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Priced to Sell: Delivering Effective CMAs

Priced to Sell: Delivering Effective CMAs. KW065. Presenter. Gene Rivers The Rivers Team Tallahassee, FL Agent, Owner, and KWU International Master Faculty Member. Priced to Sell: Delivering Effective CMAs. Main Ideas Get Into the Details CMA Criteria and Tools Telling the Market Story

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Priced to Sell: Delivering Effective CMAs

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  1. Priced to Sell: Delivering Effective CMAs KW065

  2. Presenter • Gene Rivers • The Rivers Team • Tallahassee, FL • Agent, Owner, and KWU International Master Faculty Member

  3. Priced to Sell: Delivering Effective CMAs • Main Ideas • Get Into the Details • CMA Criteria and Tools • Telling the Market Story • The CMA Core—Data Displays, Close • Pricing Strategy in Shifting Markets • More Tools and Tips A copy of this presentation is available for download at www.kellerwilliamsuniversity.com

  4. Get Into the Details • You are the Expert—Teach Them Things They Don’t Know • Beyond MLS • Local economist • How real estate markets work • Market history of neighborhood, street, or home

  5. CMA Criteria and Tools • Criteria • Variations by price range • Time period you select • Location • Size • Age • Floor plan

  6. CMA Criteria and Tools (continued) • Tools • ProManage/TOP PRODUCER CMA • Link to local MLS data • Dozens of pre-built presentation pages (market story and pricing data) • Customize for your customer and you

  7. CMA Criteria and Tools (continued) • Tools (continued) • TMOReport.com • Total market overview • Your market across price ranges • Emailed to you every other week • Developed by The Hardie Group

  8. CMA Criteria and Tools (continued) • Strategy: When to Share Your Final Price Recommendation • CMA includes final price • CMA does not include final price • Pros and cons of each

  9. Telling the Market Story—How Markets and Pricing Work

  10. Telling the Market Story (continued)

  11. Telling the Market Story (continued)

  12. Telling the Market Story (continued)

  13. Telling the Market Story (continued)

  14. Telling the Market Story (continued)

  15. The CMA Core—Data Displays • Market Story Sets Up Your Price Data Analysis • Elements • Property legal page(s)

  16. The CMA Core—Data Displays (continued)

  17. The CMA Core—Data Displays (continued) • MLS Data Page(s) -- Active, Pending, Recent Sales, Expired Listings • Criteria are your strategic call • Time period used; size; age; floor plan; garage; lot size; etc.

  18. The CMA Core—Data Displays (continued) • Charts of Direct Comparables (Active, Pending, Recent Sales, Expired Listings) • Address; bedrooms and baths; square footage; year built; high-average-low list and sale price; days on market; price per square foot

  19. The CMA Core—Data Displays (continued)

  20. The CMA Core—Data Displays (continued) • Chart Comparing Recent Sales—List to Sold Price

  21. The CMA Core—Data Displays (continued) • Property Detail Pages—Compare Features

  22. The CMA Core—Data Displays (continued) • One Page Summary of Comparables

  23. The CMA Core—Data Displays (continued) • Suggested List Price—Narrow Range

  24. The CMA Core—Close (continued) • Assumptive Close Visuals—Home Selling Process; Preparing to Sell Tips; Marketing Plan

  25. Pricing Strategy in Shifting Markets • Your Final Price Recommendation • When to share it—before or after signing (pros and cons) • Mindset: Bring the seller with you—to the answer • How to factor in market movement

  26. Pricing Strategy in Shifting Markets (continued) • Apparent Price vs. Strategic Price • The CMA sets up your final price recommendation • Strategic pricing includes your assessment of market movement

  27. Pricing Strategy in Shifting Markets (continued) • Pricing Behind, At, or Ahead of the Market

  28. Pricing Strategy in Shifting Markets (continued) • 3. Pricing In or Out of the Market

  29. Pricing Strategy in Shifting Markets (continued) • Pricing in Fast Shifting Markets • Know the speed of the shift • Pricing becomes both an observation and a forecast Don’t chase the market; let the market chase you! - SHIFT

  30. Pricing Strategy in Shifting Markets (continued) • Price Indicators in Fast Shifting Markets • The importance of watching new active listings, and price changes • Average list price to sale price • Active to pending ratio • Expired listings to sold ratio • Affordability and absorption rate trends • Showing activity (your other listings) • Seasonal sales activity (varies)

  31. More Tools and Tips • Price Reduction Effect • Longwood University Study (Virginia 2004-07) • Each 10% that list price exceeds sale price equals an additional month of time on market • KW research in major metro markets • Price reduced properties take almost 2.5 times longer to sell than those that are not reduced • Recent Florida data correlating price decreases and unit volume

  32. More Tools and Tips (continued) • Use a Net Sheet—Money Talks • Bracketing Strategy—Be in the Right MLS Price Bracket • Overpriced Listings—To Take, or Not To Take

  33. Ideas into Action • Be the expert—detail oriented and market wise • Be the local economist of choice • Study and practice CMA tools and skills • Do unsolicited CMAs—practice, and prospect • Sharpen your strategic pricing skills for • shifting markets

  34. Thanks for Being Here! Don’t forget to complete your evaluation! KW 065

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