TECHNOLOGY
Coupled with strong market knowledge,
a keen REALTOR® knows
that employing certain tools in the
comp analysis process can help
land on the right price, right out of the gate,
especially when it comes to determining
value based on improvements made to the
property and its condition.
Here, Realtors Property Resource (a data
based platform provided by NAR as a free
member benefit) shares four tools that will
help an agent refine the value of a property;
use the platform’s flexible comp analysis
tool; create a Sales Comparative Analysis
and Valuation Workbook for harder-to-price
properties; and run a real-time analysis for
investment properties.
1 REFINE VALUE TOOL
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 three ways
to refine the value of a property using RPR.
Start by adjusting/confirming basic facts
about the property. Select Apply to see adjusted
value updates and refined changes.
Make a mistake? Choose Restore Original
and the property’s basic facts will revert to
the initial settings.
Note that you are revising an estimate
based on public record data, not listing
data. If a property displays no data or a zero
for fields such as living area, entering data
will not produce a change in value because
there is no baseline available to refine.
Refine value: improvements made
Every homeowner wants to know the
return on investment for home improvements.
Here, savvy agents will tap into
RPR’s Refine Value Tool. With up to 30
predefined home improvements to
choose from, the tool accurately calculates
the depreciated value of home improvements.
The tool also enables users
to refine a home’s value by confirming/
adjusting basic facts about the property,
as well as other factors such as an assessment
of local market conditions, the
interior and exterior of the home’s condition,
lot size, view, privacy, and more.
Refine value: needed improvements
This tool will subtract costs of needed
improvements from the refined value
of a home. It is useful when helping
homeowners to consider the monetary
effect necessary repairs will have on the
property’s value.
Refine value: other home improvement
depreciated
When there is no available choice for
a home improvement through the
drop-down menu, and the user chooses
“other,” RPR will depreciate the item over
a 20-year period. Also, the description
field for the “other” category has been
expanded to include up to 200 characters.
On The Mark
Four tools for spot-on property pricing that hits the “sold” bullseye
16 Orlando REALTOR® September/October 2018
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