RPR's Data Partners: Your Secret Weapon in Commercial Real Estate
RPR (Realtors Property Resource) offers commercial real estate practitioners a wealth of listing and property data, plus access to an array of analytical and ROI-focused tools.
With over 800K listings, 57 million off-market property records, site selection tools, consumer demographic research, trade area data, traffic counts, POIs (points of interest) and more, RPR Commercial is basically a one-stop-shop for all things CRE.
However, one question we hear over and over is: where does RPR get all of this commercial data and information? As an aggregator of data and resources, RPR is the ultimate commercial hub for REALTORS® to conduct commercial real estate business.
In this article, we'll present our impressive list of commercial partners by what category they fall under and how our partnership can help you in your daily commercial duties.
RPR Commercial partnerships can help power your business
RPR has collabs, partnerships and affiliations with some of the biggest names in commercial real estate. Here's a list, by category:
For Sale/For Lease Data Partners
Brevitas: Brevitas is a national commercial listing platform that is integrated into RPR. Their real estate marketplace provides REALTORS® a turn-key marketing solution and an instant competitive edge by offering a robust collection of property search and marketing tools.
CREXi: CREXi offers a database of commercial listings, including more than 48 million property records. It also provides RPR with daily updated data, which helps commercial real estate professionals quickly manage deals and close them faster.
TotalCommercial: TotalCommercial.com has been providing commercial real estate listing information online since 1995. TotalCommercial.com shares its listing information through RPR to offer REALTORS® more listings and more property research resources.
Land Broker MLS: LandBrokerMLS.com was formed in 2018 by real estate brokers and agents to assist rural real estate professionals in their ability to view land listings. LandBrokerMLS contributes listing data to RPR's commercial platform.
Biproxi: Biproxi's new public marketplace is called Officespace.com and it provides powerful listing capabilities for "for sale" and "for lease" properties. Biproxi's Officespace.com provides listing information for RPR's commercial real estate users.
Catylist: Moody's Analytics Catylist offers a commercial property listing and marketing solution to numerous REALTOR® associations and CIEs (Commercial Information Exchanges). It helps RPR receive licensed commercial listing content from many markets across the country.
CompStak: CompStak is a nationwide crowdsourced commercial comp database that offers RPR users to receive 500 free credits to search and share commercial comparables. Get started by clicking on the CompStak logo in the Additional Resources section of any RPR commercial property page.
Officespace.com: See BiProxi above.
ICSC: ICSC, The International Council of Shopping Centers, has a special agreement with RPR to offer retail and commercial real estate data, which contributes significant insight relevant to the shopping center industry and broader commercial sectors.
Off-Market Properties
Black Knight: Black Knight is the backbone of RPR property data. It provides RPR users with quick access to public records including tax details, zoning, ownership information down to the corporate level, and much more, including Assessment and Recorder datasets.
Site Selection Data
Esri: Esri is RPR's main source of consumer data. It supplies RPR with economic, demographic, and spending data, as well as tapestry segment profiles. This particular data fuels RPR analytical tools such as Trade Area Reports and Site Selection Analysis.
Financial Analysis
Valuate: Valuate® is a web-based financial analysis and marketing tool for the purchase and sale of commercial and residential investment properties. From RPR, users can easily access the platform to perform real-time, interactive ROI analyses in a collaborative work environment.
Traffic Counts
Kalibrate: Kalibrate powers the traffic counts found on RPR's commercial maps. They provide this data quarterly from various sources, including governments, transportation departments, and Kalibrate's own field verifications.
Tenant Data
SMR Research: SMR works with RPR to provide a proprietary database of 25 million U.S. companies, schools, and other institutions for commercial property insights, and the data is updated quarterly.
ClimateRisk Assessment and Mitigation
Climate Check: ClimateCheck®, available in the RPR "Additional Resources" section, offers an assessment of a property's climate risk. It will rate a property's future risk of climate change-related hazards and assign a rating from 1 to 100, with 100 representing the highest risk.
Risk Factor: Also available in the RPR "Additional Resources," Risk Factor provides climate and environmental risk data for real estate properties, helping REALTORS® understand and communicate potential risks related to climate change.
Existing Businesses (POIs – Points of Interest)
Data Axle: Known for its robust business databases, Data Axle provides detailed company profiles and other commercial real estate-related data to enhance the commercial offerings on RPR.
Esri: Supplies RPR with economic, demographic, and spending data, as well as tapestry segment profiles.
RPR: Commercial listings, data and tools–all under one roof
As you can see, RPR brings a vast amount of commercial resources and data and puts them all in one place so you can search listings, conduct research and tap into resources that help your clients make data-backed decisions. And if you're a REALTOR®, there's no extra charge to use as part of your membership in The National Association of REALTORS®.
However, if our impressive list of commercial partnerships doesn't convince you, listen to what Dave Ferro, Managing Broker and Vice President of Watson Realty Corp in Gainesville, Florida, has to say about RPR Commercial: "I go to RPR Commercial to save time and simplify. That perfectly sums it up for me. I don't have to go to each individual's website for listing info. I can see all my properties and deals in one location. It's such a great place to search, every commercial agent should try it."
To view the original article, visit the RPR blog.
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RPR's Data-Driven Revolution: Shaping the Future of Commercial Real Estate Decision Making
In the digital era, data is king. And in the world of commercial real estate, this trend is particularly pronounced.
