Is there a class ( bpo class, appraisal class, real estate guru class ) that I can take to effectively price a home to sell quickly.?

Asked by Jorge, 60555 Sat Aug 25, 2012

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Thalia Poulos, Agent, Temecula, CA
Mon Aug 27, 2012

I'm going to approach your question with a recent experience:
I have a buyer who liked a property that is underpriced. It showed up on the MLS Friday.

The listing agent priced it so low that it got frenzied interest - which is a strategy.
The listing agent received 40 phone calls the first day. So, now what will he do with all those inquiries?
Did that serve a purpose? Maybe.
And, maybe he didn't even know he was underpricing it since he's not from the area.

It will be interesting to see what that property sells for. I'm sure it will sell quickly!

Thalia Poulos
Carlsbad, CA
DRE 01294336
0 votes
Annette Law…, Agent, Palm Harbor, FL
Mon Aug 27, 2012
Sell Quickly!
You already know the answer to this question. Keep your money in your pocket
You are not looking for the 'sweet spot' but the need to minimize holding cost. You said, "Sell Quickly."
Simply come up with a reasonable price using recent comparable and price it 10% lower. Next week reduce another 2% until it sells. It will be sold in30 days.

Of course if you are attempting to sell 'exotic' real estate for which the comps don't exist and/or the buyer pool is SSSSSOOOOOooooooooooo small that a PLF is needed, you may need to extend the sold date to 90 days to fully implement the strategy

Best of success to you,,
Annette Lawrence, Broker/Associate
Remax Realtec Group
727.420. 4041
0 votes
Dorene Slavi…, Agent, Torrance, CA
Sun Aug 26, 2012
Dear Jorge,

I don't know of a class that will help you more then having the actual experience in a particular area. In order for your pricing to be right, you have to have the best and most accurate comps for the area. An appraisal class will help you to establish the guidelines that are used for setting a price for a property, but market value is another thing. I like to get the help of other Realtors in areas that I am not familiar with, that might be something to consider.
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Sue Brooks, Agent, Tucson, AZ
Sat Aug 25, 2012
At Coldwell, we price like appraisers. Don't bother with per sq ft, look at simliar homes (300 sq ft bigger/smaller) and finishes - get starting point. Also, research Darryl Davis - just took a class of his yesterday and loved his analogies for pricing.
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Inaas Arabi, Agent, Naperville, IL
Sat Aug 25, 2012
Hi Jorge,

if you are trying to learn BPO, then I would recommend the class put out by main street realtor association, you will learn how to do them and get a certification out of the class we well. This is sponsored by the southwest association of realtors "Main Street" so you know it is a top notch education

The 2nd option is to take the sale classes as real estate appraisers do, this is offered at a local community college like COD and if you like you might be able to get certified as an appraisal as well. Some agents are appraisers too.

Hope this helps. Thanks.
0 votes
Judi Monday,…, Agent, Green Valley, AZ
Sat Aug 25, 2012
One of the best classes I took on this topic was through CRS. Check out what they have to offer.
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Christopher…, Agent, Methuen, MA
Sat Aug 25, 2012
Check with local real estate schools. I just had a continuing education class on appraisals recently. There are definitely classes out there if you look around, but remember as a real estate agent you are not giving an appraisal, just a price opinion/data. This is what I do.

I like to look for similar homes to the subject property that have recently sold (6 months back is ideal). I like them to be as close as possible to the subject property (1 mile or less is ideal) and located in the same city/town/area. If it is a condo I like my comparable sold properties to be in the same condo community if possible. If you can find recently sold homes with similar features (living area, number of bedrooms, condition, etc.) that is best.

After I look at sold properties I do the same thing for active listings. Why? Because I want to know what competition is out there right now. Competition from other homes for sale will also have an impact on how quickly a home will sell.
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Scott Godzyk, Agent, Manchester, NH
Sat Aug 25, 2012
Placing value on a home and pricing it correctly is an art learned through doing it over and over. The keys to pricing it correctly are using the best comps. In brief urban homes should be no more than a mile away, suburban 3 then no more than 5 and rural area 5 mi but no farther than 8 miles. Solds should be within 6 months, size should be within 20% in SF and age within 20 years, You then adjust for condition, lot size, garage, finished basements, room count and lot size.
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