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Download Erc Broker Market Analysis Form in PDF

The Erc Broker Market Analysis form is a comprehensive tool designed for real estate brokers to assess a property's condition, competition, and future marketability. This analysis helps brokers estimate the Most Likely Sales Price for the property, providing valuable insights for both sellers and buyers. To begin your analysis, please fill out the form by clicking the button below.

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The ERC Broker Market Analysis form serves as a vital tool for real estate brokers aiming to assess the market position of a specific property. This comprehensive report allows brokers to conduct a thorough examination of the property's condition, competitive landscape, and potential marketability. Central to this analysis is the estimation of the property’s Most Likely Sales Price (MLSP), which is derived from an evaluation of the property in its current state, with a marketing timeline not exceeding 120 days unless otherwise directed by the client. It is important to note that this document is not an appraisal nor a home inspection; rather, it is a comparative market analysis that must adhere to state-specific disclosure requirements. Brokers are advised to follow procedural guidelines for contacting homeowners, inspecting properties, and submitting reports, ensuring that they gather all necessary information, including improvements made by the homeowner, current listings, and any issues that may affect the property’s insurability. The form also prompts brokers to consider various factors, such as neighborhood conditions, market trends, and financing options, allowing them to provide a well-rounded perspective on the property’s value and potential sale strategy.

Preview - 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 #:

City, State, Zip:

Fax #:

ASSIGNMENT

Real Estate Firm:

Contact Name:

e-mail:

Real Estate Firm Address:

Phone #:

City, State, Zip:

Fax #:

Agent Preparer:

Phone #:

Homeowner’s purchase price: $

Date purchased:

INFORMATION

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
SUBJECT	□ 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:

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	Estimated cost per item: $		Comment:
□ Wall paper removal	Estimated cost per item: $		Comment:
□ Appliances	Estimated cost per item: $		Comment:
□ Cabinets	Estimated cost per item: $		Comment:
□ Light fixtures	Estimated cost per item: $		Comment:
□ Countertops	Estimated cost per item: $		Comment:
□ Bathroom fixtures	Estimated cost per item: $		Comment:
□ Other:	Estimated cost per item: $		Comment:
□ Other:	Estimated cost per item: $		Comment:
□ Other:	Estimated cost per item: $		Comment:
Total Estimated Cost for Interior Repairs		$

Exterior Items			R&I Estimates
□ Landscaping	Estimated cost per item: $		Comment:
□ Paint	Estimated cost per item: $		Comment:
□ Driveway/walkway	Estimated cost per item: $		Comment:
□ Porch/deck	Estimated cost per item: $		Comment:
□ Pool	Estimated cost per item: $		Comment:
□ Spa	Estimated cost per item :$		Comment:
□ Gutters	Estimated cost per item: $		Comment:
□ Siding	Estimated cost per item: $		Comment:
□ Trim	Estimated cost per item: $		Comment:
□ Roof	Estimated cost per item: $		Comment:
□ Detached structures	Estimated cost per item: $		Comment:
□ Debris removal	Estimated cost per item: $		Comment:
□ Windows and screens	Estimated cost per item: $		Comment:
□ Other:	Estimated cost per item: $		Comment:
□ Other:	Estimated cost per item: $		Comment:
□ Other:	Estimated cost per item: $		Comment:
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:

Rev. 01/07/2009

This Form Expires 12/31/2009

Page 2 of 6

Identify the most probable means of financing for the subject:

□ FHA

□ VA

□ Cash

□ Conventional mortgage—conforming or jumbo

□ Other:

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:

□ Other:

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

□ Landscaping

□ Snow Removal

□ Exterior Building Maintenance

□ Security/Concierge Services

□ Insurance

□ Taxes

□ Amenities

□ Common Area Maintenance

WATER

SEWER

□ Other:

Are you aware of any special assessments covered by the HOA?

□ Yes

□ No

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)

% in past

months

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.

