RPR for Commercial

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

RPR Commercial: Parcel Overlays
In our last few RPR Commercial articles, we've honed in on specific map tools that can help commercial practitioners in property research and advising clients. We've covered map POIs, data layers, and drawing tools to show you just how deep RPR's data goes, and how easy it is to access this important information within our platform. We're continuing the trend by putting a spotlight on one of our Commercial mobile app tools: the parcel overlay. And here's why: during a recent member feedback session, one of the participants offered up some advice on a digital application that she's been using to great success. It was a parcel overlay app for the state of Florida. She then said (and we're paraphrasing), "If only we had a national tool like this that covered the whole country. It would be so valuable." Turns out, you do. In fact, every REALTOR® does! It's the Parcel Overlay map filter found in the RPR Commercial app, and it's a nifty little feature that doesn't get a lot of attention. Here's how it works and how you can leverage its value… Parcels that deliver the goods Before we dive into the "how-to's" of using the map parcel overlay, here's a summary of what it can do for you as a practicing commercial real estate agent. By turning on parcels on the map from your phone, you can click on a property and have instant access to the: Property Owner Acreage Boundaries and property lines Square Footage Property Address Transfer Date School District Sale Price Building Description Directions Trade Area and population info "Call agent" button Imagine standing in front of a property or prospecting in an area, and clicking a button to reveal all this information. The investment and development possibilities are endless with this type of digital data tool and it could potentially give you a huge competitive edge. It accelerates the job of contacting owners and "digging" for intel or gauging interest in offers for their property. The days of going from website to website and making endless calls for basic information are no more. With RPR Commercial map parcel overlays, you simply find the property and then access the data with ease. A visual representation of parcel data can really help you make informed decisions about the potential value of properties. Here's how to do it. The "How-to" on commercial parcel overlays Step 1: If you don't have it already, download the RPR app for your smartphone or tablet. Step 2: Make sure you switch the mode in your RPR app to "Commercial" Step 3: From the home screen, hit the magnifying glass icon to conduct a search. Enter an address, ZIP code, city name, MLS ID/APN or Tax ID, then click "search" right below the bar. You'll be taken to a map that looks like this: Step 4: See the little round navigation button in the bottom right, the one with the three smaller dots in a row? Press this button to reveal the map options: Step 5: Press "Parcels" to "on" to activate the parcel boundaries overlay feature. Now search the map pins, and select a property, and a page that looks this will appear: Step 6: Click on the photo of the listing and scroll down to see the Listing Details and the property description. Step 7: Scroll down even further to reveal the Location Details, Property Facts, the Price Change History and more. It's so easy to make RPR's commercial data work for you! The parcel data available to you in the RPR Commercial app could be a game changer. With just a few finger taps, you now have the ability to research and gather key information on millions of properties. Give parcel overlays a test spin while you're in the field or on the go. Download the RPR app today to streamline and optimize your commercial research tomorrow. Good luck! To view the original article, visit the RPR

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. 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