The Worldwide ERC® Broker’s Market Analysis and Strategy Report is a vital tool for real estate brokers. This form assists in evaluating a property's condition, competition, and potential marketability, ultimately guiding brokers to estimate the Most Likely Sales Price (MLSP). Remember, this analysis is not an appraisal or a home inspection; it serves as a comparative market analysis tailored to the specific property in question.
If you're ready to start your analysis, please fill out the form by clicking the button below.
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Key Takeaways for Filling Out and Using the ERC Broker Market Analysis Form:
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
The Comparative Market Analysis (CMA) is a document that real estate professionals use to estimate the value of a property based on the sale prices of similar properties in the area. Like the ERC Broker Market Analysis form, a CMA takes into account various factors such as location, property condition, and market trends. It aims to provide an accurate estimate of a property's value by comparing it to recently sold homes, which is crucial for both sellers and buyers in determining a fair price. Both documents require a thorough understanding of the local market and the characteristics of the properties involved.
The Property Condition Report (PCR) is another document similar to the ERC Broker Market Analysis form. This report focuses on the physical condition of a property, detailing any repairs or maintenance issues that may affect its marketability. Just like the ERC form, the PCR includes observations about the property's condition and any necessary improvements. While the ERC form estimates a sales price based on market conditions, the PCR emphasizes the importance of the property's condition in determining its value and appeal to potential buyers.
The Appraisal Report is a formal document prepared by a licensed appraiser that provides an unbiased estimate of a property's market value. Similar to the ERC Broker Market Analysis, the appraisal considers factors such as property condition, location, and comparable sales. However, the appraisal follows strict guidelines and standards, making it more formal and legally binding than the ERC form. Both documents serve to inform buyers and sellers about property value, but the appraisal is often required for financing purposes, while the ERC form is more of a preliminary analysis.
The Listing Agreement is a contract between a property owner and a real estate agent that outlines the terms of selling a property. While the ERC Broker Market Analysis provides an estimate of the property's value, the Listing Agreement formalizes the relationship between the seller and the agent. Both documents are essential in the selling process, but the Listing Agreement is more focused on the contractual obligations and marketing strategy, whereas the ERC form is centered on market analysis and pricing.
The Home Inspection Report is a detailed examination of a property's condition, typically conducted before a sale. Like the ERC Broker Market Analysis, this report identifies issues that could affect the property's value and marketability. However, the Home Inspection Report is more comprehensive in its focus on structural and mechanical systems. While the ERC form estimates a sales price based on market conditions, the Home Inspection Report provides insights into the property's physical state, which can impact buyer decisions and negotiations.
Understanding the importance of legal documentation is crucial when engaging in any real estate transaction, as it ensures clarity and compliance throughout the process. The Indiana Motor Vehicle Bill of Sale form is a vital document that similarly guarantees the legitimacy of vehicle transactions by certifying the purchase and sale of a motor vehicle in the state. For anyone looking to buy or sell a vehicle in Indiana, utilizing resources like Vehicle Bill of Sale Forms can help streamline the necessary paperwork and ensure a smooth transfer of ownership.
The Seller’s Disclosure Statement is a document that sellers provide to potential buyers, outlining any known issues with the property. This statement is similar to the ERC Broker Market Analysis in that both documents aim to inform buyers about the property’s condition and any factors that may affect its value. While the ERC form analyzes market conditions and pricing, the Seller’s Disclosure Statement focuses on the seller's knowledge of the property, ensuring transparency in the transaction process.
Filling out the ERC Broker Market Analysis form is an important step in assessing a property’s market position. This process involves gathering detailed information about the property, its condition, and the surrounding market. Once you have completed the form, it will serve as a valuable tool in estimating the Most Likely Sales Price for the property. Here’s how to navigate the form effectively.
The ERC Broker Market Analysis form is a crucial document for real estate brokers conducting property evaluations. Along with this form, several other documents are typically used to provide a comprehensive understanding of the property and its market context. Below is a list of related forms and documents that are often utilized in conjunction with the ERC Broker Market Analysis form.
These documents collectively enhance the understanding of the property and its market, ensuring that all parties involved are well-informed and prepared for the transaction. Each plays a vital role in the real estate process, contributing to a smoother and more transparent experience for buyers and sellers alike.
Failing to accurately complete the homeowner information section. This includes missing details like phone numbers or email addresses, which can hinder communication.
Not checking all relevant property characteristics. It’s crucial to indicate whether the property is a condo, single-family home, or another type, as this affects market analysis.
Omitting important improvements made by the homeowner. Listing renovations can significantly impact the estimated sales price.
Neglecting to provide detailed comments on property condition. Specific observations about issues like water damage or deferred maintenance are vital for an accurate assessment.
Forgetting to include state-specific disclosures. Each state has unique requirements that must be adhered to, and failing to do so can lead to complications.
Not evaluating competing listings thoroughly. It’s essential to compare similar properties accurately to establish a fair market price.
Overlooking the neighborhood characteristics. Understanding the local market dynamics, such as nearby amenities and economic conditions, is key to a successful analysis.
Ignoring the financing options available for the property. Identifying whether FHA, VA, or conventional loans are applicable can affect potential buyers.
Failing to assess market conditions accurately. Understanding whether the market is stable, increasing, or decreasing is essential for setting realistic expectations.
Not providing additional comments or insights. Any extra information that may affect marketability or value should be included to give a complete picture.
When filling out the ERC Broker Market Analysis form, there are several important practices to keep in mind. Below is a list of things you should and shouldn't do.