As the sector becomes increasingly data-driven, commercial real estate pros need to be able to collect, analyze and interpret data in order to make informed decisions. This means being able to use data to identify trends and assess risk. It also adds to making strategic decisions about where to invest, how to manage properties, and how to market properties.
The Current State of Data Use in Commercial Real Estate
Today, commercial real estate pros are leveraging RPR's rich data offerings to enhance their decision-making processes. By providing access to over 800,000 listings and 57 million off-market properties, RPR empowers REALTORS® to conduct comprehensive property searches, analyze potential investment opportunities, and make well-informed decisions.
For example, RPR's demographic and economic data can be used to identify areas with high consumer spending or high population growth-factors that are crucial when determining the ideal location for a new business.
A perfect example of this is a case where a REALTOR® from Texas used RPR's Commercial Site Selection tool to find the perfect location for a trendy cookie bakery. By leveraging RPR's extensive data, including demographics, traffic patterns, and points of interest, the REALTOR® was able to find a location that was a perfect fit for the bakery's target audience. This is a prime example of how RPR's data-driven tools can guide commercial practitioners in making informed decisions for their clients.
The Impact of Data on Decision Making
RPR's platform includes advanced mapping features, such as Points of Interest, traffic counts, and data layers. These tools enable REALTORS® to conduct a more detailed analysis of potential locations, taking into account factors that may influence a property's desirability and value. For example, traffic counts can provide insights into a location's visibility and accessibility, while data layers can offer a deeper understanding of the surrounding area's demographics, infrastructure and environmental factors.
The Future of Data-Driven Decision-Making in Commercial Real Estate
Looking ahead, the role of data in commercial real estate decision-making is set to become even more significant. Advancements in technologies such as artificial intelligence and machine learning could enable more complex data analyses and predictions. This could lead to a better understanding of market trends and a more accurate prediction of future property values.
Moreover, the future could also see more personalized insights. Using RPR, practitioners could offer tailored property recommendations to clients based on their specific needs and preferences, enhancing the customer experience.
The Role of RPR in Shaping this Future
RPR is well-positioned to lead the commercial real estate industry into this data-driven future. With its commitment to providing comprehensive and accurate data, and its ongoing efforts to integrate advanced technologies into its platform, RPR is at the forefront of this revolution.
Furthermore, RPR's user-friendly interface and easy-to-use tools make its wealth of data accessible to all, regardless of their level of technical expertise. This democratization of data is a critical step towards a future where all commercial real estate decisions are data-driven.
Data-driven decision-making is transforming the commercial real estate industry, improving accuracy, reducing risk and uncovering hidden opportunities. As the sector navigates the complexities of the digital age, the importance of platforms like RPR cannot be overstated. By providing comprehensive, accurate, and accessible data, RPR is not just keeping pace with the industry's evolving needs, but is actively shaping the future of commercial real estate.
To view the original article, visit the RPR blog.
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Discover How to Unearth Tenant Data with RPR Commercial
Are you a commercial practitioner looking to find the perfect property for your clients? Do you want accurate and up-to-date tenant data to make sure the building is a good fit for their needs?
Detailed tenant data is available within RPR, provided by SMR Research, to help you understand the best fit for your clients.
To access it, simply visit the Property Details page of a property. You will see the tenants of the commercial property, as well as detailed data about those tenants, including tenant name, contact person, phone number, suite number, move-in date, type of business and business start date.
RPR Commercial: the data you need to get deals done
You also have the flexibility to edit, add or print tenant data. So, if you have any additional tenant information you would like to record for your own use, you can now do so with ease.
Don’t waste time trying to dig through commercial property data! Get detailed tenant information with ease and make sure you have the best chance of finding the perfect fit for your clients. Visit the details page of commercial property now to access this data!
To view the original article, visit the RPR blog.
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Multi-Family Prospecting in RPR Commercial
Last month, we showed you how to access and run a BOTE (back of the envelope) investment analysis for multi-housing opportunities. Here's the article: Multi-Family ROI Analysis in RPR Commercial.
This time, we're going to dive a little deeper and learn how to prospect for multi-family clients in RPR (Realtors Property Resource).
Let's take a look at what multi-family home investing is and isn't, and why it's a smart angle for commercial real estate investors, especially first timers.
Multi-family property primer
Multi-family properties are usually apartment or condo buildings that consist of five or more units. (A multi-family building that is two to four units is considered a residential multi-family, although the terms are quite often used interchangeably.)
Other types of multi-family buildings include those that combine residential units with commercial spaces, such as offices, retail and dining establishments. Some low income housing and 55 and older housing also meet the criteria for multi-family buildings.
Why should clients invest in multi-family?
As far as commercial real estate investing goes, multi-family properties offer some clear advantages:
A good way to grow passive income: Generating additional income does require some initial capital (it takes money to make money!), but let's assume for argument's sake that your client has some money to invest. You help them find a four unit building that costs 1M, but your client has the 25% to put down (typical lender requirement) to buy the building. Of course, there are several expenses to factor in (property taxes, upkeep, repairs, property manager fees, etc.) But at the end of the day, after paying the monthly loan balance and accounting for the expenses, your client ends up receiving $3,000 per month in passive income. That's income for not doing much, and where the "passive" part comes in. It takes some work and money to get there obviously, but the tenants are basically paying their loan, their costs and putting dough in their pocket every month. And the building grows in value, giving your investors equity and less principal to pay off.
