Another tool for valuing property in recent years is the Realtor Property Resource (RPR). This is a product developed by the National Association of Realtors, and it delivers an automated valuation of properties by pulling data from the MLS.
This tool is available to many Realtors nationwide, but not all, as it requires each MLS to participate. The RPR system actually provides a number of different reports, including a property report, mini property report, market activity report, neighborhood report, seller’s report, and a valuation workbook.
Most of these reports are fully automated, and can yield an estimated property value that can be surprisingly accurate given that it’s an automated system. These reports will typically include many more “comparable” properties than would be found in a CMA or an appraisal report – which means that the “comparables” used tend to be generally less comparable than those picked by-hand by an appraiser or Realtor, but they are valid data points nevertheless, and give the reader of the report a sense of the bigger picture.
One report that is not fully automated is the “valuation workbook,” which is a very impressive tool. It allows Realtors to build very detailed CMAs, making fine adjustments to the comparable properties to show the report reader how the report author accounted for different factors such as age, square footage, lot size, bedroom count, and the like when calculating the value of the “subject” property.
The RPR reports will also include a lot of market data which homeowners will find useful, including the median estimated value in the area, median list price of homes in the area, number of homes recently sold, listed, pending, “distressed” sales, price-per-bedroom of homes sold, etc. The information is sliced-and-diced a number of different ways, which gives homeowners a different perspective on how to look at the current market.
These reports are not directly available to consumers, and can only be obtained from a member of the National Association of Realtors. If you are working with a Realtor, ask your Realtor to provide you with a copy of the Seller’s Report from Realtor Property Resource.