Rev. 01/07/2009

This Form Expire 12/31/2009

Page 3 of 6

COMPETING LISTINGS

ITEM

SUBJECT

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

□ Brick

□ Wood

□ Brick

□ Wood

□ Brick

□ Wood

□ Composite

□ Stone

□ Composite

□ Stone

□ Composite

□ Stone

□ Composite

□ Stone

Exterior Finish

□ Aluminum

□ Stucco

□ Aluminum

□ Stucco

□ Aluminum

□ Stucco

□ Aluminum

□ Stucco

(Check all that apply)

□ Synthetic Stucco

□ Vinyl

□ Synthetic Stucco

□ Vinyl

□ Synthetic Stucco

□ Vinyl

□ Synthetic Stucco

□ Vinyl

□ Hardcoat Stucco

□ Other:

□ Composite

□ Slate

□ Composite

□ Slate

□ Composite

□ Slate

□ Composite

□ Slate

Roof Type

□ Tar

□ Tile

□ Tar

□ Tile

□ Tar

□ Tile

□ Tar

□ Tile

□ Wood shake

□ Tin

□ Wood shake

□ Tin

□ Wood shake

□ Tin

□ Wood shake

□ Tin

(Check all that apply)

□ Asphalt shingle

□ Copper

□ Asphalt shingle

□ Copper

□ Asphalt shingle

□ Copper

□ Asphalt shingle

□ Copper

□ Other:

□ None

□ Garage

# of Cars

□ Garage

# of Cars

□ Garage

# of Cars

□ Garage

# of Cars

□ Attached

Car Storage/Type

□ Detached

□ Built-in

(Check all that apply)

□ Carport

□ Attached

□ Detached

□ Other:

□ Built-in

□ Other:

□ Built-in

□ Other:

□ Built-in

□ Other:

□ Built-in

Year Built

Lot Size

Appx. Gross Living Area

Sq. Ft

Above Grade Room Count

Tot

Brms.

Baths

Tot.

Brms.

Baths

Tot.

Brms.

Baths

Tot.

Brms.

Baths

Basement

□ None

□ Partial

□ None

□ Partial

□ None

□ Partial

□ None

□ Partial

□ SLAB

□ Full

□ SLAB

□ Full

□ SLAB

□ Full

□ SLAB

□ Full

(Check all that apply)

□ Crawl Space

WALK-OUT

□ Crawl Space

WALK-OUT

□ Crawl Space

WALK-OUT

□ Crawl Space

WALK-OUT

Basement Finish

□ None

□ Partial

□ None

□ Partial

□ None

□ Partial

□ None

□ Partial

Attic (Check all that apply)

□ Crawl Space

□ Full

□ Crawl Space

□ Full

□ Crawl Space

□ Full

□ Crawl Space

□ Full

Attic Access

□ Walkup

□ Hatch

□ Walkup

□ Hatch

□ Walkup

□ Hatch

□ Walkup

□ Hatch

□ Pull down steps

Bonus Room

□ None

□ Barn

□ None

□ Barn

□ None

□ Barn

□ None

□ Barn

Detached Structures

□ Guest House

□ Studio

□ Guest House

□ Studio

□ Guest House

□ Studio

□ Guest House

□ Studio

(Check all that apply)

□ Pool House

□ Shed

□ Pool House

□ Shed

□ Pool House

□ Shed

□ Pool House

□ Shed

□ Other:

Deck/Patio

Pool/Spa

Fireplace(s)

□ Public

□ Private

□ Public

□ Private

□ Public

□ Private

□ Public

□ Private

Water Supply

□ Community

□ Well

□ Community

□ Well

□ Community

□ Well

□ Community

□ Well

□ Septic

□ Sewer

□ Septic

□ Sewer

□ Septic

□ Sewer

□ Septic

□ Sewer

Waste Disposal

□ Cesspool

□ Other:

Type of Air Conditioning

□ None

□ Central

□ None

□ Central

□ None

□ Central

□ None

□ Central

□ Window/Wall

□ Heat Pump

□ Window/Wall

□ Heat Pump

□ Window/Wall

□ Heat Pump

□ Window/Wall

□ Heat Pump

(Check all that apply)

□ Other:

□ None

□ Gas

□ None

□ Gas

□ None

□ Gas

□ None

□ Gas

□ Propane

□ Electric

□ Propane

□ Electric

□ Propane

□ Electric

□ Propane

□ Electric

Type of Heating System

□ Radiant

□ Oil

□ Radiant

□ Oil

□ Radiant

□ Oil

□ Radiant

□ Oil

□ Wood stove

□ Solar

□ Wood stove

□ Solar

□ Wood stove

□ Solar

□ Wood stove

□ Solar

(Check all that apply)

□ Base Board

□ Coal

□ Base Board

□ Coal

□ Base Board

□ Coal

□ Base Board

□ Coal

□ Heat pump

□ Radiator

□ Heat pump

□ Radiator

□ Heat pump

□ Radiator

□ Heat pump

□ Radiator

□ Other:

Location

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

Lot Characteristics

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

View

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

Floor Plan Utility

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

Ext. Condition’s Appeal

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

Int. Condition’s Appeal

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

Overall Rating of Listings as

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

Compared to Subject

Listing #1: Date inspected:

