You know what the National Association for Realtors is, obviously. But you might be asking, what is the Realtors Property Resource? And, how to use RPR?
The Realtors Property Resource (RPR) is a tremendously large real estate database that’s provided by NAR.
With the realty property resource, you can get all the data you need on both property data and demographic information.
The RPR is provided by NAR as a benefit to realtor members. It is available both on desktop and through RPR mobile.
How Do You Use the Realtor Property Resource?
The RPR research platform is intended to help NAR’s realtor members give their clients the information they need — and to give realtor members the information they need about neighborhoods and markets. It’s an extensive database that can help real estate professionals do things like look up distressed properties or look up the walkability for a neighborhood.
Ideally, the RPR should have data that helps to build the credibility of a real estate professional. At any time, an agent can access a report on a property, find out more information about that property, and present that information to their clients. Meanwhile, they’ll be able to build trust with their clients by having the information that their clients need.
Why Should an Agent Use NAR’s RPR?
A real estate agent can pull out a complete property report through RPR. The RPR report will include open houses, valuations, tax info, and more. There are even powerful analytics tools that can identify distressed properties or properties struggling in the public record.
With the RPR tool, a member will be able to identify potential leads within the market.
They will also be able to use this comprehensive data to provide accurate valuations for their clients quickly, present comp analyses, and provide a well-polished and professional client-friendly report.
Real estate is all about data. To be a good realtor, you need to have as much information as possible about the market. NAR’s RPR doesn’t just serve as a consolidated system for this data, it also ensures that you’re working with the data that most realtors are seeing.
Today, there’s an extraordinary proliferation of data all throughout the web. And the data isn’t always accurate. You can find statistics to point to any conclusion. Likewise, you can find home values that vary tremendously, sometimes by over $100,000, depending on the site you use.
When sites like Zillow, Trulia, etc, use different appraisal methods, you can have people coming to you from vastly different places. But with NAR’s RPR, you know where the data is coming from, you know where the comparable properties are coming from, and you know that the odds are that other real estate agents are looking through the same information.
In short, RPR provides data that hasn’t just been consolidated, but also data that’s somewhat validated, because it always pulls its data from the same reliable sources. This is much more reliable than just trying to pull disparate data from different resources across the web.
What Reports Are Provided through RPR?
RPR can provide a NAR member with a multitude of reports, both in terms of the broader real estate industry and in terms of their market. Reports include:
- Market activity report. What’s going on in your local market? What should you be aware of? This market activity report is going to give you important information about larger trends.
- Mini property report. Research the details of the specific property. What did it last sell for? What are the taxes on it? This report gives you information about a property you may be interested in either selling or helping someone buy.
- Neighborhood report. What are the average home values in this area? What about the crime rate? How walkable is it? A neighborhood report gives more information that you can use to value a property. You can also give that information to your buyers.
- School report. What are the schools like in a given area? This is something that most buyers want to know first, as school districts can have a considerable impact on their families.
- Valuation workbook. How much is a property valued? What are the comparable properties in the area? A valuation workbook gives an agent everything they need to know about valuing a specific property.
While at least some of this information is public access, the RPR system provides quick access to market information and trends. Further, it follows a consistent realtor valuation model, so realtors can more easily price their houses.
Perhaps the most critical component to RPR is that it brings a lot of data, from a lot of varied sources, into a consolidated system. An agent can use the RPR system to look up almost everything they need to know and keep that information within a single dashboard.
Of course, most agents are also going to need to do their own research, look up other information, and use their own sources. But the RPR gives them a starting point for their research — as well as many attractive reports that they can use to build presentations fo their clients.
Where Does RPR Get Their Data?
As the nation’s largest property database, you may be wondering where the data comes from before it’s sent to your RPR account. This national database is actually created through large volumes of data, including data found online, data through other RPR users, and public record data.
Listing data is pulled from the MLS, distressed data is pulled from public records, and things like the Livability index are pulled from AARP. With over a dozen portals for information about things like demographics, the RPR manages to provide a comprehensive, high-level overview of a house or an area within a single location.
The RPR is an invaluable member benefit for NAR members. It should be used frequently for neighborhood analytics, dynamic reports, and additional resources.
But because the RPR does get its data from third-party resources, it shouldn’t be blindly trusted. Though the data does go through more of a vetting process than simply looking something up online, the data may not always be accurate. You should double-check any data that seems anomalous because issues can happen when data is imported from the RPR.
What Are Alternatives to the RPR?
Many brokerages have their own internal system that’s very similar to the RPR, providing information on neighborhoods, properties, valuations, and distressed properties currently available. Some of these systems are likely to even pull from the same third-party resources that the RPR uses; it’s just a matter of finding a system that feels the most intuitive and accurate to you.
But there are other real estate-focused products such as Magisto, Sentrilock, Forewarn, and Clicky. These products don’t do the exact same thing as the RPR, but they can provide augmented informational tools. For instance, Forewarn makes it possible to identify prospects’ identities and risks before working with them. Utilizing this tool allows you know more about the people you’re working with.
You will likely create your own software ecosystem while working as an agent. In addition to RPR, you can experiment with your brokerage’s own platforms and other platforms that seem to be attractive to you. Furthermore, you can find a litany of other utilities such as Clicky (which improves user traffic) to work with to develop out your prospects.
Does RPR cost money?
RPR doesn’t cost anything. It’s just one of the benefits of being part of the National Association of Realtors. As long as you pay your NAR dues, you can access the RPR. Of course, you do need to pay your NAR dues, so it’s not an entirely free and accessible system. It’s not accessible to the general public, only those who work with NAR.
Is the RPR superior to the MLS?
The RPR is used for different things. Real estate agents and brokers use the MLS for listings. RPR includes listings but it also includes in-depth information about properties and neighborhoods. The RPR is a faster, easier way to gather large volumes of information, whereas the MLS focuses on active listings.
How is the RPR accessed?
Once someone has joined the National Association of Realtors, they just need to create an account and download an app. The RPR is fully integrated into the NAR system. Anyone who is a NAR member is allowed to access it and its data.
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