RPR for Commercial

RPR Commercial: Your Secret Weapon to Commercial Success
Wednesday, March 22, 2023 at 11:00 AM PDT From searching on- and off-market properties, lifestyle and behavior data, investment analysis, and site selection tools, RPR is a property data resource that can elevate every facet of your commercial real estate business. In this webinar we will cover the many facets of RPR Commercial, including: Partnerships with Brevitas, BiProxi, CREXi, Land Broker MLS, Officespace.com and TotalCommercial.com that let you search active commercial listings and off-market properties around the country. Site Selection tools that allow users to search for consumers in a defined area and drill down to demographic variables such as age, gender, income, and much more. Plus, you can also see how much money they spend and where. Using the RPR map interface to search 8,700 U.S. Opportunity Zones and identify points of interest (POIs) which can aid in property management and finding desirable business locations. Accessing CompStak to research lease and sold commercial comparables RPR Commercial Reports: Property Reports that offer a complete look at a property, including detailed information, photos, history and listing activity. Trade Area Reports that provided a summary of an area's demographics and economics. Trade Area Analysis Report to display the results of the Site Selection Analysis RPR Commercial provides a wealth of data and tools to help you succeed in the commercial real estate market. Register

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

Tap into Big Data with RPR and Esri Tapestry Segmentation
Looking for the optimal business site? The right customers to support a business? A high-traffic area packed with disposable incomes that offers a significant ROI? Understanding consumer segmentation data can help lead you to the answers and working in RPR can help you build a commercial real estate strategy that's based on consumer and market trends, not a whim or a hunch. To get started, familiarize yourself with Tapestry Segmentation data from Esri, an RPR data partner/provider, which helps power two key areas: our Trade Area details and our Site Selection tool. Esri Tapestry Segmentation Esri Tapestry Segmentation provides a detailed description of America's neighborhoods. U.S. residential areas are divided into distinct segments based on their socioeconomic and demographic composition. Neighborhoods with the most similar characteristics are grouped together, and neighborhoods showing divergent characteristics are separated. In total, Tapestry includes 67 distinct market segments: 14 LifeMode groups and six Urbanization groups. How do these segments help in commercial real estate? Defining an area and conducting a search in RPR can help you find business opportunities that line up with commercial real estate recommendations. If your client wants to open a yoga studio and is looking for young, active moms with X amount of income, you can find where this group lives and spends. Read up on LifeMode groups and urbanization groups over on the Esri website. Esri Tapestry Segmentation LifeMode groups represent markets that share a common experience—born in the same generation or have immigrated from another country, for example—or a significant demographic trait, such as affluence. Tapestry segments are classified into 14 LifeMode groups: LifeMode 1 Affluent Estates Established wealth—educated, well-traveled married couples. Less than 10% of all households, with 20% of household income. Homeowners (almost 90%), with mortgages (65.2%). Married-couple families with children ranging from grade school to college. Expect quality; invest in time-saving services. Participate actively in their communities. Active in sports and enthusiastic travelers. Segment Name 1A Top Tier 1B Professional Pride 1C Boomburbs 1D Savvy Suburbanites 1E Exurbanites LifeMode 2 Upscale Avenues Prosperous married couples living in older suburban enclaves. Ambitious and hardworking. Homeowners (70%); prefer denser, more urban settings with older homes and a large share of town homes. Primarily married couples, many with older children. Financially responsible. Serious shoppers, from Nordstrom to Marshalls or DSW, who appreciate quality and bargains. Active in fitness pursuits such as bicycling, jogging, yoga, and hiking. Subscribe to premium movie channels such as HBO and Starz. Segment Name 2A Urban Chic 2B Pleasantville 2C Pacific Heights 2D Enterprising Professionals LifeMode 3 Uptown Individuals Young, successful singles in the city. Highest-educated market, highest rate of labor force participation, and averse to traditional commitments of marriage and home ownership. Urban dwellers, partial to city life, high-rise apartments, and uptown neighborhoods. Prefer credit cards over debit cards, while paying down student loans. Green and generous to environmental, cultural, and political organizations. Internet dependent, from social connections to shopping for fashion, tracking investments, making travel arrangements, and watching television and movies. Adventurous and open to new experiences and places. Segment