Q: How do I search for a specific address?
A: You are able to search for a specific address by clicking on Quick Lookup at the top of the screen. As you start typing the address, REIPro will begin to search for that property out of the 155,000,000 properties across the US. Make sure that you choose the address that populates in the pull down menu, as this will show you the information associated with it from the tax assessors office.
Q: How to use Quick Lookup:
A: Quick Lookup works by pulling in data that is on file with county tax assessor's offices nationwide. When you start typing an address into Quick Lookup, REIPro will begin to search for that property out of the 155,000,000 properties across the US. So you need to make sure that the address you're looking for is typed exactly as it is recorded with the tax office. As you begin to type, you will start to see addresses auto-populate in the drop down menu, and you need to make sure that you click on the address in the drop-down menu to choose that address.
Q: How do I run a skip trace (premium phone search) report on a property?
A: To run a skip trace, or premium phone search, on a property, you would first have to add it to your Properties tab. Once in there, you would click on the address and scroll down to where you see the 10 Step Workflow System. Click on Step 2, and then click on Premium Search.
Q: What is a premium phone search?
A: The premium phone search looks for landlines and cell phone numbers that are considered public, as well as unlisted numbers. It also searches for any email addresses and physical addresses associated with the owner. Additionally, it searches for nearest relatives and their contact information. It will also give you the approximate age of the owner and tell you whether or not they are deceased. Premium phone searches return up to 10 past numbers.
Q: Can I run a skip trace/premium phone search for an LLC?
A: LLC’s are tougher. You can try it but typically we like to find out who owns the LLC by searching the state corporate records and then using that individual at the property address to find the phone number.
Q: Where can I find the 10 Executable Steps?
A: The 10 Step Workflow System is located in each of your Saved properties. To find it, you would click on the address of a property that you have saved, and scroll down to underneath the property address information.
Q: How do I run comps on a property?
A: There are 3 places in REIPro where you can run comps - in DealPro, or in Step 1 and Step 4 of a saved Property. If you have a property saved in your Property tab, you would click on the address and scroll down to where you see the 10 Step Workflow System. Click on Step 1 or Step 4, and over on the left you can click Comparable Sales. You may filter the comps list by clicking Modify Criteria under the comp map. Chris Goff suggests choosing 5 properties that are closest in sq ft, year built, price, and distance to your subject property. Each time you select a property, or deselect a property, the ARV will automatically adjust based on the properties you have selected.
Q: How often are Comps data updated?
A: MLS Comps are generally updated within 24 hours of the sale. Comps from the county recorder office, such as FSBO and non-MLS transactions, are updated when that specific county updates their data, and we receive updates daily.
Q: How does REIPro Calculate ARV?
A: The ARV, or After Repaired Value, is calculated by averaging the Price/Sq Ft of the properties selected as comps. This average Price/Sq Ft is then multiplied by the subject property’s square footage, giving you the ARV. For example: comp Property 1 sold for $200k, has 1500 sq ft, it’s cost per sq ft is $133.33; comp property 2 sold for $210k, has 1600 sq ft, it’s cost per sq ft is $131.25; and comp property 3 sold for $196k, has 1300 sq ft and its cost per sq ft is $150.77. The average of these three properties’ cost per sq ft is $138.45. Now you would take your subject property’s sq ft and multiply that by the average cost per sq ft, giving you the ARV.
Q: What is the difference between REIPro Estimated Value and ARV?
A: The average sale price is taken from sales of all properties in the area from the last 30 days, and does not take into account square footage. We always recommend that you run comps to get a more accurate estimate of what the subject property is worth. When you run comps, the ARV is calculated by finding the average price per square foot sold of the properties you choose to be comparable, and then taking that number and multiplying it by the square footage of your subject property. This is the most accurate way to get an estimate for what your subject property's value is because it is based on the price per square foot.
Q: How do I email a property to my buyers?
A: To email a property to your buyers, you would click on Properties at the top of your screen. Then you would click on the address of the property, and scroll down until you see the 10 Step Workflow System. Here you would click on Step 7, and scroll down and click on Potential Buyers. Check the box next to the buyers that you are wanting to email the property to, and click on Actions, and click Email Selected Buyers. This will pull up an email draft where you can add more information, and when you are ready, click Send Now.
Q: What is the REIPro Estimated Value?
