module 4 / the search-showing-selecting process
REALTORS Property Resource® NAR also has a tool to help you find properties. REALTORS® can tap into a unique decision- making tool to help buyers make informed choices and narrow the property search. Realtors Property Resource® (RPR®) is a member benefit, which means it is already included in the dues you pay to the National Association of REALTORS®. What can RPR® do for you? Consider this: you receive a text message from a client who says, “I saw there was a home for sale at 123 Maple Street. Can I see that one?” You respond by using your computer or phone to search the home’s address, which you use to download the RPR® Property Report, Mini Property Report, or Neighborhood Report. Each of these contains a wealth of public information such as sales and financing history, square footage, lot size, and more. In other words, you can present the buyer with facts about the property on-the-spot, and if they are interested, you can call the seller immediately to schedule a viewing. RPR® aggregates recent and current sales to calculate an estimated value for the property—this can indicate if it is over or underpriced compared to similar properties. The RPR® reports can be viewed online and can be downloaded. You can generate a full- color report that includes your contact information and brand within minutes to email or present in person to your client. The seller may be eager or hesitant to talk to you. Take your cues from their tone. If appropriate, you can follow-up with the seller to learn the asking price and arrange a viewing. You will also want to inquire if the seller is already working with other REALTORS®. Discuss what commission, if any, they are offering. Confirm whether the price they are quoting includes the commission. However, if your buyer is compensating you, such as through a flat fee, don’t make compensation an issue with the seller; if the seller asks if you expect a commission, you can state that the buyer will compensate you. Searching FSBO Opportunities Despite the difficulties of selling on their own, 8% of home sellers choose the For Sale by Owner (FSBO) route.8 Most do so to avoid paying the listing broker’s commission. Although FSBO sellers report difficulties attracting buyers as well as getting the price right, 46% did nothing to actively market their homes as of 2018. In addition, FSBO houses sold for more than $75,000 less than agent-assisted homes. Can you see how these factors might create an opportunity for you as a buyer’s representative? If your buyer-client is interested in a FSBO property, the first hurdle is making productive contact with the seller. Here’s how you can do it: During your first contact, take a few minutes to build rapport with the seller and ask if they are open to working with a buyer’s representative. If they say yes, inform the seller that you are a real estate agent with [insert company name], and that you have a qualified buyer— not a casual browser—who is interested in the home. Assure the seller that you are not looking to list the home.
8. NAR Quick Real Estate Statistics, November 11, 2020
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