Now that you’re back in your office you can begin to compile all of your preliminary notes into the outline of your Listing Presentation. The first thing that you’ll obviously want to do is create a comp report (comparables) detailing all of the properties in the area that: are for sale, have sales pending, have sold and listings that have expired. It’s imperative that you add in other expired listings as well among the variables. Try to go back at least six months and possibly up to a year but nothing beyond a year. Due to the fact that the market is constantly fluctuating, pulling the report for the past 6 months will give you the highest rate of accuracy. In some rare and unlikely cases though, if there haven’t been any homes for sale in that period, you’ll have to go back a year.
Important factors to make sure you include in your comp are: home style (Colonial, Ranch, etc), square footage, number of bedrooms, and number of baths. These are the key components from which you’ll begin to build your comparable report. After these critical elements, you’ll include garage size and style, fireplaces, decks, pools and all the extras. These secondary elements aren’t necessary but they will provide for a much more accurate outcome on pricing structure. Once your comparable report is complete you should have the proper price for the property worked out for your homeowner.
Having the accurate comparables for the potential listing, it’s important that you study them carefully and thoroughly. Make two copies of this report: one to give to your clients and one to keep for your own records. Your copy may very well come in handy in areas where there may be more than one FSBO or expired listing on the market.
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