Comments:

Listing #2: Date inspected:

Comments:

Listing #3: Date inspected:

Comments:

Rev. 01/07/2009

This Form Expires 12/31/2009

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

ITEM

SUBJECT

Comparable Sale #1

Comparable Sale #2

Comparable Sale #3

Address, City

MLS #

Proximity to Subject

Original List Price

Final List Price

Sales Price

Seller Concessions

Under Contract Date

Closing Date

Days-on-market (DOM)

from original list date

Previous listing history for last

Orig. List Price $

Last List Price $

12 months

DOM:

Style

□ Brick

□ Wood

□ Brick

□ Wood

□ Brick

□ Wood

□ Brick

□ Wood

□ Composite

□ Stone

□ Composite

□ Stone

□ Composite

□ Stone

□ Composite

□ Stone

Exterior Finish

□ Aluminum

□ Stucco

□ Aluminum

□ Stucco

□ Aluminum

□ Stucco

□ Aluminum

□ Stucco

(Check all that apply)

□ Synthetic Stucco

□ Vinyl

□ Synthetic Stucco

□ Vinyl

□ Synthetic Stucco

□ Vinyl

□ Synthetic Stucco

□ Vinyl

□ Hardcoat Stucco

□ Other:

□ Composite

□ Slate

□ Composite

□ Slate

□ Composite

□ Slate

□ Composite

□ Slate

Roof Type

□ Tar

□ Tile

□ Tar

□ Tile

□ Tar

□ Tile

□ Tar

□ Tile

□ Wood shake

□ Tin

□ Wood shake

□ Tin

□ Wood shake

□ Tin

□ Wood shake

□ Tin

(Check all that apply)

□ Asphalt shingle

□ Copper

□ Asphalt shingle

□ Copper

□ Asphalt shingle

□ Copper

□ Asphalt shingle

□ Copper

□ Other:

□ None

□ Garage

# of Cars

□ Garage

# of Cars

□ Garage

# of Cars

□ Garage

# of Cars

□ Attached

Car Storage/Type

□ Detached

□ Built-in

(Check all that apply)

□ Carport

□ Attached

□ Detached

□ Other:

□ Built-in

□ Other:

□ Built-in

□ Other:

□ Built-in

□ Other:

□ Built-in

Year Built

Lot Size

Appx. Gross Living Area

Sq. Ft

Above Grade Room Count

Tot.

Brms.

Baths

Tot.

Brms.

Baths

Tot.

Brms.

Baths

Tot.

Brms.

Baths

Basement

□ None

□ Partial

□ None

□ Partial

□ None

□Partial

□ None

□ Partial

□ SLAB

□ Full

□ SLAB

□ Full

□ SLAB

Full

□ SLAB

□ Full

(Check all that apply)

□ Crawl Space

WALK-OUT

□ Crawl Space

WALK-OUT

□ Crawl Space

WALK-OUT

□ Crawl Space

WALK-OUT

Basement Finish

□ Full

□ Partial

□ Full

□ Partial

□ Full

□ Partial

□ Full

□ Partial

Attic (Check all that apply)

□ Crawl Space

□ None

□ Crawl Space

□ None

□ Crawl Space

□ None

□ Crawl Space

□ None

Attic Access

□ Walkup

□ Hatch

□ Walkup

□ Hatch

□ Walkup

□ Hatch

□ Walkup

□ Hatch

□ Pull down steps

Bonus Room

□ None

□ Barn

□ None

□ Barn

□ None

□ Barn

□ None

□ Barn

Detached Structures

□ Guest House

□ Studio

□ Guest House

□ Studio

□ Guest House

□ Studio

□ Guest House

□ Studio

(Check all that apply)

□ Pool House

□ Shed

□ Pool House

□ Shed

□ Pool House

□ Shed

□ Pool House

□ Shed

□ Other:

Deck/Patio

Pool/Spa

Fireplace(s)

Water Supply

□ Public

□ Private

□ Public

□ Private

□ Public

□ Private

□ Public

□ Private

□ Community

□ Well

□ Community

□ Well

□ Community

□ Well

□ Community

□ Well

□ Septic

□ Sewer

□ Septic

□ Sewer

□ Septic

□ Sewer

□ Septic

□ Sewer

Waste Disposal

□ Cesspool

□ Other:

Type of Air Conditioning

□ None

□ Central

□ None

□ Central

□ None

□ Central

□ None

□ Central

□ Window/Wall

□ Heat Pump

□ Window/Wall □ Heat Pump

(Check all that apply)

