the Basics

1. RPR 201 Beyond the Basics ARMLS Learnathon October 27, 2011

2. RPR 201 Topics This class covers: • AVMs and RVMs • BPOR Certification • Searching RPR using the map: • Radius and Polygons • Heatmaps and other overlays • Saving properties, searches and search areas • Value estimate adjustment tips and tricks • RPR Mobile • RPR Out of the Box – what else can I do with RPR? Realtors Property Resource |

3. Types of AVMs1) Hedonic Treats property as a bundle of valued characteristics (# bedrooms, # baths, etc.), the sum of which determines the property’s estimate value. Sq. Ft. Bedrooms Pool? Garage? Baths Realtors Property Resource |

4. Types of AVMs2) Indexed Predicts valuation based on sales trends of comparable homes. Specific aspects of Subject Property are not considered, except to select a number of similar properties. Realtors Property Resource |

5. Types of AVMs3) Blended Combines both sales trends and specific property details;uses statistics that show the accuracy of predictions for both hedonic and indexed models over time, and gives each value a weight. Realtors Property Resource |

6. Limitations of (most) AVMs • AVMs assume that the property actually exists. Record = Property. Most of the time but, what if??? • AVMs assume that the subject property is in average condition. Does not account for upgrades & value of upgrades relative to comparables • AVMs assume that there are no circumstances that impact the value of the subject property more than other properties in the neighborhood. Ex: On National Registry of Historic Places (+), site of a notorious crime (-) Realtors Property Resource |

7. Realtor Valuation Model™ • A blended, indexed style that includes current listing and off market information (not just sold) in a proprietary algorithm. • Highest accuracy of any valuation product available and includes confidence rating • Owned by the members of the National Association of REALTORS® • The starting point in RPR for YOU to make value refinements Realtors Property Resource |

8. Become a BPO Resource • Take the 1 day course “BPOs: The Agent’s Role in the Valuation Process” • RPR has secured a special advantage for REALTORS® with the BPOR designation • Average BPOR enrolled REALTOR® is receiving $400+ a month in BPO orders via RPR • Find a BPOR class in your area at • rpr.me/classroom-bpo; online at rpr.me/online-bpo Realtors Property Resource |

9. RPR Mobile –You don’t need an app for that! TWO URLS – SAME DESTINATION narrpr.mobi or m.narrpr.com Realtors Property Resource |

10. BE the Expert of Your Home Area Realtors Property Resource |

11. 1) Define your Home Area • Don’t work too large of a market. • Identify a workable area (size) • Choose an area that you know Realtors Property Resource |

12. 2) Use RPR in Your Home Area • Watch for Newly Distressed, Recently Sold • Remember you can see FSBOs in RPR! • Familiarize yourself with each property in your Neighborhood/Area Realtors Property Resource |

13. 3) Keep Your Information Current • Use RPR as a place to store notes not available through an MLS or public records • Update RPR when you know a property has changed Realtors Property Resource |

14. The Home Area/Neighborhood Blog • Does your Neighborhood have a blog? Contribute to it! • http://www.neighborhoodlink.com • Create your own blog for the Neighborhood • Think beyond the next sale, make yourself an asset in your Neighborhood! Realtors Property Resource |

15. Blog Ideas • Create a place residents can upload Neighborhood photos • Display a community calendar • Offer housing statistics you get from RPR and other industry sources Realtors Property Resource |

16. Use Your Blog to4) Capture Leads • Create a web form on your blog where visitors can request a Property Report • Allow visitors to sign up for your monthly newsletter which includes the RPR Market Activity report Realtors Property Resource |

17. 5) RPR and Facebook • Remind your Facebook friends that you can give them a thorough property pricing analysis using an RPR Property Report Realtors Property Resource |

18. 6) Twitter • Use the #hashtag for your Neighborhood • Bring folks to your blog for their customized report Realtors Property Resource |

19. 7) Use Your Leads • Provide residents in your Neighborhood with monthly RPR Market Activity Reports • Send an RPR Seller’s Report or RPR Property Report quarterly • Build a mailing list, manage it and use it • (Constant Contact & Mailchimp are among ones to consider) Realtors Property Resource |

20. Reports Reports Reports – Use Them! Realtors Property Resource |

21. 8) Use Reports to Market your Brand! • Create a custom logo using your company logo and neighborhood graphic (photo of subdivision sign?) Use your custom neighborhood logo on your reports • Don’t forget to add your contact information to your RPR Profile • Have a regular contact strategy for people who request a report – keep them informed Realtors Property Resource |

22. Summary • Choose a workable Neighborhood/Home Area • Demonstrate your local expertise! • Keep your RPR updated with valuable information • Market to your sphere by providing reports they want about their property/neighborhood • Use Social Media as a farming tool • Manage your relationships via contact strategies • But…don’t let them know how easy this is!  Realtors Property Resource |