RPR 201 Beyond the Basics

ARMLS LearnathonOctober 27, 2011

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RPR 201 TopicsThis 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?

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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.

BedroomsSq. Ft.

BathsPool? Garage?

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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.

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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.

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• 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 (-)

Limitations of (most) AVMs

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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

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• 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

Become a BPO Resource

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RPR Mobile –You don’t need an app for that!

TWO URLS – SAME DESTINATION narrpr.mobi

or m.narrpr.com

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BE the Expert of Your Home Area

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1) Define your Home Area

•Don’t work too large of a market.

• Identify a workable area (size)

•Choose an area that you know

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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

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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

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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!

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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

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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

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5) RPR and Facebook

Remind your Facebook friends that you can give them a thorough property pricing analysis using an RPR Property Report

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6) Twitter

• Use the #hashtag for your Neighborhood• Bring folks to your blog for their

customized report

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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)

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Reports Reports Reports – Use Them!

• 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

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8) Use Reports to Market your Brand!

• 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!

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Summary