RPR 201 Beyond the Basics ARMLS Learnathon October 27, 2011

Realtors Property Resource | 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 AVMs 1) Hedonic Treats property as a bundle of valued characteristics (# bedrooms, # baths, etc.), the sum of which determines the property’s estimate value. Bedrooms Sq. Ft. Baths Pool? Garage?

Realtors Property Resource | 4 Types of AVMs 2) 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 AVMs 3) 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 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

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 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

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! 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 to 4) 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!

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 | 21 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! Realtors Property Resource | 22 Summary