Name 3A Laptops and Lattes 3B Metro Renters 3C Trendsetters LifeMode 4 Family Landscapes Successful young families in their first homes. Prosperous married-couple families, residing in suburban or semirural areas with a low vacancy rate (second lowest). Homeowners (79%) with mortgages (second-highest %), living in newer single-family homes, with median home value slightly higher than the U.S. median value. Two workers in the family, contributing to the second-highest labor force participation rate, as well as low unemployment. Do-it-yourself types who work on home improvement projects as well as their lawns and gardens. Sports enthusiasts, typically owning newer sedans or SUVs, dogs, and savings accounts/plans; comfortable with the latest technology. Eat out frequently at fast food or family restaurants to accommodate their busy lifestyle. Especially enjoy bowling, swimming, playing golf, playing video games, and taking trips to a zoo or theme park. Segment Name 4A Workday Drive 4B Home Improvement 4C Middleburg LifeMode 5 GenXurban Gen X in middle age; families with fewer kids and a mortgage. Second-largest Tapestry group, composed of Gen X married couples, and a growing population of retirees. About a fifth of residents are 65 or older; about a fourth of households have retirement income. Own older single-family homes in urban areas, with 1 or 2 vehicles. Live and work in the same county, creating shorter commute times. Invest wisely, well insured, comfortable banking online or in person. News enthusiasts (read a daily newspaper, watch news on TV, and go online for news). Enjoy reading, renting movies, playing board games and cards, doing crossword puzzles, going to museums and rock concerts, dining out, and walking for exercise. Segment Name 5A Comfortable Empty Nesters 5B In Style 5C Parks and Rec 5D Rustbelt Traditions 5E Midlife Constants Lifemode 6 Cozy Country Living Empty nesters in bucolic settings. Largest Tapestry group, almost half of households located in the Midwest. Homeowners with pets, residing in single-family dwellings in rural areas; almost 30% have 3 or more vehicles and, therefore, auto loans. Politically conservative and believe in the importance of buying American. Own domestic trucks, motorcycles, and ATVs/UTVs. Prefer to eat at home, shop at discount retail stores (especially Walmart), bank in person, and spend little time online. Own every tool and piece of equipment available to maintain their homes, vehicles, vegetable gardens, and lawns. Listen to country music; watch auto racing on TV; and enjoy outdoor activities, such as fishing, hunting, camping, boating, and bird watching. Segment Name 6A Green Acres 6B Salt of the Earth 6C The Great Outdoors 6D Prairie Living 6E Rural Resort Dwellers 6F Heartland Communities LifeMode 7 Sprouting Explorers Young homeowners with families. Multilingual and multigenerational households with children who represent second-, third-, or fourth-generation Hispanic families. Neighborhoods feature single-family, owner-occupied homes built at city's edge, primarily built after 1980. Hardworking and optimistic, most residents aged 25 years or older have a high school diploma or some college education. Shopping and leisure also focus on their children—baby and children's products from shoes to toys and games and trips to theme parks, water parks, or the zoo. Children enjoy playing video games on personal computers or handheld or console devices.Many households have dogs for domestic pets. Segment Name 7A Up and Coming Families 7B Urban Villages 7C Urban Edge Families 7D Forging Opportunity 7E Farm to Table 7F Southwestern Families LifeMode 8 Middle Ground Lifestyles of thirtysomethings. Millennials in the middle: single/married, renters/homeowners, middle class/working class. Urban market mix of single-family, town home, and multiunit dwellings. Majority of residents attended college or attained a college degree. Householders have traded their landlines for cell phones, which they use to listen to music, read the news, and get the latest sports updates on their favorite teams. Online all the time: use the internet for entertainment (downloading music, watching YouTube, finding dates), social media (Facebook, Twitter, LinkedIn), searching for employment. Leisure includes nightlife (clubbing, movies), going to the beach, some travel and hiking. Segment Name 8A City Lights 8B Emerald City 8C Bright Young Professionals 8D Downtown Melting Pot 8E Front Porches 8F Old and Newcomers 8G Hometown Heritage LifeMode 9 Senior Styles Senior lifestyles reveal the effects of saving for retirement. Households are commonly married empty nesters or singles living alone; homes are single family (including seasonal getaways), retirement communities, or high-rise apartments. More affluent seniors travel and relocate to warmer climates; less affluent, settled seniors are still working toward retirement. Cell phones are popular, but so are landlines. Many prefer print to digital media: avid readers of newspapers to stay current. Subscribe to cable television to watch channels such as Fox News, CNN, and The Weather Channel. Residents prefer