Stability in market fluctuations: Another great thing about focusing on multi-family properties is the market is generally more stable than single-family homes. It's not as impacted by ups and downs in the economy.
Scale your income and use your leverage: As mentioned, when your tenants pay down their loan balance, they gain equity. As owners, they can tap into this equity for other investments, or decide to renovate their current multi-family property. Then they can charge more for rent, and pocket more monthly money. This is called leverage and helps commercial investors grow their assets.
Multi-family assets are relatively stable: On a national level, apartment and condo buildings are solid streams of income. While rents certainly can fluctuate, they mostly just go up or hold steady in price. Multi-family investments aren't subject to the pains associated with retail and office spaces, most recently felt (and still going on) from the pandemic.
Take a guided tour of RPR's multi-family prospecting feature
As you can see, multi-family properties offer a slew of advantages for the right client/investor. Now, you just have to figure out where those buildings are, who owns them, and how to reach them. That's where RPR Commercial and our multi-family prospecting guided tour come in!
In the RPR website, there are all different kinds of "Shortcuts" or guided tours that walk you through features of the platform. From the home page, you can click a button and learn how to:
Prospect for Clients
Search using a Map
Create a Report
Investor Analysis
Opportunity Zones
Create a CMA
Tour Homepage
And when it comes to multi-family prospecting, we've got you covered. Simply click into this link and follow the steps. You should see:
Follow the wizard and make your way through the journey. The magenta colored boxes will tell you exactly what to do.
You'll need some information, including addresses and ZIP codes for area searches to find target properties, that you'll be directed to type in as you progress through the tour.
In the last step, with the RPR Mailing Labels feature, you'll be able to create a list of all the properties in your search area that fit within your search criteria. You can then export this information into a CSV (Comma-Separated Values) file.
Your multi-family prospecting cheat sheet is here
This file is your prospecting cheat sheet! With it, you have the street address of the property, the owner's or owners' name, the tax address (which is often the owner's mailing address), the city, state, and whether or not the person is on a "Do not mail" list.
You can now pinpoint potential multi-family property owners for your investment clients! You can look for properties that are in distress, you can find ones that have gained significant equity and the owners might be ripe to sell, or buildings in a particular neighborhood or area that you know is ready for growth opportunities.
And you can send them marketing mailing pieces to gauge their interest: try postcards, flyers, personal letters, or run property reports and send them in a big envelope to stand out from the rest of the clutter. You might even be able to track down a contact number with their name and address information.
Use RPR Commercial and our guided tour to get your hands on a multi-family prospecting cheat sheet today.
To view the original article, visit the RPR blog.
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Using RPR Site Selection Tools to Help Businesses Find Their Target Audience
In our previous article, "Tap Into Big Data with RPR and Esri Tapestry Segmentation," we demonstrated how commercial practitioners can utilize Consumer Tapestry Segmentation data in RPR (Realtors Property Resource®) for research purposes and how it can provide support for their recommendations and client guidance.
This time around, we're going to dig a little deeper and illustrate how Tapestry Segmentation plays an essential role in finding the right target audience by incorporating a household's interests and characteristics into the analysis. Unlike age and income, Tapestry Segmentation takes into account the relationships between these characteristics. It provides a more comprehensive view of a household's housing choices, consumption preferences, and decision-making tendencies.
Most importantly, using RPR's Site Selection tool with Esri's Tapestry Segmentation, REALTORS® can analyze demographic data and focus on the attributes and behaviors that lead to a successful business location.
How Does Tapestry Segmentation Help?
Despite age and income being important to the demographic profile of an area, looking at these factors separately doesn't reveal any underlying relationships. But experience has shown households with similar interests and characteristics tend to make the same decisions.
Let's look at how those interests and characteristics can be included by using Tapestry Segmentation data found within RPR's Site Selection analysis.
In the two examples below, Household "A" and Household "B" appear quite similar. The average household income and ages between both households are practically the same.
If the goal is to find new areas of expansion with specific types of consumer households, "A" and "B" appear to have equal demographics and spending power potential. However, once Tapestry is included in the analysis, a different story is revealed:
Both neighborhoods contain distinct consumer markets, but "A" and "B" are very different types of households. They also display different housing choices and consumption preferences. Households in neighborhood "A" are classified as Metro Renters, while neighborhood "B" is classified as Up and Coming Families.
Use RPR and Esri to drill down into Tapestry Segments to find the best targets
As you can see, the income and ages of these households are closely aligned, but by adding the Tapestry Segment, a more focused picture comes to light. The name itself is a huge indicator and drilling down into the descriptions of these groups really helps solidify the context.
For example, if your client is looking for a neighborhood or community to open a toddler-focused fitness and fun center (think My Gym), your main objective is to find young families. On the surface, Metro Renters and Up and Coming Families are very alike, but scratch just a bit in the Tapestry, and it's obvious that there are stark differences.
Metro Renters are mostly young, single professionals who live in a big city. Up and Coming Families live in the suburbs, are in their early 30s, and most importantly, have young children. Of course, this doesn't mean that ALL Metro Renters don't have young children. It's simply a grouping that represents the majority of that demographic.
The main takeaway here is to do your preliminary research ahead of time, use some common sense, and be sure to do your homework on each specific Tapestry Segment to ensure you're focusing on the most lucrative targets for a business.
What is the best way to determine which consumer attributes are most important to a business?
