Description

This course covers how an agent can learn to price properties in a competitive or changing market. The students are introduced to the concepts of appraisal versus a CMA, and the general descriptions of each, as well as the legal obligations that an agent has in Florida with respect to a CMA when it can be done, what disclaimers apply, etc. With close to 60% of all agents, nationwide, having tenure of less than 5 years in the real estate business, many of them have not experienced what some call a ‘down’ market, and others call a ‘normal’ market. Students will learn how to read supply and demand in a market, calculate absorption rate and critically evaluate what comparable data is still germane. The goal is to learn how to price property properly, to avoid carrying listings for a long time, and also to not disappoint property owners. After taking this class students will be able to: •Define pricing, valuation, appraisals and CMA. •Define the three methods, or approaches, to value. •How Florida Statute 475.612 relates to valuation reports. •Identify the challenges for pricing properties. •Know how to read a market. •Estimate supply and demand. •Calculate and apply the absorption rate. •Understand that the ‘market’ is actually comprised of several markets in a geographical area. •Understand why some price ranges will always be performing better than others. •Evaluate the market to value the property. •How “Day’s on Market” Can Affect Pricing and protect the Consumer by adhering to Article 1 of the Realtor® Code of Ethics. Instructor: Katherine Sakkis