Is The Seller Doubting Your CMA? Try The Seller Participation Market Analysis.

By
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

Tutas Towne Realty, Inc

Hi folks. Have you ever had a potential Seller question your market analysis? Maybe they wondered if you cherry picked the comparables. Arrived at a lower value just so you could get the house sold and get paid sooner. You left the listing appointment wondering what you could have done differently.

Try this: Do the market analysis at the house in front of the potential Sellers. When I've done this I noticed that the Sellers were much more receptive to what I was telling them about price. It's difficult to dispute hard cold data.

What I did was...after we toured the property, and had our talk, I whipped out my laptop and logged into the MLS. Then I entered their property details and pulled up the active listings. At my first appointment there were 569 listings that showed up!!! The Seller's jaw dropped at the amount of competition he had for his property.

He could see how low the listing prices were. It was pretty dramatic.

Secondly, I pulled up the sold listings and had the Seller pick the ones that he thought were most similar to his property, not based on sold price but based on features. Then I hit the statistics button to see what the average selling prices were. Another jaw drop!!!

Then, I pretended I was a Buyer's Agent, searching for properties to show my Buyer. My goal was to make a short list of 10 properties that I would show.

Once I had this list on my screen I simply turned my computer screen around and told the Seller "This is where you property needs to be if you want Buyers to look at it".

This entire process took about 15 minutes and I have to say, it was very, very effective!!!

I think I'll call this my "Seller Participation Market Analysis".

What do you think? Is this something that will work for you?

Are you facing foreclosure in Florida?

 

Contact Bryant Tutas

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

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***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

 

 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Jim Palmer 04/13/2011 02:42 PM
  2. Dennis Burgess 04/16/2011 11:24 AM
  3. Cheryl Ritchie 04/23/2011 06:54 AM
Topic:
Real Estate Best Practices
Location:
Florida Orange County Orlando
Groups:
Real Estate Rookie
Tags:
listing presentation

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Anonymous
Anonymous

Nice.

Apr 14, 2011 06:57 AM #50
Rainmaker
316,151
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

Excellent idea. So you just need wireless for your laptop and that's it to work this well?

Apr 14, 2011 07:36 AM #51
Rainmaker
287,582
Barb Van Stensel
Chicago, IL

Love this approach and it always works because it is a reality show for the seller.

Apr 14, 2011 09:21 AM #52
Rainmaker
1,091,306
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

You don't really need to take your laptop and worry about wi-fi -- just use the seller's computer since very few folks don't have one nowadays.  Our MLS is internet based and not difficult to access anywhere.

Apr 14, 2011 09:56 AM #53
Rainmaker
301,963
Dan and Amy Schuman
Howard Hanna Real Estate Services - Solon, OH
Luxury Home Specialists

This is a great idea and seems like an incredibly effective way to communicate with the sellers. Thank you so much for sharing.

Apr 14, 2011 10:20 AM #54
Ambassador
2,009,552
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

BB - I think this is a great idea to help the seller face the facts of the current market.

Apr 14, 2011 03:43 PM #55
Ambassador
916,920
Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Dear Broker Bryant,

Thanks for the "do it at the same time" suggestion.

I have given print-outs and then discussed afterwards when the expectations were unreasonable.  Your "do it at the same time" suggestion sounds much more DRAMATIC!

Have a happy day -
Lynn

Apr 15, 2011 11:57 AM #56
Rainmaker
228,991
Coldwell Banker Camelot Realty
Coldwell Banker Camelot Realty - Mount Dora, FL
Homes for Sale Mount Dora Realtor

BB,

Working with the client so they see where the numbers are coming from.

 

I love it!

Apr 16, 2011 01:40 AM #57
Rainer
8,445
Antoinette Mason
Stouffer Realty - Uniontown, OH
Live & Loving Hartville,Ohio As My Home!

Excellent Ideal ... I will try this for sure..

Thanks for sharing.

Apr 16, 2011 03:18 AM #58
Rainmaker
143,370
Mike Mayer
Mike Mayer, Broker/Owner - i List For Less Realty, LLC - Lafayette, LA

I typically perform a pre-listing service and inquire what the seller has in mind for a sales price. Armed with this information in advance is helpful.

I've found that touring the competition can help solidify setting the sales price, and using the services of a non-bias 3rd party, an appraiser, is also effective.

Apr 16, 2011 08:45 AM #59
Rainmaker
160,728
Retired Notworking
Tallahassee, FL

Great idea and very dramatic. Having the seller participate in selecting comps is inspired.

Apr 16, 2011 03:29 PM #60
Rainmaker
689,106
Michael Dagner
Brokers Guild Classic - Denver, CO
Your Denver Homes Realty Expert

Hi Bryant,

Very good advice.  If you know your comps and the market, its more engaging than other presentations.

Apr 16, 2011 05:17 PM #61
Rainmaker
1,521,798
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

Great idea to make the point very clear. Most sellers will think your recommendation is lower than it should be and this will really clear the air, quickly! Thanks.

Apr 17, 2011 12:42 AM #62
Rainmaker
204,429
Candy Miles-Crocker
Online Real Estate Agent Training - Chevy Chase, DC
Realtor - Real-Life Real Estate Training

I have had sellers question my comps versus those of another agent.  I tend to be on the realistic side so I don't cherry pick the solds...I also use the right zip code and subdivision.  I tell the seller that I look at the comps like an appraiser.  It takes a minute for them to wrap their head around the lower number, but they generally do.

Apr 27, 2011 04:55 AM #63
Rainmaker
229,831
Nathan Tutas
Tutas Towne Realty, Inc. - Davenport, FL
Your Central Florida Real Estate Expert

A fact is a fact and you can't change it. This might also work for buyers when you are giving them advice on what they should offer on a short sale. Great advice as usual.

May 04, 2011 04:11 PM #64
Rainer
5,668
Meggan Rogers
Real Estate One-Clarkston - Waterford, MI

This is an excellent plan!  An ipad or smart phone would even work if you dont carry your laptop around!

May 19, 2011 01:48 AM #65
Rainer
45,661
Laurie Jarrett
Keller Williams Realty Heritage-New Braunfels - New Braunfels, TX
REALTOR - New Braunfels, San Marcos, Texas Real Es

I think it's an excellent plan and I'll start doing it this way, too.  Great advice!

May 20, 2011 02:34 AM #66
Rainmaker
94,324
Sharon Harris
Keller Williams Keystone Realty - Hanover, PA
Realtor

Wow way to hit it out of the park! This is really cool. I plan to keep this in mind. I will be using this .THANK YOU

Jun 06, 2011 01:54 AM #67
Rainmaker
712,421
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

BB, I was "absent" from AR when you posted this. I'm glad I finally found it (from your post today).

You are quite creative.

Bill Roberts

Mar 14, 2013 02:05 AM #68
Rainmaker
1,142,260
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Thanks Bill

Mar 14, 2013 08:58 PM #69
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