To figure out which consumer attributes are the most critical, the best place to start is with market research, which can include both primary and secondary research:
Primary research can include surveys, focus groups, interviews, and other means of collecting data on consumer preferences, attitudes and behaviors.
Secondary research can include analyzing publicaly available data such as market reports, census data and consumer spending habits. This data can then be used to identify consumer attributes that are most important to a business's specific product or service.
See RPR's Site Selection tool in action
For a run down and a video walkthrough of RPR's Site Selection tool, check out this article: How to Perform a Proper Commercial Site Selection in RPR.
It's a smart way to show your clients not just who you are recommending, but why. You're not simply going after income and age; you're targeting specific attributes and behaviors that can lead to a successful business site.
To view the original article, visit the RPR blog.
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RPR Integrates with CompStak to Deliver a Deal-Making Commercial Tool
RPR (Realtors Property Resource) is excited to announce that we're now offering our users another nifty tool in their commercial tool belt. In an effort to provide commercial agents with more of what they need to succeed, we are pleased to welcome CompStak as a new partner.
CompStak is a national commercial data platform that puts valuable CRE intel into commercial practitioners' hands. CompStak offers commercial brokers, agents and appraisers access to commercial property comps. This is achieved through an information exchange which gathers and quality checks lease and sales comps from real world commercial professionals in the field.
CompStak's free database provides millions of vetted, granular comps with no fees or contracts. This collaborative effort can save agents time and assist commercial specialists in getting more deals done.
RPR welcomes CompStak to your tech stack
Through RPR, REALTORS® can now access the CompStak Exchange, an analyst-reviewed comp data and analytics platform for no additional cost. CompStak can be located with just a click in RPR's Additional Resource section, which is found on every RPR commercial property.
At its core, the system operates on agents sharing comps with each other and using/gaining credits. This "crowdsourcing" approach fosters use and collaboration amongst its users. REALTORS® will have access to 500 promotional credits which allows them to try out the product and to discover timely comps in their respective markets. REALTORS® can upload their own comps to earn additional credits.
Access to CompStak is now available to all REALTORS®, REALTOR-ASSOCIATES®, and Institute Affiliate Members.
Here's how to access CompStak in RPR
1. Claim your free account by linking from a commercial property in RPR. The CompStak logo will be displayed in the Additional Resources section.
2. A window will display stating you are leaving RPR for a partnered site.
3. After creating your account, access to the CompStak database will be granted, complete with 500 preloaded credits provided through this partnership.
4. Additional credits may be earned by uploading your own comps.
Get Commercial comps in RPR
RPR Commercial has been focused on being simple, succinct and the place to start a commercial property search. This new data integration goes a long way in supporting this commitment.
If you're an RPR Commercial user, you're encouraged to try out CompStak for quick access to accurate and transparent data. It certainly has the potential to provide REALTORS® with a competitive edge and can lead to better, faster deals.
Check out our blog Knowledge Base for even more details on CompStak and how this new commercial product integration works within RPR.
To view the original article, visit the RPR blog.
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Tap into RPR Commercial to Land More Closed Deals
A member of RPR's Industry Relations team recently had an interesting conversation with a Realtor at the Realtors Land Institute National Conference.
Stephen J. B. Davis spoke with our RPR rep about how much he loves RPR (Realtors Property Resource) and that he uses it quite frequently for recreational and agricultural land deals. But here's the twist! He utilizes RPR Commercial to get those deals done.
Using the commercial mode of RPR to get the ball rolling on recreational and agricultural land projects is a unique approach, for sure. We set out to speak with Stephen one-on-one to hear more about his RPR usage.
Hi Stephen, how long have you been a REALTOR® and what area do you specialize in?
I got my license towards the end of 2018, so about three and half years. And apart from practicing residential real estate, I also specialize in land.
Tell me about how you got started using RPR.
Well, I first started using RPR to get up to speed and to be informed about my area. I work in Kentucky, yet I'm not actually from here. And for some people, they simply don't want to work with a non-lifelong resident. So, as a transplant, I use RPR because it's really simple for getting solid info on a particular area. It's just so easy to get super specific data! Right down to the zip code and neighborhood level. I'm not an eighth generation Kentuckian, which is important here, but with RPR, it looks like I've been here for a while.
Good point, almost like a relocation specialist learning about neighborhoods through RPR.
Exactly. RPR gives me quick reliability for my clients. The market updates, they really make me look smart. What's the tag line, "Wow your clients and close more deals"?! That's me! I love using the tools at my disposal. You don't become excellent on accident! That's an idea I really believe in, and I use RPR to fulfill that.
Explain how you use RPR Commercial in your land business?
Land wise, I use it for hard data on comps. Land isn't centralized. It's so much more spread out and it's not on Zillow or realtor.com. With RPR access, I'm able to bypass gatekeepers on certain MLSs, ones where there's a paywall, where I don't have access. But I can go on RPR and figure what has sold in the last six months, year, two years. It's a great starting point. It's invaluable.
So you use RPR Commercial to check on sales data and comps for land purchases?
Well, I first started using RPR to get up to speed and to be informed about my area. I work in Kentucky, yet I'm not actually from here. And for some people, they simply don't want to work with a non-lifelong resident. So, as a transplant, I use RPR because it's really simple for getting solid info on a particular area. It's just so easy to get super specific data! Right down to the zip code and neighborhood level. I'm not an eighth generation Kentuckian, which is important here, but with RPR, it looks like I've been here for a while.
What are some of your favorite, "go-to" features of RPR?
