Blog Real Estate Best Practices How to Use RPR to Drive Sales in 2024

How to Use RPR to Drive Sales in 2024

Real estate can be very rewarding, but it’s also quite challenging. Agents must do all they can to get a leg up on the competition and get prospects to convert. Therefore, it’s imperative that they use all the tools that are at their disposal. 

The Realtors Property Resource (RPR) is a very useful tool. Provided by the National Association for Realtors (NAR), it is a large database that provides all the information you need on properties and demographics. It is available on desktop and through mobile applications. 

To get the most out of the RPR, it’s important that agents know how to use it. This article will cover the ins and outs of the RPR so you can integrate it to move your career forward. 

What Type of Information Does RPR Provide?

The RPR provides information about neighborhoods and markets that agents can pass on to clients and colleagues. Agents can use the RPR to find out the status of a property such as whether it’s in foreclosure or if it’s already owned by the bank. They can even find out about the walkability of a neighborhood. 

The tool allows them to run complete client-friendly reports that provide information on open houses, valuations, tax info, and more. These reports can be passed on to clients quickly, so they get a complete analysis on the neighborhoods they are shopping. It also allows agents to identify possible leads in the area. 

What Types of Reports Does the RPR Provide?

The RPR can be used to generate a variety of reports. These include:

• Market Activity Report: The market activity report tells you what’s going on in your local area providing agents with insight on bigger trends
• Mini Property Report: A mini property report provides details on a specific property including what it last sold for and the taxes on the property. This information is beneficial to potential buyers, and it may also inform an agent as to whether the property is worth selling. 
• Neighborhood Report: A neighborhood report will tell you average home prices in the area, crime rate, and walkability. It helps agents estimate home values which is valuable information to pass on to a buyer. 
• School Report: Homebuying parents will be eager to know what schools are like in different areas. A school report will let them know what to expect in terms of the quality of education their children may be getting
• Valuation Workbook: The valuation workbook will tell you what a property is valued at as well as other property values in the area. 
• Seller’s Report: Perfect for listing presentations, the seller’s report will show the local market conditions and comparable properties. It recommends pricing strategies and estimates seller proceeds. 
• Property Flyer: The property flyer shows you property details at a glance including a photo, property information, and your contact information and branding. It is a useful marketing item.  
• Buyer Tour Report: A buyer tour report enables agents to select properties, determine the order in which to tour them, and create a client-friendly report they can share with buyers. 

While some of the information in RPR reports can be found on other areas of the internet, the RPR provides a central location where it can easily be accessed and consolidated. It also provides superior accuracy making it a source agents can rely on. 

How to Create Reports

Here are the steps you must take to create a report on RPR. 

• Go to the reports page by clicking ‘reports ‘on the top of the website. 
• Select the report you would like to generate
• Select the plus sign next to ‘View Sample’ to see all elements of the report. Uncheck the boxes of the elements you don’t want included in the report. If you are unclear on what the elements are, hover over the encircled ‘I’ next to the element with your cursor. A description will appear. 
• Choose your delivery method and run the report. 

How to Create a Property Flyer

Here are the steps you must take to create a property flyer:

• Go to reports. The property flyer option will appear. Click on that option. 
• After entering the address, photos of the property will appear. Click the one you would like to include on the flyer. 
• If you scroll down, you will see text boxes where you can enter the headline and property description. 
• Choose your delivery method and run the report. 

How to Create a Valuation Workbook

Here are the steps you must take to create a valuation workbook:

• Go the reports tab. The valuation workbook option will appear. Click on that option. 
• When you click on it, it will prompt you to complete the sales comparison analysis which requires you to input the state and your license number. 
• Choose your delivery method and run the report. 

How to Customize Your Cover Page

Customizing a cover page is a good option if you are submitting other materials with your report. Here are the steps that are required. 

• Click on the option to customize your cover page on the right side of the screen. 
• Click on the items you want included such as name, photo, email, and so on. 
• Save your options. 

How to Insert PDF Pages

Inserting PDF pages is ideal if you want to include testimonials and other information in your report. You can add PDF pages by:

• Clicking on the option to ‘manage custom pages’ under ‘General Report Preferences’ on the right side of your screen
• A pop up will appear allowing you to add up to 5 PDF files. You can also include PDF files previously uploaded by you or your brokerage. 
• Drag and drop to arrange the order you would like them to appear in. 

How Does the RPR Benefit Agents?

