Steps to Pull Accurate Market Research

Transcription

1 Steps to Pull Accurate Market Research Before beginning CMA, do these tasks in Realtracs.net: A. Find & Print the most recent past listing spec sheet for Subject Property. B. Find & Print the tax record for Subject Property. C. Save both files in the correct Google Drive folder for in this seller file, along with the Prequal that you wrote up while talking with the seller. 1. From the Search tab along the top, select Quicksearch. 2. Check the correct tab.(ex.: If it's a home, check Residential ; if condo, check condo ) 3. Select 'All' for Areas. 4. Select All Status types (active, pending, Closed, Expired, Withdrawn). 5. Type in the Street # twice as shown, and then the 1 st few letters of the street name. 6. Click Search. 7. Find & print a copy of the most recent spec sheet of subject property, by finding the largest mls number listed. Click on that mls number to bring up that spec sheet of when subject property was (or is) listed. Save this file, labeled as old mls spec sheet NOTE: you can sort by MLS in ascending order by clicking Mls No..

2 8. Create or use an existing seller folder in the Seller Appointments folder for these seller files. The folder and files should resemble this pic if done correctly. 9. Save a pdf copy of the tax record sheet on the subject property, labeled tax record. Review the Current Owner names on the tax record to make sure that all of the correct parties are meeting with you to sign the documents. Review the square footage to ensure there are no contradictions with what owner stated over the phone, as well as from any mls sheet.

3 10. Now it's time to pull the market research. From the Search Tab along the top of Realtracs, scroll down to use the 'Map Search' feature. 11. Make sure that the correct tab is selected for property type (residential if a home, condo if condo, land if... etc.).

4 12. Click on the Criteria tab along the left of your screen; refer to your Subject Property Spec in order to narrow your search parameters. 13. Select Active, Pending, and Closed in the Status column. Select Site Built in Type if it's a single family. 14. Enter a minimum and maximum square footage of around +/- 200 square feet of your subject property. (NOTE: if you don't pull enough data, you can open the minimum sq footage up; if smaller homes are going for around the same price that you're seller is wanting, you'll know there's a good chance it can happen because buyers most often want a larger home) 15. Be aware of your beds and baths when pulling research, as well as year built & the acreage. If the subject property is built NEWER, consider this while doing research. If a home is built in 1920s to 1989, remove homes that are built in 1999 and newer. If a home is built in the 2000s, remove homes that are built in 1989 and older. 16. Put a closed date of within the past 6 months; go up to a year ONLY if there isn't enough data from 6 months. 17. Now, click on the Extras tab on the Left of the screen towards the bottom. At the bottom of this section, enter the subject property address in the Find an Address text box. Click in the checkbox by the star and click the magnifying glass to pinpoint this property on your map. Click on the O tab along your toolbar at the top of your map. Enter 1 in the textbox here, which lets the program know you're wanting to search in a 1 mile radius. Now click on the star on your map to center the radius around the subject property.

5 18. Click on the Push pin by the O on the same toolbar. Adjust the pins as needed to ensure that all pins are on the same side of all busy streets or interstates in this 1 mile radius, as the subject property. Homes on one side of a major street/highway could be valued differently, so this will help keep accurate research.

6 19. Now click Search on this same toolbar, at the left side. Click the Results tab on the left of the screen; select all of this inventory and then click to list. From here you can narrow the search down more if needed. [NOTE: you only want to take between 5-7 comps, including 1-2 active, 1-2 pending, & 2-3 closed. Seller's can get distracted easily with attention.] TIPS on narrowing down research after the steps above have been done: 1. First, make sure that most inventory has about the same beds/baths as subject property.

7 2. As you're reviewing each property, click to see the photos. 3. If using a property for research, ensure that you print and save the spec sheet as well as the pictures. [NOTE: Only print to pdf or printer, the pages you'll need. Often times, there are photo included on a 2nd or 3rd page that's not need. This will save ink.

8 4. Click the Tax ID History along the top of the page to see if it's ever been listed and then withdrawn or expired. Some homes might be active at 10 days, although the Tax ID History may reveal that it had been withdrawn 15 days ago from a year long listing! 5. If doing a listing presentation, always circle the important details of each spec sheet with a red pen for easy review while doing the presentation.

9 6. For Active, Pending, and Closed examples I use included comps in my presentation that are marked in red pen the same as the examples above & below. This is so that the sellers and you can easily read the important information.