I mostly use it for sales data, as a way to compare similar properties. I choose property types to see what has sold in the last few years. And then I might double check with another platform to see if it's there as well. Just to verify, I use as many sources and resources as possible. I also use the commercial side for sales records, actually sold, and how does that land use fit for what I'm trying to compare it to. And I use it for all of my listings appointments.
Any stories about how you've used RPR to "wow" a client?
Sure, all the time I hear clients say, "Oh wow, you have that? Where'd you get that?" But what's even better, is when I "wow" people in my own office! They say, "How do you know so much?" (laughs) I say, "It's from using RPR." I wonder why everyone in my association and MLS aren't using it. You've got to use it! RPR is one of the best things that NAR offers its members. It's fairly simple to use, but you know, I don't tell my clients that. I want them to think that I spent hours finding them this great data.
Great advice, Stephen! We love hearing about the creative and resourceful ways our users are applying RPR to their business successes.
If you want to see how you can use RPR when it comes to locating and prospecting land, check out our on-demand webinar: Looking for Land in all the Right Places.
And remember: you don't become excellent on accident!
To view the original article, visit the RPR blog.
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RPR Commercial: Trade Area Reports
If you're a commercial real estate practitioner, you need as many commercial tools in your tool belt as possible. That's because your clients look to and lean on you for expert recommendations and guidance.
For the best tools, look no further than RPR (Realtors Property Resource). This digital platform, provided by the National Association of REALTORS®, offers a wide range of commercial data-based tools, analysis capabilities and reports.
This includes the ability to run a trade area analysis and create Trade Area Reports. These reports allow you to deliver a summary of the demographics, economics and data tapestry segments for a defined area. A breakdown of a community and its residents' characteristics and spending habits are also explained in great detail.
Of course, this type of information is crucial when advising your commercial clients on where to set up shop or renovate an existing property.
Before we dive in on how to run Trade Area Reports in RPR, here's a quick primer on exactly what a trade area is and how it can help you (and your clients) make better commercial real estate decisions.
Trade Area 101
Straight to the point, a trade area is a defined geographic area which generates the majority of its customers. Figuring out the size and scope of a trade area is a vital piece of the puzzle, because these boundaries help determine how we can measure the number of possible customers, their demographics, and their spending power. Knowing a community's customer base allows commercial agents and RPR users to approximate how much demand there is (or will be) for stores and services.
This basically means: how many people (shoppers) are in a given area and how much do they spend on products and services? Knowing this data goes a long way in determining whether your clients' business is a good fit for success and growth.
Contributing Trade Area Factors
Many factors go into determining trade areas, especially when you're trying to map out convenience versus destination shopping habits. Some things to consider:
Population size: The bigger the community, the bigger the trade area.
Nearby competitors: The cutoff point where customers are drawn to a competing area.
Destinations: Big box stores or discount department stores usually attract customers from a long distance.
Business mix: A cluster of popular businesses tends to pull customers from a distance.
Large employers: A business with lots of daytime employees means lots of lunch, snack and beverage dollars being spent.
Traffic: High traffic areas, either by foot or by vehicles, typically have an impact on visitors and sales.
Trade Area Report How-to
Now that we know what factors go into defining a trade area, we can use the RPR Commercial Map to select an area and extract the data.
For example, let's say you have a client who is looking to open a new boba/bubble tea retail shop, and they have a general idea (neighborhood, ZIP code, town) of where they want to open their location.
With an RPR Trade Area Report, you can scope out the area in a map, define the trade area, and see if this area is indeed a smart choice.
Here's a quick and easy "how-to" to get you started:
Start by going to narrpr.com, and then toggle to "Commercial." Put in an address, ZIP code, town name, etc. in the search bar, and hit "search" (the little magnifying glass icon).
Next you'll be presented with a map view of the area. Click on the "Draw" icon (it's a pencil to the right), and choose a way to set your boundaries. Start with radius, it's the easiest.
Click "search this area," then click "Create a Report," in the upper right navigation. Next step is to click "Run Report" and follow the prompts.
Look at all that wonderful consumer profile data! Now's the time for you to crunch the numbers and review all the statistics and determine how right an area is for your client to open up their store.
Trade Area Wrap
RPR Trade Area Reports are packed with up-to-date consumer data, they look polished and professional, and they're ready to send off to your clients in seconds.
For a more in-depth look at RPR Trade Area Reports and analysis, check out this article: Commercial Trade Area Details, which includes a short video tutorial.
To view the original article, visit the RPR blog.
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How to Be a Successful Commercial Real Estate Agent
Commercial real estate is concerned with the buying or renting of properties used for business purposes. This includes office buildings, retail spaces, warehouses, and more. Obviously, marketing these types of properties is very different than marketing residential homes to your average American. So how exactly do you become a successful commercial real estate agent?
Commercial real estate is a whole different ball game than residential real estate. When immersed in the world of commercial real estate, you work with wealthy companies, corporations, or individuals willing to invest a substantial amount of money into their business properties. This leads to higher commission checks, but fewer clients than those in residential real estate. This difference makes the path to being successful in commercial real estate a little different than the path to being successful in residential real estate.
Work with a Reputable Company
Working with a well respected commercial real estate company should be a top priority of yours. The firm you are associated with gives you credibility. Many potential clients will not even return an email or call if you do not have the backing of a well known and respected commercial real estate firm. The name of the company you are associated with may be the number one most influential factor in whether you are successful or not. Working for a reputable company allows you to get your foot in the door and chase some opportunities.
