Millionaire Real Estate Agentcourses.learninglibrary.com/.../Get_the_Listing... · – If you get Enough Data This Could Tell You what it will Sell For • Area Information – Remember…You

Getting the Listing …Priced RIGHT!

Presented by Brad Korn Serving Greater Kansas City © 2011 BRADLEY L KORN PC.

ALL R IGHTS RESERVED -KORN TEAM 1

Webinar Summit May 24, 2011




10 Minute “Accurate” CMA System

Think Outside the Box

• Different way of Pricing

• This is just My Way of Pricing

• Issue: We did not Learn how to Price Real Estate in School

• 60% of MLS Listings Expire the First Time Around

• Your Opinion May be in Your Current Method

• Appraisal Method of Pricing Looks at Three Comps Leaving Data Out




• Spelling of Name & Spouse

• Two Phone Numbers

• Floor Plan

• Verify Bedrooms

• Finished Lower Level

• Loan Balance

• Why Moving

Notes

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The Market Analysis

Think Outside the Box

Step 1: Pull History of Property on MLS & Tax Record

Step 2: All Sales Activity in Neighborhood

Step 3: All Sales Activity in MLS area for Similar Property

Step 4: Current Competition

High, Average, Low Method

• When Pulling these Reports, We are Looking for Buying Patterns

• This Method will give You a High, Low & Average Range

• Remember to Go Back Far Enough to get Enough Data to get an Accurate Average

• We will use Our Expertise and Experience to Determine if Subject is:

– Average

– Above Average

– Below Average




Step 1: Pull the History

• Get Tax Record

• Pull up entire History of Property

– Past Sales

– List Price and Sale Prices

– Print the History

– Review Photos

– Print MAP (backup to your GPS)

Step 2: Neighborhood Activity

• Pull data for that Subdivision over past 6 months or 12 months

– DO NOT use Bedrooms, Floor Plan, Baths, etc

– Active, Contingent, all Pending/Backup, Solds

– Use 6 months back, however, will need more than 1-3 sales to be accurate

• Print Side by Side Comparison (or something with pictures)

• Print Stat High/Low Report or Calculate if your MLS Doesn‟t

• Be Sure to Print Your Search Criteria

Notes

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Step 3: Area Activity – Similar Property

• Use the MLS Area

• Main Criteria to Use:

– Floor Plan, Bedrooms, Age Range

Note: You may also use Garage, Finished or Not Finished Basement

• Go back 6 Months (wider area so may not need to go back as far)

• Print Side By Side or Pictures

• Print Stat High/Low Report

• Print Search Criteria

Notes

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Step 4: Competition

• Think Like Buyers Think

• Pull MLS Area (or surrounding area if buyers search that way)

– School District in Overlapping MLS areas

• Search Criteria

– Bedrooms

– Age Range

• Print Stat High/Low Report

• Print Search Criteria Used

Notes

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Competition




Interpreting the Market

• Neighborhood Holds Most Weight

– You Can Print a More Detailed Search with Same Floor Plan, Age and Bedrooms.

– If you get Enough Data This Could Tell You what it will Sell For

• Area Information

– Remember…You don‟t need all the Details. This will Average Out when You Use Stat High/Low Report

• Current Competition Does Not take Into Consideration Floor Plan, however Idea to Stay in Middle of List (for a flat market)

Conclusion

1. What Would You List this Property for? ______________

2. Conclude the Market Review with a Net Sheet

3. Ask The Seller What They Were Thinking

4. If High, show them where that would put them on the „Active‟ list

5. Talk about Supply & Demand, “If there are 10 homes on the market and you are #10 on that list, you will make #5 look like a great deal

6. You won‟t hear….”Drop my Price? You said it would sell for XXX!”

FREE Resources

www.kornteam.com/nar

Remember the Korn Team for all your Kansas City & Lincoln, NE

Referrals

http://www.kornteam.com/nar

Documents

Millionaire Real Estate Agentcourses.learninglibrary.com/.../Get_the_Listing... · – If you get Enough Data This Could Tell You what it will Sell For • Area Information – Remember…You