A recent straw poll in Real Estate Business asked the question: ‘Is under quoting a major issue in your local area?’
The results were mixed. Of the 268 respondents, only a slim majority, 46.3% said ‘No’. On the other hand, 45.9%, only 0.4% less, said ‘Yes’ under quoting is a major issue in the local area, while 7.8% of participants were unsure.
With such a narrow margin between the answers, there is clearly contentiousness in the market when it comes to this issue. To get around such scepticism you could use RP Data’s range of objective information tools.
Among these are:
- Comparative Market Analysis,
- Automated Valuation Model and
- RP Lister iPad pre-listings app
Comparative Market Analysis – CMA report
One of the best ways to help a client understand the true value of their property, is to show them some comparable sales of properties in their local area. By producing a Comparable Market Analysis (CMA), you can show your clients properties that were successfully sold and properties that have languished on the market, then provide your own insight as to why you think this was the case (was under quoting an issue?).
Automated Valuation Model – AVM report
In an instant you can also prepare an Automated Valuation Model (AVM) for your client. It is a tangible way of showing a seller what their house is worth there and then in their own home. This is a third party estimated valuation which is also used by banks to shortlist loan approval based on the SSD range. With the use of an iPad or laptop all you need to do is ask a few questions and customers see a valuation in front of their eyes. It can be emailed it to them straight away while you are still on the premises.
RP Lister iPad listings app
RP Lister is a dynamic way for you to engage with vendors and combine local expertise with RP Data’s property information. The rp.lister iPad Application is available to current RP Data subscribers by downloading the app via the Apple Store (search for “RP Lister”).
Offering the power of RP Data’s property information and the flexibility to let you control the conversation, rp.lister helps you present interactive property content to educate and inform vendors so they can confidently decide on an appropriate listing price for their property.
- Help your vendor understand their property’s value in the current market.
- Present up to date, professional market statistics for your vendor’s district.
- Email a summary report directly to the vendor straight from the app.
The AVM and CMA are reports that can substantiate the advice you provide to clients and with rp.lister you can tap into objective information while at your vendor’s property. Using these tools should tackle the issue of under quoting in your local area.
Log in to RP Professional to build your next CMA or AVM or download to rp.lister app here. For more information on how to prepare a CMA or AVM call us on 1300 734 318 or visit rpdata.com/training to book an Advanced Training session.
**Source: Real Estate Business rebonline.com.au