Reliable firms provide security and comfort to potential clients. Therefore, being associated with a reliable firm allows clients to trust you to handle their multi-million dollar investments. Research the commercial real estate firms in the area you have chosen to work. Ensure you get a job with one that has a positive and strong reputation in the area. Working with a reputable firm significantly increases your chances of being successful in this field.
Choose a Thriving Market
A big determinant of your potential profits is the specific market you are working in. If you are not working in a growing and competitive market, it may be time to consider a move. You need to be in a place that has a high potential for client recruitment and increasing profits. Metropolitan or urban areas are the place to be. They often contain thriving commercial real estate markets, with lots of opportunities for success. This is because cities are known for more business activity, higher demand, and higher fees than rural areas.
Specialize
Just like in many other professions, commercial real estate gives you the opportunity to specialize in a division of the field. Specialties are divided by specific markets, such as urban offices or retail spaces.
Specializing is an opportunity you should not miss. Committing to a specialty, and developing an extensive understanding about the specifics of that specialty, will only benefit you. Focusing on a specific market within commercial real estate allows you to become an expert in that market. This allows you to close deals faster and more often.
Focus on Networking
Networking will make or break your business. Having a substantial professional network is how you will achieve success in this industry. You want industry professionals and potential clients of your market to know you and think highly of you. That way, when a deal presents itself, they think of you as the person to call. Having a strong network provides you with the opportunities you need to get ahead in commercial real estate.
Be sure to develop real relationships with the people you intend to network with. Thanks to social media, connecting and fostering relationships with others is easier than ever. Social media can be used in hundreds of different ways to network and connect. Join Facebook groups for commercial real estate agents, learn about local events for industry professionals on LinkedIn, and message people through Instagram. Simply put, the larger your network, the more opportunities you will have to be successful. Constantly work to expand your network in order to eventually become a top producing agent.
Expand Your Skill and Knowledge Set
Most of your clients will be highly educated and successful individuals. They will expect a lot out of their real estate agent so that they can make the best and most informed business decision possible. This means that an understanding of economics, finance, and tax law is extremely beneficial to you in order to best serve your clients. Investing in education courses on these subjects allows you to impress your clients and earn all of their referrals. Constantly expand your knowledge set. Stay dedicated to continuing your education to be as successful as you can be.
Stay diligent on expanding your skill set as well. To do this, you must utilize educational opportunities, such as coaching or courses that allow you to improve your negotiation skills or learn the latest technology in the commercial real estate industry. An extensive skill set only makes you more valuable to both clients and employers.
Succeeding as a Commercial Real Estate Agent
Hopefully, you have picked up a few tips that have enlightened you on how to be successful as a commercial real estate agent. This industry can be very difficult to get started in, but that should not discourage you. Stay committed, and never lose focus of your goals. Take all the educational courses you can, constantly be networking, and improvie upon your specialty. When you put the effort in and learn the craft well, you will discover just how prosperous commercial real estate can be.
To view the original article, visit the Transactly blog.
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Find the Right Commercial Site for Your Clients' Customers
RPR Commercial offers REALTORS access to one million on-market listings, millions of off-market properties for research, and data set after data set to help business owners make informed decisions. So how does all this access and data apply to real world commercial real estate business?
Let's talk a walkthrough in a hypothetical, yet specific scenario: your client wants to open a trendy, beach-themed, women's clothing store in southern California. Here's how you can show her where her customers are, how much they're spending on her product, and why a certain location is the ideal spot for her to open shop.
RPR Commercial Site Selection walkthrough
For the sake of our walkthrough example, we're going to choose a ZIP code in San Clemente, a beach town in southern Orange County, and only a half hour drive from North County San Diego (it's close to where this business owner lives and she's confident that this area perfectly dovetails with her brand).
Here's a step-by-step on how to run a Site Selection analysis in RPR:
1. Go to: narrpr.com and log in
2. To get started, click Research; it's in the upper navigation bar and has a little magnifying glass icon right next to it. Then select Commercial Site Selection from the dropdown menu.
3. You are now on the Commercial Site Selection page. To conduct a broad area search, enter a ZIP code, city, state or county name into the search bar area. You can also find a specific area by using RPR Maps, to the right, by clicking Select area on map. (Note: For our hypothetical example, we are entering "92673," a ZIP code in San Clemente, California.)
4. Now it's time to start finding your client's customers! To do that, we use the Find people using spending and demographic data section. Start by selecting an attribute of your client's target customer. For example, in the first box, choose What They Buy, then a corresponding box will ask you to choose from a list. We're choosing Apparel for our example, then we narrow it down even more by choosing from another list, in this case, Women's Clothing. Click Ok and then move on to our next attribute by clicking the + Add More Criteria. You may choose up to five attributes to help narrow down your desired target.
5. Now choose another attribute; we'll go with Where They Live, then keep moving on by selecting Suburban Periphery, and so forth. It's pretty intuitive and you should get the hang of it easily. Move on and choose Facts and Stats to Income Trends to 2020-2025 Household Income Growth Rate. When you've completed your attributes list, click Run Analysis.
6. The Commercial Analysis results page will now display and give you an overview of the areas that meet your criteria for your customer attributes. On the left side, you'll notice a panel that displays your criteria match on a color-coded map of the area. The darker shading represents the area(s) with the best match. You can always change your geography types here with the dropdown menu; we'll choose Micro Neighborhoods.
