Chapter 2rebac.net/Teach/RPR/RPR_Chapter_2_2013.ppt · PPT file · Web view2014-02-20 · * AVMs...
Transcript of Chapter 2rebac.net/Teach/RPR/RPR_Chapter_2_2013.ppt · PPT file · Web view2014-02-20 · * AVMs...
Chapter 2
Consumers Don’t Believe Everything They See on the Internet. Right?
1Page 20
2
Researching the MarketConsumers are more
plugged in and informedMore distractedMore sites competing for
attention
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3
Gathering (Mis)Information?Hours online form
misperceptions Media coverage distorts
market pictureAgents first step with
prospects—educate about market realities
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Same Data—Different Answers?
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How Do They Get Away With It?
No risk if off target Disclaimers Variable accuracy ratings Caution—not an appraisal
Consumer AVMs try to estimate today’s value by looking at yesterday’s data
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Non-Disclosure States
6
Sales not
publicly
reported
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7
Right Pricing#1 problem for sellersTendency to
overestimateThe market sets the
price
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Days on Market? % of List
8
West•8 weeks•96% of list
Midwest•12 weeks•95% of list
Northeast•10 weeks•94% of list
South•12 weeks•96% of list
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What Do Buyers Do?
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10
AVMs Meet the Real-World BuyerPrice isn’t the final
determinant
AVMS can’t replace agents’ knowledge and experience
AVMs can’t communicate the experience of living in the home & neighborhood
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11
AVMs meet the Real-World SellerAgents must clear away the
noise of online estimatesEducate, or re-educate, the
client about market realitiesCheck online AVM estimates
before a listing appointment
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RPR®—The Data-Supported Reality Check
Developed specifically for REALTORS® Combines home information with MLS data
and public records Positions REALTORS® ahead of the
technology curve Reinforces REALTOR® value as local market
expert
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