A first-hand look at the real Realtors Property Resource
This is a great post on a feature that I sincerely hope will be coming to my local MLS sooner rather than later! I had actually not paid much attention to this project, but I am very glad to have Bryan's awesome explanation of it's potential.
The First Major MLS with RPR
I am a member/user of MLS Listings which is the first large-scale MLS to roll out the Realtor Property Resource (RPR) database. As many of you know, this has been a huge project by undertaken by the NAR. The database will include all the information we have now via the MLS as well and details on tax records, property history, schools, demographics and more. The potential use of this data includes comparing different areas based on the search requirements of our clients. As a tool, this goes above and beyond what is available in end-user websites.
Realtors Get An Edge Back
RPR wil hopefully give us an edge over the myriad websites available to our clients (notably Redfin, Trulia, Yahoo, and Realtor.com). So much information is available to consumers these days that some know more than the agents they work with. The result has been that Realtors are seen as paper-pushers who do little to earn their commission. It has always been, in my opinion, our local knowledge that makes us most valuable. That, combined with our negotiating skills, agent contacts, market knowledge, and more make us better than just a website. Not all clients get that. I hope RPR will give us our edge back just a bit.
The RPR Opening Screen
When you first login you'll see a map that relates to your "Home Areas", a list of up to 10 places you do business in. They can be general towns or narrowed down to specific ZIP codes. While these areas will be great for general statistics, I think most agents will want to confine the search scope even more to provide better accuracy to clients. At least in Los Altos, the scope is so broad that a specific neighborhood would be better.
Reports and Statistics
You'll notice in the "Reports" menu that you have options for Property Reports, Seller's Reports, and Market Activity Reports. The samples shown onscreen offer a preview of what you'll expect with each report type. They look very well organized and clean.
Reports Menu
Property Summary
When you click on the "Charts and Graphs" tab on a specific property, you'll get a whole bunch of useful statistics for both the area and the target home. Some of the more interesting stats include the price per bedroom and median sales price by square footage. Both comparative trends give a buyer or seller insight into where the market has been and to some degree where it's going. If the listing price is below the area trend it'll show up in this chart with one click.
One-Click Statistics
When you click on the Comps and Est Value tab you are presented with a variety of options to makes adjustments to individual property values. The simple interface (this is an advantage), allows you to refine basic facts about the home, cherry-pick comps, refine value based on improvements, and refine value based on home and market conditions.
That last set of options is the most compelling. There are slider scales for local market conditions, interior and exterior home condition, view, lot size, and privacy. These highly subjective variables are beyond what is available in the public domain and are very easy to adjust - giving agents the edge.
This is not the best venue for a comprehensive look at what RPR offers. This is merely an introduction to what the potential is. As one of the first public users, I'll be continuing to look at what this new resource offers and blog about specific features in depth so I can help others put it to good use. Check with your local MLS on the roll-out schedule.
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