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SMA's? New term? As a real estate broker you run in them a lot in the course of your travels. You meet with a seller, have toured the real estate, have shown the owner the comparable sale/listing market analysis. Seller leans back in the kitchen chair, hands behind his head with fingers locked and he says..."There are eight kids in my family. It would be really neat if each of them received $25,000 each cash after expenses...so the value of this property according to my Seller Market Analysis is $215,000 to be on the safe side". You look down at the CMA you prepared. You have spent 90 minutes touring the facility looking for slack, postitives and negatives and plugged the place into the current real estate market. Your CMA, gut feeling and all things considered looking at this property six ways from Sunday considering delayed move and list of contingencies the seller has saddled you with on this one. Survey says $67,500. You try to explain that the number of children in the family of this estate sale is not a factor used in coming up with the price tag for this home. Thank the seller for the two week old cookie, the coffee that tasted like a brown crayon was dipped in luke warm water and wish him luck. Leave on good terms...but leave that kitchen to go do something productive with your time. Leave your card and remind yourself to call him again down the road or if it gets listed, to be there on the other end of the clogged tunnel. Let another broker spend money for a $215,000 listing worth $67,500 and let the listing period serve as medicine to soften the pricing by family size factor that this seller used for his Seller Market Analysis. Property value denial is a strong narcotic when a seller puts pencil to paper and applies his own appraisal logic on "wouldn't it be nice pricing" that ignores current market conditions. Don't hurt the seller or personal representative's feelings even if he or she does not know beans about pricing real estate. A SMA is way way different than a CMA or assessed value or insurance loss coverage! Run into many SMA's in your corner of the world?
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