The Erc Broker Market Analysis form is a tool designed for real estate brokers to assess a property's condition, competition, and potential marketability. This form helps brokers estimate the Most Likely Sales Price based on a thorough analysis, although it should not be mistaken for a home inspection or appraisal. Understanding this form is crucial for making informed decisions in the real estate market.
The Worldwide ERC® Broker’s Market Analysis and Strategy Report serves as a vital tool for real estate brokers aiming to evaluate properties with precision and care. This comprehensive form guides brokers through a diligent analysis of a property’s condition, competitive landscape, and anticipated marketability. By utilizing this report, brokers can estimate the Most Likely Sales Price (MLSP) of the subject property, taking into account its current state and expected marketing duration, typically not exceeding 120 days. It is important to note that this analysis is distinct from a home inspection or appraisal, as it does not adhere to the Uniform Standards of Professional Appraisal Practice. The form emphasizes the necessity for brokers to remain cognizant of state-specific disclosure requirements, ensuring that all pertinent information is included. Procedural guidelines are outlined for contacting homeowners, inspecting properties, and submitting reports, thereby streamlining the process for all parties involved. The form encompasses a wide array of information, including property details, improvements made, neighborhood characteristics, and potential issues affecting insurability and marketability. By carefully considering these elements, brokers can provide clients with a well-rounded perspective on the property in question, ultimately facilitating informed decision-making.
What is the purpose of the ERC Broker Market Analysis form?
The ERC Broker Market Analysis form helps real estate brokers assess a property's condition, competition, and future marketability. This analysis is crucial for estimating the Most Likely Sales Price (MLSP) for the property. It is important to note that this is not an appraisal or a home inspection.
Who should complete the ERC Broker Market Analysis form?
The form should be completed by licensed real estate brokers who are familiar with the property and its market. They must conduct a thorough analysis based on the guidelines provided to ensure accurate information is reported.
What information is required on the form?
The form requires details such as the homeowner's information, property address, contact numbers, real estate firm details, property condition, improvements made, and any locational issues that may affect the property's marketability.
What is the Most Likely Sales Price (MLSP)?
The MLSP is an estimate of what the property is expected to sell for in its current condition, typically within a marketing timeframe of 120 days. This estimate is based on the analysis of the property and its market competition.
Are there any state-specific requirements to consider?
Yes, preparers of the form must be aware of and include any state-specific disclosure requirements that apply. This ensures compliance with local laws and regulations during the analysis process.
What types of properties can be analyzed using this form?
The form can be used for various types of properties, including single-family homes, condos, townhouses, and more. It is designed to accommodate different property types and ownership forms.
What should be included in the property condition section?
This section requires brokers to check for and describe any observed issues, such as water damage, structural problems, or deferred maintenance. This information is vital for understanding the property's overall condition and potential repair needs.
How should the broker assess the neighborhood market conditions?
Brokers should evaluate the neighborhood by gathering statistics on property values, average days on market, and trends in sales activity. This helps in understanding the broader market context and its impact on the subject property.
What are marketing concessions, and why are they important?
Marketing concessions are incentives offered to buyers or brokers to encourage a sale. These can include covering closing costs or offering discounts. Understanding these concessions is essential for positioning the property competitively in the market.
How often should the ERC Broker Market Analysis form be updated?
The form should be updated as needed, especially when there are significant changes in the property condition, local market conditions, or if the property has not sold within the expected timeframe. Regular updates ensure that the analysis remains relevant and accurate.
Key Takeaways for Filling Out and Using the ERC Broker Market Analysis Form:
Understanding the Erc Broker Market Analysis form can be challenging, and several misconceptions often arise. Here are four common misunderstandings:
Worldwide ERC® Broker’s Market Analysis and Strategy Report
Purpose: This report is designed to enable the real estate broker to conduct a diligent analysis of the subject property’s condition, competition, and future marketability. Based on this analysis, the broker is to estimate the subject property’s Most Likely Sales Price.
This is not a home inspection. Nor is this an appraisal; this comparative market analysis has not been performed in accordance with the Uniform Standards of Professional Appraisal Practice. It is not to be construed as an appraisal and may not be used as such for any purpose. Preparers of this form need to be aware of any state-specific disclosure requirements and include them in this form as appropriate.
Procedural Guidelines: For procedures on contacting homeowner, inspecting property, submitting report, and providing photos, follow the requesting company’s guidelines. The Most Likely Sales Price (MLSP) is based on “as is” condition and a marketing time not to exceed 120 days to a contract of sale or as directed by the client.
INFORMATION
File #:
Homeowner(s):
Property Address:
Home Phone #:
City, State, Zip:
Work Phone #:
BMA Requested by (Co. & Contact):
e-mail:
Requesting Co. Address:
Phone #:
Fax #:
ASSIGNMENT
Real Estate Firm:
Contact Name:
Real Estate Firm Address:
Agent Preparer:
Homeowner’s purchase price: $
Date purchased:
Improvements made by homeowner if any:
Is the subject currently listed?