□ Other:

□ None

□ Gas

□ None

□ Gas

□ None

□ Gas

□ None

□ Gas

□ Propane

□ Electric

□ Propane

□ Electric

□ Propane

□ Electric

□ Propane

□ Electric

Type of Heating System

□ Radiant

□ Oil

□ Radiant

□ Oil

□ Radiant

□ Oil

□ Radiant

□ Oil

□ Wood stove

□ Solar

□ Wood stove

□ Solar

□ Wood stove

□ Solar

□ Wood stove

□ Solar

(Check all that apply)

□ Base Board

□ Coal

□ Base Board

□ Coal

□ Base Board

□ Coal

□ Base Board

□ Coal

□ Heat pump

□ Radiator

□ Heat pump

□ Radiator

□ Heat pump

□ Radiator

□ Heat pump

□ Radiator

□ Other:

Location

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

Lot Characteristics

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

View

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

Floor Plan Utility

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

Ext. Condition’s Appeal

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

Int. Condition’s Appeal

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

Overall Rating of Sales as

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

□ Superior

□ Similar

□ Inferior

Compared to Subject

Sales #1: Inspected? □ Yes

□ No Comments:

Sales #2: Inspected?

□Yes

□ No Comments:

Sales #3: Inspected?

□Yes

□ No Comments:

Rev. 01/07/2009

This Form Expires 12/31/2009

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	□ Other:

What are the three - five challenges to getting this property sold?

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.
	(# of days)

File #:	Real Estate Firm:

Real Estate Firm Tax ID #:	Date of Inspection:

Contact Name:	Agent Preparer Name:

Contact Signature:	Agent Preparer Signature:

Rev. 01/07/2009

This Form Expires 12/31/2009

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Document Specifics

Fact Name	Description
Purpose of the Form	This report assists real estate brokers in analyzing a property's condition, competition, and marketability to estimate its Most Likely Sales Price.
Not an Appraisal	The form is a comparative market analysis and should not be used as an appraisal. It does not comply with the Uniform Standards of Professional Appraisal Practice.
State-Specific Requirements	Preparers must be aware of and include any state-specific disclosure requirements in the form, as these can vary by jurisdiction.
Time Frame for Sales Price	The Most Likely Sales Price is based on the property's "as is" condition and assumes a marketing time not exceeding 120 days unless directed otherwise by the client.
Expiration Date	The form, as per the copyright notice, is valid until December 31, 2009, after which it is no longer considered effective.

Erc Broker Market Analysis: Usage Instruction

Filling out the ERC Broker Market Analysis form requires careful attention to detail. This form serves as a comprehensive tool for real estate brokers to assess the condition and marketability of a property. After completing the form, brokers will be better equipped to provide an accurate estimate of the property's Most Likely Sales Price (MLSP). The following steps outline how to properly fill out the form.

Begin by entering the File Number at the top of the form.
Fill in the Homeowner(s) name and Property Address details.
Provide the Home Phone Number and Work Phone Number of the homeowner.
Indicate the City, State, and Zip Code of the property.
Complete the section for BMA Requested by, including the company name, contact person, and email address.
Fill in the Requesting Company Address, along with its phone and fax numbers.
In the Assignment section, provide the Real Estate Firm name and contact details.
Enter the Agent Preparer information, including their phone number.
Document the homeowner’s purchase price and date purchased.
List any improvements made by the homeowner, if applicable.
Indicate whether the property is currently listed and provide the listing company or agent's name.
Specify the Form of Ownership and current occupant status (homeowner, tenant, or vacant).
Detail the type of property (e.g., condo, single-family home) and any personal property that remains with the sale.
Describe the subject's location type (urban, suburban, etc.) and any lot characteristics that may be positive or negative.
Identify any locational issues that could affect the insurability of the property.
Check all applicable site characteristics and miscellaneous issues that may affect marketability.
Provide comments on any property condition issues observed during the inspection.
Estimate the cost of recommended repairs and improvements for both interior and exterior items.
List all required inspections and disclosures that pertain to the property.
Identify the most probable means of financing and any anticipated issues that may arise.
Describe the subject neighborhood, including price ranges and property values.
Document comparable sales and competing listings, filling in all necessary details for each.
Complete the section for marketing conditions and any relevant economic conditions affecting the property.
Finally, review the entire form for accuracy before submission.

Once the form is completed, it should be submitted according to the guidelines provided by the requesting company. This process ensures that all relevant information is accurately captured, allowing for a thorough market analysis and strategy report.