vitamins and a regular exercise regimen. Segment Name 9A Silver & Gold 9B Golden Years 9C The Elders 9D Senior Escapes 9E Retirement Communities 9F Social Security Set LifeMode 10 Rustic Outposts Country life with older families in older homes. Depend on manufacturing, retail, and healthcare, with pockets of mining and agricultural jobs. Low labor force participation in skilled and service occupations. Own affordable, older single-family or mobile homes; vehicle ownership is a must. Residents live within their means, shop at discount stores, and maintain their own vehicles (purchased used) and homes. Outdoor enthusiasts, who grow their own vegetables, love their pets, and enjoy hunting and fishing. Pay bills in person; use the yellow pages; read newspapers, magazines, and mail-order books. Segment Name 10A Southern Satellites 10B Rooted Rural 10C Economic BedRock 10D Down the Road 10E Rural Bypasses LifeMode 11 Midtown Singles Millennials on the move—single, urban. Millennials seeking affordable rents in apartment buildings. Work in service and unskilled positions, usually close to home or public transportation. Single parents with very young children. Embrace the internet, for social networking and downloading content. From music and movies to soaps and sports, radio and television fill their lives. Brand-savvy shoppers select budget-friendly stores. Segment Name 11A City Strivers 11B Young and Restless 11C Metro Fusion 11D Set to Impress 11E City Commons LifeMode 12 Hometown Growing up and staying close to home; single householders. Close-knit urban communities of young singles (many with children). Owners of old, single-family houses, or renters in small multiunit buildings. Religion is the cornerstone of many of these communities. Visit discount stores and clip coupons. Purchase used vehicles to get to and from nearby jobs. Segment Name 12A Family Foundations 12B Traditional Living 12C Small Town Sincerity 12D Modest Income Homes LifeMode 13 Next Wave Urban dwellers; young, hardworking families. A large share are foreign born and speak only their native language. Young, or multigenerational, families with children are typical. Most are renters in older multi unit structures, built in the 1960s or earlier. Hardworking with long commutes to jobs, often using public transit to commute to work. Spending reflects the youth of these consumers, focus on children (top market for children's apparel) and personal appearance. Also a top market for moviegoers (second only to college students) and fast food. Partial to soccer and basketball. Segment Name 13A Diverse Convergence 13B Family Extensions 13C NeWest Residents 13D Fresh Ambitions 13E High Rise Renters LifeMode 14 Scholars and Patriots College and military populations that share many traits due to the transitional nature of this LifeMode group. Highly mobile, recently moved to attend school or serve in the military. The youngest market group, with a majority in the 15- to 24-year-old range. Renters with roommates in nonfamily households. For many, no vehicle is necessary as they live close to campus, military base, or jobs. Fast-growing group with most living in apartments. Part-time jobs help to supplement active lifestyles. Millennials are tethered to their phones and electronic devices, typically spending over 5 hours online every day tweeting, blogging, and consuming media. Purchases aimed at fitness, fashion, technology, and the necessities of moving. Highly social, free time is spent enjoying music, being out with friends, and seeing movies. Try to eat healthy, but often settle for fast food. Segment Name 14A Military Proximity 14B College Towns 14C Dorms to Diplomas Six Urbanization groups Tapestry groups are also available as Urbanization summary groups, in which markets share similar locales, from the urban canyons of the largest cities to the rural lanes of villages or farms. Tapestry segments are classified into six Urbanization groups: Principal Urban Centers Young, mobile populations living in the most densely populated neighborhoods of the largest cities (populations of 2.5 million or more). Traits shared by more than 2.5 million people: crowding, high cost of living, and full access to urban amenities, including jobs. Youngest population among the Urbanization groups. Households are renter occupied by singles or roommates. The most challenging market for auto sales: half the commuters use public transportation, bicycles, or walk to work. Focus on style and image with liberal spending on apparel. Constantly connected, using the internet for everything from finding jobs to finding dates. Segment Name 3A Laptops and Lattes 3B Metro Renters 3C Trendsetters 8D Downtown Melting Pot 11A City Strivers 13C NeWest Residents 13D Fresh Ambitions 13E High Rise Renters Urban Periphery City life for starting families in neighborhoods that fringe major cities. The earliest suburbs, built before 1970, primarily single-family housing with some apartments. Young families with children. Homeowners living closer to the city, with below-average vacancy rates. Leisure focuses on the children (visits to theme parks or water parks), sports (soccer, basketball, football), and movies. Spending also emphasizes the children—clothing, toys, and baby products. Parents of small children favor family restaurants and fast food. Smartphones are popular for social contacts, downloading apps, games, and music. Segment Name 2C Pacific Heights 5D Rustbelt Traditions 7B Urban Villages 7C Urban Edge Families 7D Forging Opportunity 7F Southwestern Families 8A City Lights 8C Bright Young Professionals 11C Metro Fusion 12A Family Foundations 12D Modest Income Homes 13A Diverse Convergence 13B Family Extensions Metro Cities Affordable city life including smaller metropolitan cities or satellite cities that feature a mix of single-family and multiunit housing. Single householders seeking affordable living in the city: usually multiunit buildings that range from mid- to high-rise apartments; average monthly rents and home value below the U.S. average. Consumers include college students, affluent Gen X couples, and retirement communities. Student loans more common than mortgages; debit cards more popular than credit cards. Residents share an interest in city life and its amenities, from dancing and clubbing to museums and concerts. Convenience and mobility favor cell phones over landlines. Many residents rely on the internet for entertainment (download music, play online games) and as a useful resource (job searches). Segment Name 5B In Style 8B Emerald City 8E Front Porches 8F Old and Newcomers 8G Hometown Heritage 9E Retirement Communities 9F Social Security Set 11B Young and Restless 11D Set to Impress 11E City Commons 12B Traditional Living 14B College Towns 14C Dorms to Diplomas Suburban Periphery Urban expansion: affluence in the suburbs or city-by-commute. The most populous and fastest-growing among Urbanization groups, Suburban Periphery includes one-third of the nation's population. Commuters value low-density living, but demand proximity to jobs, entertainment, and the amenities of an urban center. Well-educated, two-income households; accept long commute times to raise their children in these family-friendly neighborhoods. Many are heavily mortgaged in newly built, single-family homes. Older householders have either retired in place, downsized, or purchased a seasonal home. Suburbanites are the most affluent group, working hard to lead bright, fulfilled lives. Residents invest for their future and insure themselves against unforeseen circumstances, but also enjoy the results of their hard work. Segment Name 1A Top Tier 1B Professional Pride 1C Boomburbs 1D Savvy Suburbanites 1E Exurbanites 2A Urban Chic 2B Pleasantville 2D Enterprising Professionals 4A Workday Drive 4B Home Improvement 5A Comfortable Empty Nesters 5C Parks and Rec 5E Midlife Constants 7A Up and Coming Families 9A Silver & Gold 9B Golden Years 9C The Elders 14A Military Proximity Semirural The most affordable housing—in smaller towns and communities located throughout the country. Single-family and mobile homes in the country, but still within reach of some amenities. Embrace a quiet, country lifestyle including listening to country music, attending country performances, riding ATVs, and camping. Prefer domestic products and vehicles, especially trucks. Shop at large department and discount stores such as Walmart. Fast food and frozen meals are much more common than fine dining. Many make a living off the land through agriculture, fishing, and forestry. Time off is spent visiting nearby family rather than flying to vacation destinations. Segment Name 4C Middleburg 6F Heartland Communities 7E Farm to Table 9D Senior Escapes 10D Down the Road 12C Small Town Sincerity Rural Country living featuring single-family homes with acreage, farms, and rural resort areas. Very low population density distinguishes this group—typically fewer than 50 people per square mile. Over half of all households are occupied by persons 55 years and older; many are married couples without children at home. Mostly homeowners (80%), but rentals are affordable in single-family or mobile homes. Long trips to the store and to work—often drive alone in trucks or SUVs, listening to country radio. Blue-collar jobs dominate the landscape, including manufacturing, agriculture, mining, and construction. Many are self-employed, retired, or receive income from Social Security. Satellite TV and landline phones are necessary means to connect. More conservative in their spending practices. Comfortable, established, and not likely to move. Segment Name 6A Green Acres 6B Salt of the Earth 6C The Great Outdoors 6D Prairie Living 6E Rural Resort Dwellers 10A Southern Satellites 10B Rooted Rural 10C Economic BedRock 10E Rural Bypasses How Tapestry data weaves its tale We hope you learned some useful information with our spotlight on consumer segmentation data found within RPR, via Esri. And why it's so critical, insightful and applicable in today's commercial real estate world. Check it out for yourself by searching a Trade Area or by conducting a Commercial Site Selection. These links will take you on a guided tour to get you familiar with the workflow. Good luck! To view the original article, visit the RPR