□ Yes
□ No
Listing Company/Agent:
Form of Ownership:
□ Fee Simple
□ Leasehold
Occupant:
□ Homeowner
□ Tenant
□ Vacant
Type: □ Condo
Coop
PUD
Single Family
Mixed Use
Town House
Modular
Mobile Home
SUBJECT
□ Other:
Indicate any personal property that remains (e.g., refrigerator, range, etc):
Subject’s location type:
□ Urban
□ Suburban
□ Distant suburban
□ Rural
□ Farm
□ Resort
Lot Characteristics: positive/negative (explain):
Subject’s view: positive/negative (explain):
Locational issues OF WHICH you are aware that may affect the insurability of the property:
LOCATION
Site Characteristics of which you are aware (check all that apply):
□ Private Street Access
□ Private Street Maintenance
□ Gated
□ Alley
□ Easements/Encroachments
□ Sidewalk
□ Curbs/Gutters
□ Street Lighting
□ Paved Street Surface
□ Paved Driveway Surface
Miscellaneous of which you are aware (check all that apply):
□ Maintenance issues with neighboring properties
□ Excess acreage or land
□ Mobile homes/trailer park nearby
□ Subject located on or near designated environmental sites
□ Location next to agricultural area
□ Close proximity to hospital/firehouse, etc.
□ Neighborhood has restrictive covenants
□ Subject located near railroad tracks
□ Audible street or highway noise present
□ Located on or backs up to busy/main street
□ Location in flood plain
□ Location in earthquake zone
□ Location next to school or public park
□ Property located on corner lot
□ Access to subject property
□ Location near/in view of power lines/water towers/ radio towers
□ Location next to industrial area
□ Located on airport flight path
□ Additional Comments:
Check all other items of which you are aware that may affect the marketability or value of the subject property and comment below:
□ Style of home not typical for the area
□ Subject is over improved
□ Subject is under improved
MISCELLANEOUS
□ Inadequate parking
□ Functional obsolescence
□ Steep driveway
□ Proposed land use change
□ Little sales activity in area or price range
□ Estimated time to sell is more than 120 days
□ Proposed or pending assessments
□ Property taxes not typical for area
□ HOA has first right of refusal
□ HOA does not allow “for sale” signs on property
□ HOA fees not typical for the area
□ Other
Comments:
Copyright © 2008 by Worldwide ERC®
Rev. 01/07/2009
This Form Expires 12/31/2009
Page 1 of 6
SUBJECT CONDITION
INSPECTIONS/DISCLOSURES
Property Condition
For all the following of which you are aware or observe in viewing the property, check the appropriate box(es) and describe:
□Décor of home is personalized or dated:
□Incomplete construction:
□Evidence of past or present water damage:
□Cracks or stains on walls, floors, or ceilings:
□Oil tank (abandoned):
□Oil tank (in use):
□Underground storage tank (abandoned):
□Underground storage tank (in use):
□Synthetic stucco:
□Suspected structural problems:
□Evidence of odor:
□Evidence of pet damage:
□Evidence of deferred maintenance: Additional Comments:
Recommended Repairs and Improvements
Interior Items
R&I Estimates
□ Paint
Estimated cost per item: $
Comment:
□ Flooring
□ Wall paper removal
□ Appliances
□ Cabinets
□ Light fixtures
□ Countertops
□ Bathroom fixtures
Total Estimated Cost for Interior Repairs
$
Exterior Items
□ Landscaping
□ Driveway/walkway
□ Porch/deck
□ Pool
□ Spa
Estimated cost per item :$
□ Gutters
□ Siding
□ Trim
□ Roof
□ Detached structures
□ Debris removal
□ Windows and screens
Total Estimated Cost for Exterior RepairS
List all required, customary and additionally recommended inspections (e.g., municipal, certificate of occupancy, environmental, etc.): Required:
Customary:
Additionally recommended for the subject property:
Subject property issues OF WHICH you are aware that may affect insurability of the subject property:
List all required disclosures:
Page 2 of 6
Identify the most probable means of financing for the subject:
□ FHA
□ VA
□ Cash
□ Conventional mortgage—conforming or jumbo
Describe the terms of the financing type identified above:
Identify and describe any financing concessions that may be necessary to secure the sale of the subject property.
□ Points:
□ Closing Costs:
FINANCING
Do you anticipate any issues that may affect the ability to secure financing for the subject property (e.g., condition, zoning, environmental, HOA, etc.)?
□ Yes □ No
If yes, comment:
If the subject property is a common interest development (e.g., condo, townhouse, PUD), what is the ratio of owners to investors?
