If you're a real estate agent who's also a member of the National Association of Realtors (NAR), you've probably heard about the Realtor Property Resource (RPR). However, there's also a good chance you aren't using this tool to its full potential.
With that in mind, below is a guide to the RPR in real estate. Read on to learn more about what this platform is, the unique features it offers, and how learning to use it can benefit your real estate business.
What is the Realtor Property Resource in real estate?
In real estate, the Realtor Property Resource (RPR) is a national database of property data and demographic information available to members of the NAR as a member benefit. At its core, the RPR platform partners with NAR's constituencies across the country, including MLS systems and commercial information exchanges (CIE), to provide comprehensive data and powerful analytics for over 160 million properties nationwide.
Members of the National Association of Realtors can use the RPR platform to access the following types of information:
However, in addition to providing real estate professionals with access to various data sets, the RPR website also has robust reporting capabilities. Realtors can use this database to create a branded, client-friendly report that provides key valuation and assessment information.
How does the RPR database work?
As mentioned, the RPR platform works by pulling property data and analytics from a variety of sources and centralizing it. However, both the RPR website and app offer features that cater to various segments of the real estate industry, as detailed below.
In RPR Residential, the dashboard meant for real estate agents, real estate professionals can easily search for and analyze on- and-off-market properties; gather data about valuation, tax, and mortgage info; and zero in on demographic data and market trends.
Along with the capabilities listed above, RPR offers a set of unique features that may be useful for brokers and owners. If you're a broker, this tool gives you the ability to load your company's individual branding and information about your affiliated service providers onto any reports generated by your agents. It also gives you the ability to create market activity reports for the agents or properties under your brokerage, as well as the ability to load a customizable AVM tool onto your company's website.
On the commercial end, RPR lets you access consumer data about specific business sites. It also allows you to create client-friendly reports, which show how the area's particular demographic information affects business opportunities.
RPR's sales comparison analysis tool uses area sales information and current market data to help appraisers search for comparables and complete valuation analysis for properties. Registered users also have the option to download a branded valuation workbook, which compiles the facts and trends used to complete the analysis.
What are the benefits of using the Realtor Property Resource as a NAR member?
In truth, there are many benefits to using RPR as a NAR number. To that end, we've listed them below for your consideration. Look them over so that you can see whether or not the Realtor Property Resource may benefit you as you interact with clients.
It centralizes relevant property data into one place
While you may be able to find the data listed on the Realtor Property Resource in other places, RPR saves you time and energy by centralizing all that data into one place. In this case, instead of searching through your local MLS, public records, and various other websites that include information on area demographics, you can find it all in one website or on the RPR app.
It's included in your NAR membership
One of the biggest benefits of RPR is that it's essentially free for Realtors. Since this tool is a member benefit, the fee to use it is included in your yearly NAR dues. As long as your membership stays current, you'll continue to have access to all the data sets and dynamic reports RPR has to offer. All you need to access this information is your NRDS number.
In addition, this platform is only available to NAR members. it doesn't have a public access component, meaning you'll have access to data that will set you apart from other real estate agents.
It creates done-for-you, branded marketing materials
Speaking of dynamic reports, the RPR report feature is another benefit of using this platform. Imagine how much better your next listing appointment will go if you show up with all the relevant property data in hand for the seller. RPR's property report feature gives you that ability.
The tool also allows you to customize any reports with your own branding, which means the seller will be far more likely to keep your name and contact information top of mind.
Should you use the RPR in real estate?
Ultimately, the decision of whether to use the Realtor Property Resource for your real estate business is a personal one. However, if you're a NAR member, there's really no reason not to at least give it a try. Since the fee for this tool is included in your yearly NAR dues, there's no harm in seeing how it can benefit you.
Additionally, if you have specific questions on how to use the RPR, there likely will be a webinar on the topic. The platform also gives NAR members access to a variety of educational materials that can help you learn to use the RPR website and app to its full potential.