Larry
Larry Kendall will kick off our first post-webinar Q & A by answering the many questions that we didn’t get to during his webinar last Thursday. There were 604 agents on the live call and 169 agents have viewed the archived webinar so far.
If you haven’t seen the webinar yet you’ll want to, just click below, http://www.secretsoftopsellingagents.com/previous.php
Q: How does this work with a unique property that has limited comps, i.e a house with an in-law apartment?
A:You want to take the last 12 months of MLS data. Your search criteria are properties that a buyer would consider looking at when they look at the subject property. So, if they are looking at in-law apartment type properties, compare those if you can. This system will work with most properties. They key is to think like a buyer would think, i.e., what would they want to look at to compare with this property.
Q: Do you run into problems with getting appraisals to work out even though the absorption rate pricing indicates you should be fine?
A: Since April of 2009, Freddie Mac and Fannie Mae appraisals require an addendum called “Market Conditions” which basically does what we just taught, so we are finding that appraisals now take absorption rate pricing into account. Absorption rate pricing should help your properties appraise.
Q: When looking at absorption rate figures do you look at the entire MLS homes in that price point, or School district or subdivision or all of the above?
A: You define your MLS search criteria according to what you think a buyer (or their agent) would use to pick houses to look at. That could be price point, neighborhood, or a combination of both.
Q: What boundary do you use for the absorption rate and pricing lines? e.g. 1 mile radius, “neighborhood”, subdivision
A: The boundary is what you feel a buyer would use in picking houses to look at. They key to picking the “Playing Field” is to think like you are working with a buyer – not a seller. This entire process is through the “Buyer’s Eyes”. How would a buyer look at the market? How would they do an MLS search to pick houses to look at? How would this house show up in that search? How would it rank (on the 5 items – condition, location, size, amenities, and price) compared to the other houses?
Q: I’m slow with numbers. Where can I get more info on how to work the Absorption Rate Positioning
A: Recommend listening to this webinar a second time. I believe it will become more clear for you the second time.
What a power packed webinar it was! One of our previous guests NUMBER1EXPERT Michael Maher commented:
Debra, great Webinar with Larry Kendall this week. Even after learning some of these lessons at Star Power and putting them into play in our business, I STILL learned a lot from the Webinar. Kudos for you for putting it together and kudos to Larry for giving again to our industry. +m2
So thank you Larry for sharing the “Pond, ” “Absorption Rate Positioning” and your other Ninja Selling secrets…and for sticking around to answer questions here! (We’ll invite all our future speakers to do so, because one hour is just too short!)
Comments? First watch the webinar here.
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