Gabbi knew that real estate was the right career from the start. She is now dual licensed in both Kentucky and Ohio. She had her first sale within a month of getting licensed and hit her first million in sales volume within her first 6 months. She will have her real estate license for the rest of her life. Call her anytime if you have questions about becoming a real estate agent. She loves to share her passion for real estate with others!
What is the RPR Tool and How Do I Use It to Create a CMA?
The RPR or the Realtors Property Resource, is a tool that is accessible to agents to use within the MLS. It’s a fantastic tool that real estate agents can use to create digestible reports for themselves or their clients.
Reports you can create using RPR:
- CMA (Comparative Market Analysis)
- Target Opportunity Zones
- Investor Analysis
- Seller’s Report
- Quick Market Overview
On the Career Corner, I am going to continue to break down how you can use these tools and reports to better your business. Today we are going to discuss how to create an accurate CMA by using RPR. As a real estate professional, you are representing your client by providing information about properties that are going to help them make an informed decision. Relying on the RPR tool can help you communicate vital information to your clients in a digestible way. You must remember that some of your clients might not be familiar with typical real estate terms. Having a well written report is going to help them understand the value of a property and the factors that are contributing to that value. For this example, I am going to use my own home, a condo I purchased in 2021, as the subject property for the following CMA report you can create on RPR.
Creating a CMA
If you’ve never created a Comparative Market Analysis, also called a Market Analysis, take a look at this article to help you understand the basics. Once you have a sold understanding of the objective of a CMA, you can dig into RPR to start creating your report.
After you’ve entered your subject property address into RPR, you’re going to click, create a CMA. Immediately RPR is going to give you a property description, basic home facts, the estimated property value and more.
Now you’ll want to click the “Edit Comps” button on the top right of the page. You are going to get a screen that looks like the picture to the right. (I have blurred out the example address and property value for privacy.)
Next Steps:
1.) Confirm Facts
Here you will want to make sure that all the data they have on the property is correct. Check the square footage, bedrooms, bathrooms, and condition in this step.
2.) Find Comps
Next, you’ll be able to use RPR to review suggested comparable properties and then you’ll have the option to search for your own list of comparable properties within the system.
3.) Adjust Comps
Adjusting the comps is an important part of this process. You will look at the interior of each comparable home and adjust the comparable value based off of the subject property. Is this property larger or smaller than the subject property? Is the interior more upgraded? Does one property have a garage and the subject does not?
4.) Create Your CMA Report
After you’ve adjusted this information, you will click create CMA report and RPR will generate all this information in a beautiful presentation that you can either email or print to give to your client.
Next, you’ll be given the following options to generate which report best fits your client’s needs. The screen should look like the photo to the right. Then you can download this report by clicking “run report”. Here’s an example of what the first page of your report would look like below.
The point of this tool is to go above and beyond to show your client that they are in good hands. The reports you send to your clients should be as professional as you are! Let us know if this is helpful and check back to the Career Corner for other RPR tool break downs.
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