Printable Erc Broker Market Analysis Form Open Your Form

Printable Erc Broker Market Analysis Form

The Worldwide ERC® Broker’s Market Analysis and Strategy Report is a crucial tool for real estate brokers. It helps them assess a property's condition, competition, and future marketability, ultimately estimating its Most Likely Sales Price. This report is not an appraisal or home inspection, but rather a comparative market analysis tailored to guide brokers in making informed decisions.

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Key takeaways

  • The Erc Broker Market Analysis form is essential for evaluating a property's condition, competition, and marketability.
  • It is important to remember that this form is not a home inspection or an appraisal.
  • When filling out the form, ensure compliance with state-specific disclosure requirements.
  • Follow the requesting company's guidelines for contacting homeowners and submitting the report.
  • The Most Likely Sales Price (MLSP) should reflect the property's "as is" condition and a marketing time of no more than 120 days.
  • Include detailed information about the property, including any improvements made and the current listing status.
  • Be thorough in documenting any factors that may affect the property's insurability or marketability.

What to Know About Erc Broker Market Analysis

What is the purpose of the ERC Broker Market Analysis form?

The ERC Broker Market Analysis form is designed to help real estate brokers assess the condition, competition, and future marketability of a property. By conducting a thorough analysis, brokers can estimate the Most Likely Sales Price (MLSP) of the property. It is important to note that this form is not an appraisal or a home inspection, and it should not be used as such. Instead, it serves as a comparative market analysis to guide brokers in making informed decisions.

What information is required to complete the form?

The form requires various details about the property, including the homeowner's information, property address, and contact numbers. Additionally, brokers must provide information about the real estate firm, the agent preparing the report, and any improvements made to the property. Specific questions regarding the property's condition, location, and neighborhood characteristics must also be addressed to ensure a comprehensive analysis.

How does the form address property condition and necessary repairs?

The form includes sections that prompt brokers to note any observable issues with the property, such as water damage, structural problems, or maintenance needs. Brokers can also provide estimated costs for recommended repairs and improvements, both interior and exterior. This information helps in understanding the overall condition of the property, which can significantly impact its marketability and value.

What is the significance of the Most Likely Sales Price (MLSP)?

The Most Likely Sales Price (MLSP) is a crucial estimate derived from the broker's analysis of the property and market conditions. It reflects the price at which the property is expected to sell, assuming it is in "as is" condition and marketed for no more than 120 days. The MLSP serves as a benchmark for both sellers and buyers, guiding expectations and strategies in the real estate market.

Are there any specific guidelines for using the form?

Yes, the form comes with procedural guidelines that brokers must follow. These guidelines cover contacting the homeowner, inspecting the property, submitting the report, and providing necessary photographs. Additionally, brokers should be aware of any state-specific disclosure requirements and ensure that these are included in the analysis. Adhering to these guidelines helps maintain the integrity and effectiveness of the market analysis.

Erc Broker Market Analysis - Usage Instruction

Completing the ERC Broker Market Analysis form requires attention to detail and a clear understanding of the property in question. This form is essential for estimating the property's most likely sales price based on its condition, market competition, and potential for future marketability. Follow these steps to ensure accurate completion.

  1. Gather necessary information about the property, including the file number, homeowner details, and property address.
  2. Fill in the contact information for both the homeowner and the requesting company.
  3. Document the real estate firm’s information, including the contact name and agent preparer’s details.
  4. Record the homeowner’s purchase price and date of purchase, along with any improvements made to the property.
  5. Indicate whether the property is currently listed and provide the listing company or agent's details.
  6. Specify the form of ownership (e.g., fee simple, leasehold) and the current occupant status (homeowner, tenant, vacant).
  7. Describe the property type (e.g., condo, single-family home) and any personal property that remains with the sale.
  8. Assess the location type (urban, suburban, rural, etc.) and provide details about lot characteristics and views.
  9. Identify any locational issues that may affect the insurability of the property.
  10. Check all applicable site characteristics and miscellaneous factors that may impact the property’s marketability.
  11. Document the property condition by checking relevant boxes and providing comments on any issues observed.
  12. Estimate costs for recommended repairs and improvements, detailing each item with its estimated cost.
  13. List required, customary, and additionally recommended inspections for the property.
  14. Identify the most probable means of financing for the subject property and describe any necessary financing concessions.
  15. Assess potential issues affecting financing and provide details about the homeowner association (HOA) fees and special assessments.
  16. Define the subject neighborhood and broader market area, including price ranges and property value trends.
  17. Calculate the months supply of inventory and provide information on competing listings and comparable sales.
  18. Describe marketing concessions or incentives being offered for competing properties and recommend any for the subject property.
  19. Summarize major corporations in the neighborhood and current economic conditions that could impact marketability.
  20. Complete the comparative sales section by documenting details for comparable properties, including their characteristics and sales history.

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