□ N/A
Owners:
%
Investors:
(total MUST equal 100%)
HOA Fees: $
How often are they paid?
□ Monthly
□ Quarterly
□ Semi-annually
□ Annually
Items included in HOA Fees: □ Trash Pick-up
□ Snow Removal
□ Exterior Building Maintenance
□ Security/Concierge Services
□ Insurance
□ Taxes
□ Amenities
□ Common Area Maintenance
WATER
SEWER
Are you aware of any special assessments covered by the HOA?
If yes, indicate the amount of assessment: $
Describe what the special assessment covers:
Subject Neighborhood (For purposes of this report, the subject neighborhood is defined by the preparer of this form. Identify what you regard as the
subject neighborhood and then use statistics that you have gathered which reflect that market area. Note: the neighborhood might be a MLS area, a
particular section of a town, a specific subdivision, or an entire community. This is described as the “micro area.”)
Subject neighborhood is defined as:
Price Range: $
to $
Property Values are: □ Increasing
% in past
months
□ Stable
Average Days-on-Market (list to contract)
days
□ Decreasing
(# of days)
Calculate the months supply of inventory (Absorption Rate):
Type of competing listings
New Homes
Resale
Number of active listings ÷
Avg. number of sales per month
=
Number of months needed
REO/Foreclosure
for the last 6 months
to sell existing inventory
Corporate
Total (MUST equal 100%)
100%
Describe all marketing concessions/incentives being offered to buyers and/or brokers on competing properties:
CONDITIONS
Recommend any marketing concessions/incentives that should be offered for the subject:
MARKET
Describe major corporation(s) in this neighborhood that are moving into, out of, or planning layoffs:
Describe current economic conditions (positive or negative) that may have an Effect on the marketability of the property:
Broader Market Area (For purposes of this report, the broader market area is defined as that area beyond the subject neighborhood in which buyers will
look for comparable properties. This is described as the “macro area.” In some instances, the broader market area will be the same as the subject’s
neighborhood. If this is the case, indicate it below.)
What do you consider the “broader market area” to be for this property?
Are there any specific issues in the broader market area which are not reflected in the specific neighborhood that might affect the sale of the subject property? Consider types of competing homes (e.g., new construction, REO’s); incentives or concessions that are occurring; economic conditions; a dramatically different price range than the subject; days on market; etc.
This Form Expire 12/31/2009
Page 3 of 6
COMPETING LISTINGS
ITEM
Competing Listing #1
Competing Listing #2
Competing Listing #3
Address, City
Current MLS #
Proximity to Subject
Original List Price
Current List Price
Seller Concessions
Last Price Change Date
Days-on-market (DOM)
from original list date
Previous listing history for last
Orig. List Price $
Last List Price $
Last List Price
12 months
DOM:
Style
□ Brick
□ Wood
□ Composite
□ Stone
Exterior Finish
□ Aluminum
□ Stucco
(Check all that apply)
□ Synthetic Stucco
□ Vinyl
□ Hardcoat Stucco
□ Slate
Roof Type
□ Tar
□ Tile
□ Wood shake
□ Tin
□ Asphalt shingle
□ Copper
□ None
□ Garage
# of Cars
□ Attached
Car Storage/Type
□ Detached
□ Built-in
□ Carport
Year Built
Lot Size
Appx. Gross Living Area
Sq. Ft
Above Grade Room Count
Tot
Brms.
Baths
Tot.
Basement
□ Partial
□ SLAB
□ Full
□ Crawl Space
WALK-OUT
Basement Finish
Attic (Check all that apply)
Attic Access
□ Walkup
□ Hatch
□ Pull down steps
Bonus Room
□ Barn
Detached Structures
□ Guest House
□ Studio
□ Pool House
□ Shed
Deck/Patio
Pool/Spa
Fireplace(s)
□ Public
□ Private
Water Supply
□ Community
□ Well
□ Septic
□ Sewer
Waste Disposal
□ Cesspool
Type of Air Conditioning
□ Central
□ Window/Wall
□ Heat Pump
□ Gas
□ Propane
□ Electric
Type of Heating System
□ Radiant
□ Oil
□ Wood stove
□ Solar
□ Base Board
□ Coal
□ Heat pump
□ Radiator
Location
□ Superior
□ Similar
□ Inferior
Lot Characteristics
View
Floor Plan Utility
Ext. Condition’s Appeal
Int. Condition’s Appeal
Overall Rating of Listings as
Compared to Subject
Listing #1: Date inspected:
Listing #2: Date inspected:
Listing #3: Date inspected:
Page 4 of 6
Instructions: Select sales within the last six months which are suitable and similar to the subject property and within the same/similar market area.
