We sat down for a Q&A session with Ron France, VP of Industry Relations for Realtors Property Resource®. RPR is a free member benefit so if you’re a REALTOR®, take a few minutes to sign up today and check out all the site has to offer.
Q: Ron, what is RPR and why should members be actively using the site?
A: RPR is a system that REALTORS® will actually use in their everyday business. It’s a powerful listing and selling pricing presentation tool with a robust comparable market analysis tool in it. So the practitioner is going to go in on a regular basis whether they are working with a buyer or a seller.
Q: What’s new with RPR?
A: The site now includes over 500 MLS’s, which brings in MLS data for about 750,000 REALTOR® members so they now have the use of RPR with their data in it. The remaining members also have complete access to RPR, they just will not have their MLS data built into the system. This was a huge milestone to reach recently, we’re very proud of that number and pretty excited about what that does for the members.
Q: What new features have you recently rolled out?
A: Last year we released our updated comparable market analysis (CMA) module and that enables the practitioner to do a much more detailed CMA.
We also launched the commercial application last year and it has been very successful. The application is easily accessed by the front page and it’s available for residential and commercial practitioners. Commercial practitioners can use it to help their clients decide on the right location for their business or the right business for their location.
For example, if I have a dry cleaning business and I want to establish it somewhere, the commercial application will help me find the right demographic, traffic patterns, etc. The application uses and incorporates tapestry data, which basically means demographic information, drive by patterns, what kind of retail buying patterns they do. As another example, you can search RPR for – and it will tell you – if a certain demographic likes wine vs. beer, how much they spend on going out to dinner, how much they spend on goods and that kind of thing. Tip: Check out the demographics of your own neighborhood, it’s pretty neat!
Q: What’s coming up next for RPR?
A: Later this year we will actually launch what we call our appraiser tool, which will be available to all REALTORS®. This tool takes our current CMA application and really bumps it up on steroids. So it will be a sophisticated, robust appraisal CMA module that lets you do all of the type of analysis that you would normally do if you were an appraiser. The thing that’s really cool about our tool is that it’s based on automated valuation technology or algorithm technology. It creates a baseline analytic or valuation and allows the practitioner to then refine that value.
So, for instance, if I was to sell your house I could go into RPR and the system will provide a baseline number on your house (it’s called an automated valuation). But then knowing that you’ve put new windows in, you’ve got a new garage door, you put a desk on the house, I can start refining that value. Or I can do a traditional type of CMA and pull all the houses in your neighborhood that are similar to yours and start matching the properties.
Q: Does RPR save time putting together a CMA?
A: A traditional CMA might take a practitioner a minimum of an hour to do in an MLS. RPR starts with a baseline number, so in about 15 minutes you can create a beautiful full-blown CMA. It’s like the “easy” button because it’s an automated process. Members who are just starting out in the business and who are into technology think it’s the best thing that’s ever happened to them. And we have some REALTORS® who have been in the business 20 or 30 years; once they look at it and really get it, they become raving fans.
Check out a member testimonial below, or visit myrpr.com for more personal stories.