Course Credits:
Required course for the Pricing Strategy Advisor (PSA) Certification.
Elective course for the Accredited Buyer's Representative (ABR®) Designation.
Duration: 1 Day
Format: Classroom
At the conclusion of this course, students will be able to:
Module 1: Principles of Pricing
Module 2: Choosing Appropriate Comparables
Module 3: Preparing the CMA
Module 4: Presenting the CMA
Module 5: Working with Appraisers
Module 6: Honing Your Pricing Habits
Introduction Welcome Instructor and Student Introductions About This Course How to Earn the Pricing Strategy Advisor (PSA) Certification Benefits What You Will Learn Module 1: Principles of Pricing Module 2: Choosing Appropriate Comparables Module 3: Preparing the CMA Module 4: Presenting the CMA Module 5: Working with Appraisers Module 6: Honing Your Pricing Habits Introduction Exercise Module 1: Principles of Pricing Learning Objectives What is a CMA? Not the Same: CMAs and Appraisals Valuation Services Matrix The Purpose of CMAs Who Needs CMAs? Sellers Buyers Agents Advantages of CMAs for Sellers Buyers Agents Valuation Language and Basic Principles Cost, Price, and Value Market Value According to Fannie Mae Pricing and the REALTOR® Code of Ethics What the code says Article 11 reads Standard of Practice 11-1 reads Standard of Practice 11-2 reads Value or Price? Interpreting the Code: The Importance of Competency Exercise 1.1: Is Agent Alex Competent to Develop This Price Opinion? Module 2: Choosing Appropriate Comparables Learning Objectives The Goal: Optimal Similarity to the Subject Characteristics of Comparables Date of Sale Location Size Micro Markets Amenities Exercise 2.1: Amenities in Your Market Improvements Exercise 2.2: Improvements in Your Market Number of Comparables Fundamental Principles for Choosing Comparables Highest and Best Use Arm's Length Transactions Fannie Mae Guidance on Choosing Comparables What the Guidance Says, Selection of Comparable Sales Interpreting the Guidance Roadblocks to Choosing Comparables: Imperfect Information Resources for Identifying Comparables and Analyzing Markets MLS Public Records REALTORS Property Resource® (RPR®) Automated Valuation Models Access to RPR® and RVM® Module 3: Preparing the CMA Learning Objectives The Role of Supply and Demand in Pricing Absorption Rate Exercise 3.1: Using Absorption Rate to Advise Clients Methods of Adjusting Comparables Cost-Based Adjustments Market-Based Adjustments The Importance of Market Expectations Making the Adjustment Applying the Principles of Substitution and Market Expectation Substitution Fannie Mae Guidance on Adjusting Comparables What the Guidance Says Analysis of Adjustments Sales or Financing Concessions Interpreting the Guidance Specific Considerations in Determining Adjustments Bedrooms Bathrooms Gross Living Area Adjusting for Gross Living Area Age Lot Size Potential Mistakes and Special Challenges in Making Adjustments Double Dipping The Wrong Reasons to Adjust Outliers Stigmatized Properties Exercise 3.2: Adjusting Comparables and Arriving at a Price Range Module 4: Presenting the CMA Learning Objectives What the CMA Report Contains Common Disclaimer Information Guiding Clients through the CMA Understanding the Market Considering the Comparables and Competition Moving from a Price Range to a Listing/Offer Price Getting to Agreement When Sellers and Buyers Disregard Your Pricing Recommendations Exercise 4.1 Recommending a List Price Module 5: Working with Appraisers Learning Objectives When a Property Appraises Below Offer Price Distressed Markets & Appraisals Appraisals Compared to CMAs What Appraisers Do Who the Appraiser Works For Steps in Working with the Appraiser Meet the Appraiser Prepare Appraiser's Package Appraiser's Package Contents Appraisal Tools Return Appraiser Calls How to Read an Appraisal Report Interpreting an Appraisal Report Red Flags in an Appraisal When a Property Appraises Below Offer Price Distressed Markets & Appraisals Challenging an Appraisal The Long Life of an FHA Appraisal Module 6: Honing Your Pricing Habits Learning Objectives Listening to the Market Staying Up to Date on Market Changes Revisiting Historical Data Developing Human Resources Following Industry News Exercise 6.1: How Do You Stay Up to Date? Educating Clients Seven Deadly Seller Sins Five Buyer Bloopers When Homes Sell Quickly: I Should Have Asked More! Sellers in the Driver's Seat What Clients Can and Cannot Control The Pricing Pyramid Revisiting Price Legal and Ethical Requirements Confidentiality Obligations Standards of Practice 1-9 Records Retention Exercise 6.2 Your Challenges in Pricing Discussions Conclusion Key Learning Points Questions and Answers Exam
Introduction
Conclusion
Exam
The Accredited Buyer's Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate Buyer's Agent Council ('REBAC') of the National Association of REALTORS® who meet the specified educational and practical experience criteria.
