Recently, David Momper, Past President of OAR and Broker Associate with Coldwell Banker Select, Tulsa, shared one of his RPR success stories, including the catalyst that spurred those successes: a shift in thinking.
“Initially, my RPR experience was limited to accessing data” said David, whose credits include Oklahoma 2015 REALTOR® of the Year, 2005 President of the Greater Tulsa Association of REALTORS® and 2012 President of the Oklahoma Association of REALTORS®, among others. “I really didn’t know how much I could really use it for, like the extent to which I could perform property searches and generate reports.”
That mindset shift and willingness to explore the RPR site to his advantage led to landing a landmark listing for this Tulsa REALTOR®, who has been practicing since 1978.
“Our market carries affordable housing for most, meaning a $550,000 listing is highly attractive for most REALTORS®,” says David. When the opportunity presented itself, I turned to RPR.”
“Even though the seller was incredibly impressed by the data and high-quality look of my RPR property report, I made it clear that this was only the first step,” said David. “My strategy is to meet the clients, establish a rapport, show them the resources I have at my disposal (RPR data and reports), then go do my homework.”
What is a renovation worth?
David’s seller had invested nearly $85 thousand in repairs to the second story of his home, just to get it ready for sale. Yet, it was up to David to determine what those upgrades were worth in the current market.
“I used RPR’s refine value tool to measure the market value of the seller’s improvements to the home,” he said.
He then returned to his seller to share his pricing strategy, which relied on both RPR’s refined value and David’s knowledge of the local market. “I’ve been working in this market for a long time. And my experience told me that this home is in an older neighborhood where nearby newer homes are attracting more buyers. I recommended a list price of $550 thousand even though the data suggested a somewhat higher price,” said David.
Not surprisingly, the seller abundantly agreed. By then, David has earned the homeowner’s trust by presenting data and reports that clearly demonstrated what the market offered, what had sold in his area, and what buyers were looking for.
“My seller said I presented the most credible pricing strategy and the most informative reports,” he said. “I know that was based on the data and reports I garnered from RPR, coupled with my unique experience in the local market. And when you walk into a guy’s house with a 38-page report, he thinks you know what you’re talking about.”
In fact, the seller commented that he knew he was getting a “fair shake” on the pricing because David had demonstrated how each home improvement factored into the equation.
“To have RPR at my disposal as an analytical and reporting tool, coupled with my knowledge of the neighborhood and market, is all I needed to be put above the competition,” said David.