While comparables play one of the largest influences in pricing a home, they also come with their fair share of conundrums and challenges. From seller misunderstandings to the random inflated neighborhood sale, there’s a whole slew of details that play into determining and explaining your recommended listing price.
To help clear the air and create an open discussion with your client, look to your public records program for solutions. There are so many ways to pull a reliable comparables list that can be easily shared, adjusted and reviewed together. And from there, you should have tools to use within your system that will help your client play a larger role in determining their final listing price.
Here are a few things to keep in mind as you start the research process with your customers:
Start from the Map View
Start by pulling your property report and then navigate to your map view within your program. The CRS Data MLS Tax Suite provides a tool that allows you to draw a shape around the area where you’d like your comps to come from. You can even adjust the shape. Because you and your sellers are intimately aware of your neighborhood, this is a fantastic way to pull comps from a more a specific area that is best representative of your property characteristics.
Lean on the Refined Values Tool
Within the CRS Data Tax Suite, try visiting the refined values tool to determine the value of renovations or upgrades your seller has made or is considering. This intuitive calculator pulls from location-specific data to determine how much a particular renovation is worth in a particular neighborhood or area. Simply add the renovation details and a valuation will be calculated. The value of the home will then be updated to include the renovation, and your comparables report will be adjusting accordingly.
Adjust Your Comparables List
Once you’ve pulled a comparables report from your system, take a close look at the property characteristics to make sure nothing looks like an outlier. If your sellers are challenging the list, sit down with them to review the comps together. By discussing the condition of the subject property and reviewing the area and other property details, such as number of bedrooms and bathrooms, closely, you can create a more reliable listing price together.
In the end, creating a two-way dialogue will ensure your seller is confident, happy and much more likely to act as a referral when that for-sale sign is finally pulled out of the yard for good.
For more information, visit www.crsdata.com.