A: The REIPro estimated value is an automated value that is computer generated every 30 days based on property sales around the subject property. To get a more accurate estimate of the property value, you would need to run comps, which you are able to do in Step 2 or Step 4 of the 10 Step Workflow System.
Q: No Bedroom/Bathroom Info:
A: We get all of our data from county tax assessor's offices, and some counties do not require beds or baths to be reported. Because of this reason, REIPro allows you to easily edit the property if you know the correct property characteristics, by clicking the edit link under the address.
Q: Comparable Sales not showing beds or baths
A: We get our data from county tax offices nationwide, and some counties don't require beds or baths to be reported. Because of this reason, REIPro allows you to easily edit the Comp properties if you know the correct property characteristics.
Q: Customizing Phone Scripts
A: You can customize the phone script in Step 2, contact owner. To get there you would go to Property tab and click on a property address. Scroll down to the 10 Executable steps. Click on Step 2, and then click on phone scripts. You will see the custom phone scripts button to the right.
Q: Can I assign properties to a user on my account?
A: Yes, there are several ways to do this! You can assign a property to a user by creating a To Do for that property. You can do this from within the saved property by clicking Reminders, or from the Dashboard by clicking "Create New" or the plus sign next to the Calendar. A pop up window will appear where you can choose which user to assign it to, and include the date for the reminder, in addition to details, notes, and several reminder options. Alternatively, while you cannot change who the property was "Created By" you can also add a customized Lead Type to tell you who the property was assigned to, such as "John Vacants." To easily filter the properties by Lead Type, on the Properties tab click on Filter, and select the lead type to view only the properties marked as "John Vacants."
Q: Can REIPro email properties instead of sending mail?
A: Yes! If you have the property owners' email addresses, you are able to send them emails in a couple of ways. To send emails to more than one property: from your Properties tab, select the properties you want to email by clicking the check box of the properties you wish, and then click Actions back at the top, and choose "Email Sellers" from the drop-down menu. To send an email to one property at a time, you can go into that property screen, and click the email envelope icon next to their email address.
REIPro is designed to utilize direct mail primarily because the property owner's mailing address is always on file with county records, eliminating the need to have to spend time searching for their contact information.
Q: How does REIPro calculate Potential Equity? *See below for Pre-foreclosure potential equity
A: Our system takes the original loan amount and subtracts that from the current REIPro Estimated Value, and this equals the Potential Equity. The REIPro Estimated Value is computer generated and based on comparable sales over the last 30 days.
** OR for Pre-foreclosures: **
Potential Equity for pre-foreclosures is calculated by either: Estimated Value minus Judgement Amount; (OR, if there is no judgement amount provided) Estimated Value minus Loan Balance; (OR, if there is no judgement amount and there is no loan balance reported on the foreclosure record); Estimated Value minus Open Loan Positions we have for that property from other sources.
Q: Why are REIPro Estimated Value and Equity Amount showing the same
A: If the Estimated Value and the Equity amounts show the same amount in LEADPro, this is because we don’t have the mortgage amount in our system. Normally, our system takes the original mortgage minus the current estimated value and this equals the Potential Equity. You will have to contact each owner to get their Payoff Statement. Once you have this, you’ll be able to determine if you can move forward with the deal and if there’s enough equity to profit.
Q: Why is Potential Equity unknown?
A: The potential equity would show as unknown if we have no active loan info about that property.
Q: How do I add an incoming lead to my Properties tab?
A: To add your incoming leads into REIPro as a property, you would have to use the Quick Lookup feature to find the property, and then click Add to Properties. The reason for this is to make sure that you pull the correct data associated with that property from the county tax assessor office. Otherwise, if an incoming lead comes in and the address was entered in as "123 W Main St," but the county has it on file as "123 West Main St," REIPro wouldn't be able to associate the correct county data.
Q: I have a new incoming lead but it wasn't automatically added into my properties, why not?
A: The incoming leads populate on your main dashboard, and then you have to opportunity to decide to add them into your properties tab, or as buyers, or contacts, and what information you wish to keep and utilize.
Q: What file types are supported when uploading docs to a property?
A: “.docx”, “.doc”, “.xlsx”, “.xls”, “.pdf”, “.jpg”, “.gif”, “.rtf”, “.png” - (Word Docs, Excel Docs, PDF Docs and images)