between the price at which properties were listed, any
differences observed once pending, and sale price will assist
you in pricing a property more accurately. The OP/SP ratio is
utilized by Real Estate Appraisers when performing the
Sales Comparison approach; they will use at least one Active
property and make an adjustment to it based upon that
market’s OP/SP ratio.
Expired Listings: You will know how to properly price
a property when you can identify an improperly priced
property. A dead giveaway is an Expired Listing. Browse
through all the other Expired Listings for an indication of
what may have gone wrong for others.
Ensure you are being specific to price point when
discussing these numbers and considering a final list or
offer price. Here in Southwest Florida, we have a feature
that is more of a rarity in most other parts of the country
and it accounts for tens of thousands of dollars in added
property value: water. Ponds, lakes, canals, gulf access
waterways… there is always a notable difference in value
between properties that enjoy a water feature, so don’t be
lax when it comes to determining the difference between
properties touching water and properties that do not. Also,
consider its view and whether or not privacy and/or a view
of some kind play a role in the enjoyment of the property.
infatuation with crime TV shows and movies and their
fictitious investigatory techniques.
Once you do that bit of soul searching, let’s get to what
is really important. Pictures. Also, video (considering this
is not required by MLS rules, it is discretionary). These
two items are absolutely paramount; if you are not taking
pictures that impress you, and recording video that
allows potential buyers get the full experience of a
showing in a one to two minute video, then I can guarantee
you will eventually lose a listing to another Realtor® who
is utilizing these tools. To the point of incorporating these
tools in your business, I fundamentally disagree with those
who only use their good equipment and shoot quality
video for only those listings at a certain price point.
Every customer and every listing should receive the same
treatment.
Gary Vaynerchuk, media king and founder of some of
the common social media tools we all use today, spoke
to the Inman Conference in San Francisco recently. His
perspective is this: if you are not re-structuring your
business model to appear similar to that of a media
company, you will eventually be so far behind the times
that you will either fail to succeed altogether or you will
be hemorrhaging money to the professionals to help you
catch up to those Realtors® and/or Real Estate Brokerages
The other major focus is to examine the condition of who have already adopted said model.
the property overall, the quality of the construction, its
amenities, and specific features such as Gross Living Area,
number of garage spaces, existence of a pool, etc.
Did you do everything in your power to
represent the property in the absolute best
way possible?
I know this is a rough explanation of how to perform a
Comparative Market Analysis (CMA), but I wanted to
pass on some of the highlights so you can have a serious
conversation with yourself and your Broker/Mentor about Consumers have access to tons of information at their
fingertips, which incudes Real Estate.
When you
pricing properties successfully.
create and submit a listing to the MLS, it is syndicated to
upwards of 50 different websites. This