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Bet The Farm

Tuesday, November 7, 2017  
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Orlando REALTOR® | November/December 2017

The tools in Realtors Property Resource contribute to the certain success of your farming strategy

Realtors Property Resource, a data platform offered as a free member benefit to all REALTORS®, provides a streamlined, single source of info and reports that fulfill every aspect of a successful farming campaign. Here’s five steps for creating a neighborhood farming strategy utilizing the resources within RPR:

Create a customized farm area using RPR search tools and maps

RPR search and map tools provide a start-to-finish approach to identifying and then researching your farm area. No guesswork required; no need to pull from multiple sites to cross-populate your data. Beginning with RPR maps, you’ll use a ZIP code to map neighborhood boundaries or draw a customized target area based on market expertise and preferences.

RPR’s heat maps will also reveal whether values in your farm area are increasing or decreasing over time, as well as the 12-month change in estimated values, list vs. sales price, the density of distressed properties, and more.

Calculate the marketability of your target zone

You’ve chosen a potential farm area using RPR maps. Now, turn to the data within RPR to determine its turnover rate, a.k.a., how often homes are selling in your targeted area. According to the National Association of Home Builders, the average homeowner plans to move every 13 years, with younger first-time homebuyers relocating slightly more frequently. In general, you want to select a farm area with a turnover rate around 7 to 8 percent. (An interactive worksheet available on the RPR website will auto-calculate your area’s turnover rate.)

Converse with homeowners using RPR Mobile

RPR Mobile™ is an app for use when walking your neighborhood. With your phone or tablet in hand, the app quickly displays each home in your farm area and relevant facts you’ll need to take your interaction from introduction to conversation to, possibly, a commitment. Info on each home provided by the app (among hundreds of other data sets) include:

  • Owner’s name;
  • Home’s status;
  • Property’s details;
  • Estimated values and sold price;
  • Distressed information; and
  • Mortgage history.

The home data provided by RPR Mobile™ can be utilized as an icebreaker as you’re getting to know homeowners while canvassing neighborhoods: Offer a comp analysis and estimate based on RPR’s valuation model!

Convey your value to FSBOs With more than 35 percent of FSBO sellers opting to use yard signs as their primary source of marketing, canvassing agents using RPR’s vast repository of public records can instantly pull up data needed to spark a conversation:

  • Homeowner contact information;
  • Mortgage and tax information;
  • Distressed data;
  • The property’s physical characteristics; and more.

With the RPR app at hand, ask the homeowners how they arrived at their list price, and whether they’d like to compare that value with RPR’s valuation model. Offer to provide a property report, neighborhood report, or comparative market analysis right from your phone.

Cultivate brand awareness with reports that pique homeowner interest

Most homeowners you encounter while canvassing will want a takeaway. Bring all of your farming efforts full circle by letting homeowners know you have a full arsenal of customized reports at your instant disposal.

Right there at the curb, offer to e-mail or text a property report or market activity report, which provides changes in actives, pendings, solds, expireds, and distresseds (including recent price changes). Neighborhood and school reports are also popular, as are comparative analysis and seller’s reports. Here’s where you can even take the opportunity to let your prospective clients know that you have the ability to refine the value of their home based on improvements made.

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