A recent client of Penny Brockway’s wanted to list her home for $189,000.
Brockway, a Realtor® in Texas, used the Realtor Valuation Model® from Realtors Property Resource®, a National Association of Realtors® resource, which provided a range, showing that the home could be listed for as much as $227,000, nearly $40,000 more than the owner thought. RPR® is available to all PAR members as part of your NAR membership.
“Some AVMs are not telling the whole story,” Brockway said. “There are so many real estate websites. They give you a random number that may not be accurate. In RPR®, you can get a specific range. It doesn’t just take a house and compare it to a house a mile away that’s different. In RPR®, it compares similar criteria. When I started using RPR®, I loved it.”
Brockway said her client didn’t think her house was worth that much. However, she showed her the report, the client realized she could probably get more than she had originally thought. “My client didn’t think her house could go on the market for that cost, and I had to sit down and show her that it was worth more,” Brockway said.
It even works the other way, she said. If a client wants to list higher, she creates a report and shows why the house isn’t worth as much as the homeowner thinks.
“I don’t think there is a time that I don’t use it when I’m about to list or sell a house. There are so many great features about it. If I am going to list someone’s house, I can use it to refine value if they do updates or renovations. If they spent $20,000 on their kitchen remodel, it will show how much it increased the value.”
“It’s just a great tool, it tells you so much,” added Brockway. “It’s great to have a range of prices to offer your client.”