The Realtors Property Resource® (RPR) is now officially open to all of the 1 million members of the National Association of REALTORS®. If you’re a REALTOR®, that means you can now access extensive data on nearly 150 million properties across the country — including comprehensive records of past sales, property taxes, school districts, and even local voting patterns — all for free.
The system had already been available to REALTORS® in areas where the MLSs chose to integrate with the data, approximately 440 MLSs around the country. With open access, now all REALTORS® can “take advantage of RPR’s high-value tools, features, and reporting capabilities” that their dues dollars have paid for, said Dale Ross, CEO of RPR. One REALTOR® who has already done so is Cathy Werner, broker-owner, RE/MAX American Dream in Baltimore, Md.
Werner, whose MLS is among those that has partnered with RPR, first logged into the system about six months ago but didn’t do anything with it for a while after that. That changed when she went on a listing presentation for a house that had a lot of additions and upgrades. She needed to come up with a reliable estimate of price that took all of those variables into account.
She turned to RPR’s Realtor Valuation Model® (RVM), a tool that provides information about property values using tax information, sale history, comparables, and other data sets. She input information into the system about what the sellers had done to the house, and then passed that along to them with her pricing recommendations. As a result, she got the listing, which received multiple offers and sold in less than two weeks for $5,000 more than the list price.
“I have no doubt that had I not used RPR, I would not have been able to do that,” she said.
Now all REALTORS® can similarly take advantage of RPR for listing presentations, offer recommendations for buyers, broker-price opinions, and more. To register, go to the RPR home page, select “Create a new account,” enter your last name and NRDS number, and click “Submit.”
Werner recommends starting out by exploring RPR informally. “My advice would be to take a few minutes to log in, then play with it using your own house, making adjustments,” she said.
Once you’ve gotten a sense of the site, you can find additional resources to help you understand the full range of services it offers by going to the RPR online training center. While there, you can check out a series of brief, tutorial videos that can show you the ropes.
One distinct RPR feature that REALTORS® might be interested in is the Property Investment Analysis Tool, said Reggie Nicolay, the company’s vice president of marketing and social networking. Users can input a variety of information to determine the income potential of a specific property and export that data into Excel.
“The research that comes up in the final analysis is really detailed,” Nicolay added. “How many REALTORS® out there have investor clients who want to do a cashflow analysis of a property?”
Want to learn more about RPR? Be sure to playback or download a recording of a recent REALTOR® Magazine webinar that featured a live demo of the tool, and register for an upcoming webinar that goes deeper into the system’s features and how to use them.