RPR promises to be a powerful national database of 140 million property records, both residential and commercial intended become the most superior resource for all real estate matters.
According to the NAR, the system will provide 265 million residential and commercial assessments, sales and mortgage records which will be updated more than 650,000 times each month. Additionally, it will include all the on-market and off-market data from MLS's, including photos, virtual tours and notes by individual agents to create the most accurate source of real estate data in the country.
Distressed Property: Plans are to include 850,000 distressed property records, complete with address, owner and mortgage information and updated monthly.
Schools: Also available will be information on 125,000 public and private elementary, middle and high schools, along with detailed data and parent reviews.
Neighborhood demographic data will detail more than 700,000 communities and feature psychographic data, i.e., consumer spending and consumption habits.
The Realtor Valuation Model is touting 90% accuracy using MLS data, which should be much better than Zillow's use of public records in its estimates, which is often very inaccurate, especially in a small and diverse market like Santa Fe.
Other features to be part of the system are:
- Real time saerches.
- Mapping tools with side-by-side comparisons.
- User-generated data changes.
- Personalized profile management.
- A library of customizable reports.
- Extensive help with live chat and a knowledge database.
- News features and marketing reports.
- A database for market analytics.
There is quite a bit of discussion in the real estate community as to whether RPR will compete with local MLS's and what impact it may have on companies like Zillow. But, if it presents as much accurate data as it claims, Realtors will have more valuable information to share with clients who, ultimately, should benefit from this.
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