7. To learn more about the demographic facts and stats that comprise the "best match" neighborhoods, let's view the Trade Area Details. Selecting one of the dark shaded areas, and choose View Trade Area Details. Now we can review details on income, types of income, ages, traffic counts and also take a demographic look at different types of consumer profiles (Boomburbs, Savvy Suburbanites, etc.) so you can get a sense of who these people are, generally speaking. Click Create Report to get all this information in a Trade Area Report.
8. To search for listings in an area with the best match from a Trade Area Summary page, simply click the View Nearby Listings link. See a property that gets your attention? Click Create Report and create a Property Report.
Pro Tip
You can customize each report and send them to clients via email, text, or even print them out and deliver in person or snail mail. And, you can check and uncheck boxes to include or exclude any page from a report, just click the + (plus sign icon) next to View Sample to trim down/customize any report.
Set your sites on greatness
As you can see, what sounds like it might be quite complicated is actually fairly easy to create. You can use the RPR Commercial Site Selection Tool to give your clients a plethora of demographic and economic information to help them (and you) make thought-out, smart, data-driven decisions to help them find the optimal location for a business.
If you're thirsty for more RPR Commercial content on the site selection tool, including a tutorial video, check out: Commercial Site Selection.
To view the original article, visit the RPR blog.
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REALTOR Uses RPR Commercial to Conduct Business and Break Down Barriers
Charlondra Thompson is a Realtor and Associate Broker with KW Commercial/Keller Williams Urban in Dallas. She started out as a residential agent, but quickly made the transition to the commercial side of real estate because of her business connections and corporate network.
She was introduced to RPR about a year and a half ago through her local and state association, where she was encouraged to take some beginner classes and learn about the available reporting tools. This is where she learned that she can access RPR (through Deep Links) when she logs on to her MLS. "It just pops up!" says Charlondra.
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Use Public Records to Find Commercial Prospects
To be a successful commercial real estate practitioner, you obviously need clients and listings. And you probably get quite a few through repeat and referral business.
However, some signs are pointing to the commercial market tightening up in the near future, which means now might be a great time to brush up on your prospecting skills. Lead generation can play a key role in having a strong year versus a weak one.
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RPR: Collaborating to Bring REALTORS a Pain-Free Commercial Resource
The convenience of a national, one-stop-shop in commercial real estate is complicated to say the least. Bouncing around from website to website and resource to resource just seems to be the norm. The ability to go to one place, for on- and off-market listings, for investment analysis tools and data, never seemed like it could be a reality for commercial practitioners. However, RPR is conducting research with members and collaborating with the strongest commercial real estate partners to make this come true for REALTORS.
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RPR Commercial: 3 Ways to Start 2020 on a High Note
Happy 2020! It's a new year and another opportunity to set goals, reach new heights and have as much success as possible. We kick off the 20s with a "task-solution-process" look at how you can use RPR Commercial to farm for new prospects, run trade area reports to market your properties, and apply investment analysis tools to gauge ROI.
Good luck in the coming year and be sure to incorporate the following tips into your commercial real estate workflow.
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How to Implement RPR into Your Resimercial Business
It's certainly not an official REALTOR designation, but a few years back, a new buzzword surfaced in the real estate industry: "Resimercial." It describes residential agents who dabble in the commercial space, and vice versa.
However, when it comes to applying RPR usage, the term "Resimercial" takes on a whole new meaning. We're talking about residential agents using RPR Commercial to strengthen their business capabilities and commercial specialists who use RPR Residential for the same reason.
Today we'll take a look at how to access RPR Residential and Commercial, and we'll explore how toggling back and forth between the two might benefit you in serving your clients, being more successful, and closing more deals. Let's get to it...
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Introduction to RPR Commercial (5/3)
Tuesday, May 3, 2016 at 1:00 PM PDT
Do you have clients looking for the ultimate location for their business? In just 60 minutes, you'll learn how to create your RPR profile and how the three core functions of RPR Commercial can help you provide all the information your clients demand.
We'll start by searching for and viewing property details.
Then, we'll look at data such as psychographic, demographic and spending information to truly understand the consumers in a given neighborhood.
And finally, we'll look at sales volumes via thematic maps and create an impressive report that summarizes all this amazing data.
For REALTORS® specializing in commercial properties, this class is a must!
Register now!
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Target the Right Consumer Base With Esri Data From RPR
Everyone has heard the highly-acclaimed real estate mantra “location, location, location.” In commercial real estate, this definitely holds, but it does so more because of the people that live in a location than the scenery or amenities surrounding it. Even the most beautiful retail location isn’t guaranteed to be successful for a tenant if his/her target consumer does not live nearby.
So what is a REALTOR® to do? Fortunately, we can easily identify where our client’s ideal consumer base lives through the library of data found within Esri, and accessible via RPR Commercial.
Esri, a forerunner in consumer segmentation for the commercial real estate industry for more than 30 years, operates on the theory that people with similar tastes, lifestyles, and behaviors will seek out others with similar preferences. The system uses multiple data sources to combine the “who” of lifestyle demography with the “where” of local neighborhood geography to create a model of lifestyle segments. This data then helps us understand the target customer’s lifestyle choices, buying habits, and how they spend their free time so that we, in turn, can advise our clients on site selection.