At Home With Diversity® is a one-day certification course designed to present the changing face of the real estate industry. More importantly, the class teaches REALTORS® how to work effectively with
The Certified International Property Specialist (CIPS) designation prepares REALTORS® to service the growing international market in their local community. It is awarded by National Association of REALTORS® to real estate practitioners in 50+ countries.
The Home Finance Resource Certification is designed to provide you with foundational education to help you confidently explain key pieces of the loan origination process. With the skills that you gain from this course, you will also be equipped to provide guidance on navigating mortgage applications and alternative financing options for all types of buyers.
The goal of Military Relocation Professional Certification Core Course is to educate real estate professionals about working with current and former military service members to find the housing solutions that best suit their needs as sellers or buyers and take full advantage of military benefits and support. Students will learn how to provide the real estate services at any stage in the service member's military career that meet the needs of this niche market and win future referrals.
NAR's e-PRO® Certification Program shows you how to use the latest social media technologies to create an online presence and reach today's hyper-connected consumers. e-PRO® also teaches you how to take advantage of rich media and e-office strategies.
NAR's Green Designation teaches real estate professionals about energy efficiency and sustainable building practices. Complete the 3-day program to have access to a wealth of benefits providing marketing support, ongoing education and industry guidance.
In the one-day Pricing Strategies: Mastering the CMA course, learn how to select appropriate comparables and make accurate adjustments, guide sellers and buyers through the details of comparative marketing analyses (CMAs) and the underlying pricing principles that inform them, and interact effectively with appraisers.
The Real Estate Negotiation Expert (RENE) certification is designed to elevate and enhance negotiating skills so that today's real estate professionals can play the game to win. The courses examine all types of negotiation formats and methods as well as a full spectrum of tips, tools, techniques, and advantages so you can provide effective results for your clients.
Resort & Second-Home Property Specialists (RSPS) receive extra expertise and knowledge with the RSPS certification, which covers the buying, selling, and managing of resort properties and second homes for recreation, investment, and development.
The Seller Representative Specialist (SRS) designation is the premier credential in seller representation. It is designed to elevate professional standards and enhance personal performance. The designation is awarded to real estate practitioners by the Council of Real Estate Brokerage Managers (CRB) who meet specific educational and practical experience criteria.
The Seniors Real Estate Specialist (SRES®) 12-hour designation program trains REALTORS® to profitably and ethically serve the real estate needs of clients age 50+. Includes first year membership in the SRES® Council and its valuable services and benefits.
The number of short sales and foreclosures are rising, presenting challenges for real estate professionals. The Short Sales & Foreclosure Resource (SFR) certification was launched by NAR to help REALTORS® meet the great demand for these critical services.
This course will empower you to expand your outreach in your community, teach you how to find resources and partners, and plan initiatives to contribute to a vibrant community. You will learn how to work with local employers to discuss employer-assisted housing (EAH), EAH's benefits, and three options employers can implement to help their employees become homeowners or afford a home close to work.
Expanding Housing Opportunities (EHO) is a course designed to educate real estate professionals on the range of affordable housing opportunities and clients seeking them.
NAR's e-PRO® certification program helps REALTORS® learn how to leverage digital marketing theory and technologies in their day- to-day marketing efforts while protecting client information. Students will learn how to utilize advanced marketing tools and techniques including customer relationship management (CRM) systems, search engine marketing (SEM), search engine optimization (SEO), and social media to connect with customers. Students will also learn the importance of data privacy, the laws in place, and how to implement best practices as outlined by the Federal Trade Commission to protect client information from a data breach. Completion of this course will provide students with practical takeaways that can immediately be implemented to drive business and increase client confidence and trust.
Diversify your clientele, expand your business, and globalize your network with NAR Global. Offering the Certified International Property Specialist (CIPS) Designation and other programs, we provide the research, tools and connections to help you succeed.
The Real Estate Buyer's Agent Council (REBAC), f. 1988, promotes the superiority of a buyer's representative's skills and services. REBAC's membership is the world's largest organization of real estate professionals concentrating on buyer representation.
The National Association of REALTORS® (NAR), f. 1908, represents more than 1.1 million members and has worked to advance home ownership, real estate investment, private property rights and the free enterprise system in Congress and the Federal agencies.
The REALTOR® Resort specialty is designed to appeal to real estate practitioners who facilitate the buying, selling, or management of properties for investment, development, retirement, or second homes in a resort, recreational and/or vacation destination.
The Seller Representative Specialist (SRS) designation course is the premier credential in seller representation. It is designed to elevate professional standards and enhance personal performance. The designation is awarded to real estate practitioners by the Council of Real Estate Brokerage Managers (CRB) who meet specific educational and practical experience criteria.