The RPR offers many benefits to agents including the following:

• Builds Credibility: Agents that are privy to the information the RPR offers will stand out as being well-informed. They will build credibility in their industry.
• Builds Trust: The RPR educates agents about the areas their clients are shopping helping to build a trusting relationship with the people they serve. 
• Helps Grow the Business: The combination of establishing yourself as a trustworthy and credible agent will give you the push you need to grow your business. 
• Provides Accurate Information: There’s tons of information on the internet about real estate markets. But how much of it is credible? The RPR provides accurate information you can count on. 
• Keeps You on Top of the Competition: The RPR keeps you competitive with top agents who are privy to the information on the site. 

What Can Agents Use RPR For?

The RPR can be useful in the following applications:

• Listing Presentations: The RPR’s valuation model, home value refinement tool and flexible comps analysis will help you nail your listing presentation, so you bring in more seller clients. 
• Geographical Prospecting: The platform’s mapping and search tools allow you to identify farm areas and effectively market to them. 
• Open Houses: RPR provides tools that can be used to create market activity and property reports that will help you convert at open houses. 
• Facilitating Buyer Relationships: The dynamic data and impressive reports the RPR provides helps agents offer a successful, comprehensive buyer experience that will improve your reputation in the industry. 
• Relocation: Clients looking to relocate will appreciate the RPR generated information you provide including market activity, and reports on neighborhood, schools, trade area, and property value. 
• Buyer Price Opinions: You can use the information the RPR offers to help homebuyers determine fair market values for properties so they can do some comparison shopping. 
• Lead Generation: Your speedy response times and impressive reports will help you attract leads and grow your business. 

The RPR and Accuracy

One of the biggest benefits the RPR offers is accuracy. If you look at properties on the internet listed on sites like Zillow and Trulia, you will see that values can fluctuate by as much as $100,000. This is because these platforms use different appraisal methods that cause discrepancies. 

The RPR is different because it relies on a central appraisal method. It consolidates and verifies data from reliable sources. This makes it more accurate than platforms that pull information from various sources across the web. 

The Realtor’s Property Resource pulls its data from online sources, data coming from other RPR users and public records. It pulls listing data from the MLS, distressed data from public records and livability indexes from the AARP. This allows the platform to provide an accurate and comprehensive overview of a specific property and area. 

However, the platform cannot be counted on for 100% accuracy. It is possible that some data on the site may not be correct. If something seems fishy, you may want to doublecheck it before passing it on to your client. 

What are RPR Alternatives?

Many brokerages will provide their agents with information that is similar to that which can be found on the RPR. Some may even pull some of their information directly from the RPR or the third-party resources they use. This is beneficial to agents who are not NAR members and cannot access the RPR. 

There are also other platforms that provide services that are similar to RPR but aren’t exactly the same. These include: 

• Reonomy: Reonomy provides agents with easy to find data which allows clients to make more informed decisions. It also provides outreach tools so agents can get in touch with decision makers quickly. It makes it easy for agents to identify opportunities in the market and pursue them in a timely manner. 
• Property Shark: Property Shark provides information on commercial and residential U.S. properties. It mainly focuses on property data and foreclosures. While its reach is nationwide, it tends to provide more comprehensive data for New York City, San Francisco, and Los Angeles. 
• Compstak: Compstak is an alternative to the RPR for commercial real estate only. It provides lease and sales comparables, a service not provided through other platforms. It is known for its high data reliability. 

You can also use your own methods to compile data. This can come from a mix of resources such as public records, home listing sites, neighborhood sites and more. However, the information will not be centralized making it difficult to access. It may also not be as accurate as RPR.

How Can I Access NAR’s RPR?

The RPR is available to all members of the National Association of Realtors. There is no extra fee to access it. However, you will need to pay fees to the NAR to maintain your membership. 

Currently, membership for NAR is $150 a year. There is also a $35 fee for the Consumer Advertising Campaign. However, the $35 is fully deductible. 

NAR membership is an added expense that may be difficult to afford for agents that are just starting out. However, it comes with its share of benefits. 

Those who join can take advantage of the credibility offered by the NAR designation. They will also have access to various networking opportunities. They will get savings on personal insurance, technology tools, marketing solutions and more. 

To activate your account, you will need to take the following steps:

• Go to the RPR website
• Click on the ‘create account’ button that appears below the login box
• You will need your NRDS number to create your account. If you don’t have it, you can look it up on the NAR website
• You will also need your individual Bright MLS ID Number. If you don’t have it, you can look it up by accessing your Bright MLS account and searching for your name in the directory. Your Bright MLS number should be listed next to your name. 
• The site will walk you through the remaining steps to set up your account. 

RPR is a valuable tool for agents. It establishes credibility and plays a key role in helping you grow your business. Will you be including it in your technology suite?