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Crossover to RPR Commercial to address those quirky residential questions (11/11)
Wednesday, November 11, 2015 at 9:00 AM PDT
Ask any residential REALTOR® and they'll tell you there's no one size fits all approach to meeting the needs of clients. Today's agents fill a variety of roles, needing to know not just the neighborhood, but also local economic conditions.
Join us for this trek into the RPR Commercial platform, designed specifically to address the interests of residential REALTORS®.
We will look at three common scenarios:
A client is moving to town and wants you to find them a commercial property and then a nearby home.
A client is looking for a small residential investment property with a specific tenant segment in mind.
A client has a trailing spouse and they are asking you about potential employment opportunities.
Register now!
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Achieving Success With RPR® Commercial
"Value" is a term we've heard often in our series of case studies on real estate success and Realtors Property Resource® (RPR). In our last article, we learned how Portland-based Regional Multiple Listing Services (RMLS) brings value to their members by integrating RPR data into their proprietary MLS system.
Today, we're moving from the Pacific Northwest to Louisiana to learn how RPR adds value to commercial side of real estate. There, the Louisiana Commercial Database (LACDB) is the Commercial Information Exchange (CIE) that provides listing information on commercial properties for sale, exchange, and lease to the entire state.
In 2013, LACDB integrated RPR and ESRI Tapestry consumer segmentation data to assist its members in site selection and the marketing of commercial real estate.
"The integration with RPR gives us the ability to do really creative searches that we wouldn't be able to do with our database alone," says Ken Damann, Director of Information Technology for LACDB. "We're able to do searches to find properties that aren't in the CIE using RPR's psychographic and demographic fields and then cross-reference that data with our inventory."
Damann cites RPR's "integrated public records and access to tapestry data" as two top reasons that LACDB decided to partner with RPR. But the most compelling reason is how RPR gives Realtors access to data that's only available to NAR members. "It really enhances the value proposition of Realtors versus non-Realtors," he says.
Hands-On With RPR® Commercial
Beth Cristina is one Realtor who finds value in RPR's proprietary data in her work as a commercial associate broker in New Orleans. "The maps and In-Depth Analysis tool are my favorite features," she says.
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Product Review: IXACT Contact
Regular readers of RE Technology will no doubt recognize the name IXACT Contact. They're longtime contributors whose articles on marketing and building relationships are consistently among the most popular on our site. After two years of sharing their great content, we thought it was time to write about them for a change.
IXACT Contact is a full-featured real estate contact management solution with robust marketing capabilities. Today, we'll explore how the program can help agents:
Stay organized and in control
Keep in touch with prospects and clients
Strengthen client relationships
Convert leads into clients
Manage their active business
The Basics
Your contacts--and the tools to help you manage them--are at the heart of IXACT Contact, and its interface reflects this. When users first log in to the program, they're greeted by a main workspace flanked by two navigation bars--one that provides quick access to your database of contacts and one that features the tools available to you. Both are present no matter where you are in the program.
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Commercial Real Estate Listings Tips
Commercial real estate. We rarely talk about it, but it's kind of a big deal. It is estimated that commercial real estate in the US is worth approximately $5 trillion. That's a lot of scratch! The NAR Commercial Real Estate Quarterly Market Survey released in July revealed that both sales and leasing activity are on the rise, showing significant improvement from the previous year.
If you're a dedicated commercial real estate agent – or a residential agent thinking about trying something new – here are some commercial real estate listings tips that will help you best advertise your listings, whether you post them on the MLS (and syndicate to portals like PropertyShark and Homes & Land), LoopNet or elsewhere.
The key to commercial real estate listings to be clear and concise, ensuring that you include every asset. Unlike residential real estate, a market in which some agents write creative listing descriptions, this is no place to encourage the reader's imagination to take flight. People have important business criteria to meet when choosing a commercial property for sale or lease so... just the facts, ma'am!
Include accurate details of all structures on the property. Note the square footage, full dimensions, number of bathrooms, etc. Is there dedicated office space, retail space or meeting areas? How about any loading bays or warehouse space?
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Top 10 Articles from August
Putting together this "top 10" list was truly a pleasure. We've had some exceptional content this month. Enjoy these stellar posts from August – and please comment on the articles to share your thoughts!
1) How to Clear Your Browser Cache – by Lone Wolf
How often has this happened to you: you make an update on your website, yet when you go to see the live changes they are not visible? Where did all my edits go? That is one of the most commonly asked questions we receive in the Lone Wolf Support Department, and is easily remedied by completing a quick process known as "clearing the browser cache."
2) 4 Steps to Holding an Open House for Another Agent's Listing – by Karli Larson of ePropertySites
For many new agents (or seasoned agents who are in between listings) hosting an open house for a colleague can be a great way to meet new clients and get your name out there. Practices on holding an open house for someone else's listing vary. Some offices offer a flat fee to the agent holding the open house, and others allow the agent to claim the leads or client contacts made that day. If you're a motivated agent looking to expand your client network, follow these steps to "borrow" a listing for your next open house.
3) How to Stay on a Client's Radar For the Long-Term – by Suresh Srinivasan of ReachFactor
Real estate agents are always thinking ahead. They have to, especially when it comes to generating new business and maintaining their real estate agent marketing. And often when a deal is wrapping up, if not sooner, you're already on to the next potential client. It's a survival business, for sure, but it's also a great rule of thumb to keep in touch with past clients as a way to stay on everyone's mind, get follow-up business and keep your name out there.
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