There’s no denying that we live in a mobile-first world. We demand flexibility and convenience across all facets of life, including the world of real estate.
That’s where the RPR (Realtors Property Resource®) Mobile™ app comes into its own. Readily available at your fingertips when you’re out meeting clients or previewing properties, it makes once complex tasks—like creating a CMA (Comparative Market Analysis) or Estimating Equity—a breeze.
Let’s see how these tools work and how easy they are to use…
Creating CMAs with RPR Mobile™
A CMA helps you formulate an ideal selling price or a competitive buying offer. But why use your phone for this? Simple! With the RPR app, you can compile a detailed CMA right on the spot. There’s no need to head back to the office or reach for your laptop.
Let’s explore how to easily and efficiently create a CMA using your RPR app:
Begin the CMA: From the RPR app, tap on the magnify icon and enter the subject property address. Then once the property loads, tap ‘Reports’ and then, and select ‘Create CMA’. An alternative way is from the property search results, scroll to find ‘Pricing Tools’ and select ‘Create CMA’ as well.
Confirm Property Details: View public and listing facts about your subject property. If you find any data missing or incorrect, simply tap on ‘Your Changes’, make the necessary adjustments and save. When you’re complete, tap ‘Confirm.’
Choose Comparables: From the menu near top of the screen, select either ‘List’ or ‘Map’. This allows you to choose an interface best suited to pick properties comparable to yours. The map view will allow you to zoom into specific areas. To search a larger area, tap ‘Remove Boundary’. You can also use filters to refine your selection based on type, status, property characteristics or keywords.
Add Comparables: Go ahead and tap ‘Add’ for all properties that match your criteria from either the map-pin view or listed view. Tap ‘Next’ when complete.
Review & Adjust Comparables: Now comes an important part—reviewing selected comparables. Swipe left or right on each listed comparable property to view its details. If a property doesn’t fit, simply tap ‘Remove’. You can reorder listings as well using the drop-down menu placed above each listing’s photo.
Also, use the sliding scale to adjust how each comparable measures up against your subject property. Here’s also where you can add essential notes about individual comparables, including specific features or data points that can impact property valuation.
Report Delivery: Time to finalize your report. Check the generated price, price range and tap ‘Edit’ if any changes are needed. Choosing the delivery method is as easy as a tap–select to email it or have the report downloaded.
Calculating Estimated Equity with RPR Mobile™
Apart from generating on-the-spot CMAs, RPR Mobile™ also arms you with another impactful tool: the Estimated Equity Calculator.
Homeownership is not just about possessing property—it doubles up as a significant financial asset. The value encapsulated in homes, termed ‘equity’, can shape one’s financial health dramatically. As a REALTOR® utilizing this Estimated Equity feature offered by RPR, your insights could become eye-openers for homeowners.
To get started and quickly provide insight into your client’s financial standing, select a subject property and navigate to the ‘Pricing Tools’ section, just below the CMA.
If you’ve completed a CMA, that value will be entered in the Property Value field, otherwise, it’s the RVM® (Realtors Valuation Model®) value. Next, you’ll add loan details or confirm the pre-filled loan data. Then it’s just a quick tap on “Create Report” to generate the Estimated Equity Report.
Keep in mind that the Estimated Equity Calculator is just that: an estimate. It should be viewed as an initial step and its purpose is to arouse curiosity and start conversations. Use it as a way to enlighten potential sellers, get their contact info, and set up another meeting.
Financial Benefits of High-Equity Homeownership
Discussing equity with potential clients is a smart “foot in the door” type of strategy. Don’t be afraid to pull out your phone, with the RPR app of course, and zero in on that magic number. It can be a great conversation starter, because being a high-equity homeowner brings many benefits, including:
- It allows for an unburdened house shopping experience, less dependent on loans.
- For those still seeking financing for their new home, high equity contributes towards lower monthly payments and better loan terms.
- Homeowners approaching or enjoying retirement years can find comfort in their home equity—providing them with stable financial support when required.
Use the RPR app to build CMAs, estimate equity and reap the rewards
RPR Mobile™ is an indispensable tool for ambitious agents, as it simplifies complex tasks like generating CMAs or estimating equity on-the-go. Its utility extends beyond these tasks by bridging informational gaps between REALTORS® and consumers, fostering transparent transactions backed by reliable data.