Coupled with strong market knowledge, a keen REALTOR® knows that employing certain tools in the property pricing process can help land on the right price, right out of the gate. This is especially helpful when it comes to determining value based on improvements made to the property and its condition.
Here, RPR shares five tools that will help an agent refine the value of a property, use the platform’s flexible CMA tool, create a Sales Comparative Analysis and Valuation Workbook for harder-to-price properties, and run a real-time analysis for investment properties.
1 The Realtor Valuation Model®
RPR’s Realtor Valuation Model® (RVM®) sets the standard for automated real estate valuation models. The RVM® goes beyond the traditional AVM by incorporating listing and sales data from the MLS into the equation.
The RVM® is also accompanied by a Confidence Score—a value between zero and five stars that indicates the level to which each of the multiple models agrees with other estimated values for a given property. High confidence scores indicate that other models yield similar estimates for the property.
As the only REALTOR®-owned automated valuation product, the RVM turns a traditional AVM on its heels by offering users customizable refinement tools. Attributes not found on consumer-facing real estate sites, which leads us to the next tool to help you find your perfect pricing…
Select View Details under the RVM® to view a sampling of the comparable properties used in the valuation calculation. Select Print to print the page.
RPR’s Refine Value tool allows REALTORS® to determine the value of a home based on property characteristics, home improvements made and market conditions. This tool can also help clients determine whether purchasing a home and then remodeling is worth the investment. There are four ways to refine the value of a property using RPR: refine the value by adjusting the basic facts, by home improvements, by needed improvements, or by market and home conditions. The ability to adjust and fine tune property pricing is key to presenting a winning listing presentation and proving your value to clients. Your Refined Value can be displayed in a Property Report or Seller’s Report. You can choose to show the refined estimated value, an itemization of the refinements made, and/or include your refinements as part of the Recommended Pricing Strategy.
RPR’s CMA wizard walks you through five simple steps to generate a CMA unlike any other offered in today’s real estate industry. You’ll confirm the home’s facts, search for and adjust the comps, land on your own list price by refining the property’s value, and then generate an RPR Seller’s Report. You can also reorder, rate (worse, same or better) and add notes to selected comps. All in one place and with the highest level of accuracy afforded to today’s REALTOR®. Your CMA can be displayed on both the Property Report or Seller’s Report.
While selecting comps within RPR, note that properties marked with a blue star are used to calculate the Realtor Valuation Model® (RVM®).
Create a CMA on the RPR app
The RPR app offers the ability to create a CMA using your phone and then text/email a colorful Seller’s Report to your client. Best of all, if you’ve selected comps on the RPR website, they can be viewed on mobile and vice versa.There’s also an interactive map to choose comps and advanced search functions such as property status and type.
4 Sales Comparative Analysis & Valuation Workbook
RPR’s Sales Comparison Analysis goes into a more detailed property evaluation, typically used for harder-to-price homes. The tool leads you through a series of steps to confirm or adjust factual information about a property, and then search for and select comps. At that point, you can adjust and weight the comparable properties to yield a result that summarizes the valuation and range for the subject property.
Satisfied with your analysis? Save or share it by generating a Valuation Workbook. The Valuation Workbook summarizes the evaluation made using the Sales Comparison Analysis. It includes details about the subject property and the comps and adjustments made in the workflow, as well as an overview of local housing market conditions.
Valuate® is a web-based financial analysis and marketing tool for the purchase and sale of commercial and residential investment properties. The platform allows agents to perform real time, interactive investment analyses in a collaborative work environment. No more multiple versions of stagnant PDF files. With Valuate, digital files are easily edited and shared with colleagues, partners and clients. Valuate also provides real time scenario analyses while pitching to prospects or updating existing clients. Make edits to the analysis on the fly for wherever the conversation leads; answers questions instantly.