COMPARABLE SALES
Comparable Sale #1
Comparable Sale #2
Comparable Sale #3
MLS #
Final List Price
Sales Price
Under Contract Date
Closing Date
□Partial
Full
□ Window/Wall □ Heat Pump
Overall Rating of Sales as
Sales #1: Inspected? □ Yes
□ No Comments:
Sales #2: Inspected?
□Yes
Sales #3: Inspected?
Page 5 of 6
MOST LIKELY
BUYER(S)
MARKETING STRATEGY
VALUE
ANALYSIS
SIGNATURES
Check all that apply:
□ Local Buyer
□ Transferee
□ International Buyer
□ First-time Homebuyer
□ Second-home Buyer
□ Empty Nester
□ Military
□ Parent Purchaser for Child
□ Move-up Homebuyer
□ Investor
□ Dual-income
What are the three - five challenges to getting this property sold?
1.
2.
3.
4.
5.
What are the three - five actions necessary to address the challenges identified above?
What are the top five creative ideas you will use in marketing this property keeping in mind the challenges and actions identified above?
Additional Comments:
Most Likely Sales Price (MLSP): $
Suggested List Price (SLP): $
The MLSP is based on “as is” condition and a marketing time not to exceed
days to a contract of sale.
Real Estate Firm Tax ID #:
Date of Inspection:
Agent Preparer Name:
Contact Signature:
Agent Preparer Signature:
Page 6 of 6
Order of Signatures for Ncoer - This form is a critical part of the overall personnel management and development strategy in the military.
The Massachusetts Boat Bill of Sale form serves as a crucial document that facilitates the transfer of ownership for boats and watercraft in the state. This form outlines the details of the transaction, including the buyer and seller information, boat specifications, and sale price. Understanding its importance can help ensure a smooth and legally compliant transfer process, making it essential to familiarize oneself with the Vessel Bill of Sale.
Imm 5707 Pdf Download - Ensure that any information provided can be verified, as the accuracy is crucial for immigration decisions.
Incomplete Information: Failing to fill in all required fields can lead to delays. Ensure that all sections, especially contact details and property specifics, are fully completed.
Neglecting State-Specific Requirements: Each state has unique disclosure laws. Not including necessary disclosures may result in legal complications. Familiarize yourself with local regulations before submission.
Inaccurate Property Condition Reporting: Misrepresenting the condition of the property can mislead potential buyers. Be thorough in assessing and documenting any issues, such as water damage or structural concerns.
Ignoring Market Analysis Guidelines: Skipping the comparative market analysis can yield an inaccurate Most Likely Sales Price. Follow the procedural guidelines to ensure a comprehensive evaluation of the property and its competition.
Overlooking Financing Details: Not clearly identifying financing options and potential issues can hinder the sale process. Provide detailed information about financing types and any anticipated challenges.
The Comparative Market Analysis (CMA) is a document often used by real estate professionals to assess the value of a property based on recent sales of similar properties in the area. Like the ERC Broker Market Analysis form, a CMA focuses on evaluating the condition and marketability of a property. It provides a detailed overview of comparable properties, including their sale prices and features, which helps in estimating a property's Most Likely Sales Price. However, while a CMA may include more subjective assessments, the ERC form emphasizes a structured approach to analyzing specific aspects of the property and its surroundings.
The Property Inspection Report is another document that shares similarities with the ERC Broker Market Analysis form. This report typically provides a comprehensive overview of a property's physical condition, identifying any issues that may affect its value or marketability. Both documents require thorough inspections and detailed observations, but the Property Inspection Report is often more focused on structural and mechanical aspects, while the ERC form includes market analysis and competitive positioning as key components of its evaluation.
The Appraisal Report also bears resemblance to the ERC Broker Market Analysis form. An appraisal is conducted by a licensed appraiser and aims to provide an unbiased estimate of a property's value. Both documents analyze the property’s condition, location, and market trends. However, an appraisal adheres to strict guidelines and standards, while the ERC form serves as a more flexible tool for brokers to gauge market conditions and pricing strategies without being bound by those same formalities.
For individuals engaging in vehicle transactions in Virginia, it is essential to utilize the proper documentation to ensure a smooth process. The Virginia Motor Vehicle Bill of Sale form serves as a critical piece of this process, helping to formalize the transfer of ownership. To better understand this important document, you can access it through the following link: https://vehiclebillofsaleform.com/virginia-motor-vehicle-bill-of-sale-template, which provides detailed information and guidance for accurately completing the form.
The Listing Agreement is another related document, as it outlines the terms under which a property will be marketed and sold. Like the ERC Broker Market Analysis form, it involves an assessment of the property’s value and marketability. The Listing Agreement, however, is more focused on the contractual relationship between the seller and the broker, detailing the responsibilities and expectations of both parties. In contrast, the ERC form serves as a tool for analysis and strategy rather than a binding contract.