Learn More on 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 analyze the condition of a property, assess competition, and evaluate future marketability. This analysis allows brokers to estimate the Most Likely Sales Price (MLSP) for the property in question.

Is this form an appraisal or a home inspection?

No, the ERC Broker Market Analysis form is not an appraisal or a home inspection. It is a comparative market analysis that does not adhere to the Uniform Standards of Professional Appraisal Practice. The findings should not be used as an appraisal for any purpose.

What information is required to complete the form?

The form requires various details, including:

File number
Homeowner's contact information
Property address
Real estate firm details
Information about the property, including its condition and any improvements made

What is the Most Likely Sales Price (MLSP)?

The MLSP is an estimate of the price at which a property is likely to sell, based on its current condition and market conditions. This estimate assumes a marketing time of no more than 120 days unless otherwise directed by the client.

What should I do if there are state-specific disclosure requirements?

Preparers of the form must be aware of any state-specific disclosure requirements. It is important to include these disclosures in the form as necessary to comply with local regulations.

How should I contact the homeowner for property inspection?

Contacting the homeowner should follow the guidelines provided by the requesting company. Make sure to communicate clearly and professionally to arrange a suitable time for the property inspection.

What types of property conditions should be noted in the form?

When inspecting the property, note any conditions such as:

Water damage
Structural issues
Deferred maintenance
Personalized or dated decor

These observations can significantly affect the marketability and value of the property.

What are some common financing options mentioned in the form?

The form includes various financing options, such as:

FHA loans
VA loans
Conventional mortgages (both conforming and jumbo)
Cash offers

Understanding these options can help in determining the best strategy for selling the property.

What should I include in the marketing concessions section?

In the marketing concessions section, describe any incentives offered to buyers or brokers, such as closing cost assistance or points. Additionally, recommend any concessions that could be beneficial for the subject property to attract potential buyers.

How do I assess the broader market area for the property?

To assess the broader market area, define the area where buyers might look for comparable properties. Consider factors such as competing home types, economic conditions, and any unique issues that may impact the sale. This broader perspective can provide valuable insights into market trends.

Common mistakes

Filling out the ERC Broker Market Analysis form can be a daunting task, and it’s easy to make mistakes that could impact the accuracy of the report. One common error is failing to provide complete contact information. The form requires various details such as phone numbers and email addresses for both the homeowner and the broker. Omitting this information can lead to delays in communication and may hinder the analysis process.

Another frequent mistake involves the property condition assessment. Brokers sometimes overlook important details about the property’s condition. For instance, if there is evidence of water damage or structural issues, it’s crucial to note these observations. Not doing so can mislead potential buyers and affect the property's marketability.

Many brokers also neglect to check all relevant boxes regarding the property’s characteristics. This includes aspects like the type of ownership or whether the property is currently listed. Each checkbox provides valuable information that shapes the overall analysis. Missing these can lead to an incomplete picture of the property.

Inaccurate or vague descriptions of the neighborhood can also be problematic. Brokers should clearly define the subject neighborhood and include relevant statistics. This helps in understanding the market dynamics. A lack of clarity here can misrepresent the property’s value and its potential appeal to buyers.

Furthermore, when estimating the Most Likely Sales Price (MLSP), brokers sometimes fail to consider local market trends. It’s essential to analyze comparable sales and current listings in the area. Ignoring these factors can lead to an unrealistic price estimate, which could deter potential buyers.

Another mistake is not documenting any required disclosures. Each state has specific requirements, and failing to include these can lead to legal issues later. Brokers should ensure they are aware of and comply with all necessary disclosure obligations.

Additionally, brokers may overlook the importance of marketing concessions. These can be crucial in attracting buyers, especially in competitive markets. Not recommending appropriate concessions can hinder the property's appeal and lead to longer time on the market.

Lastly, brokers sometimes underestimate the importance of including all necessary inspections. Whether it’s environmental assessments or municipal inspections, these details are vital for a comprehensive analysis. Omitting them can create gaps in understanding the property’s condition and insurability.

By being mindful of these common mistakes, brokers can enhance the quality of their market analysis and provide a more accurate representation of the property. This diligence not only benefits the homeowner but also fosters trust with potential buyers.

Documents used along the form

The ERC Broker Market Analysis form is an essential tool for real estate brokers to assess a property's condition and marketability. Alongside this form, several other documents play a crucial role in the real estate transaction process. Each of these documents serves a specific purpose, ensuring that all parties involved have the necessary information to make informed decisions.

Listing Agreement: This contract between a property owner and a real estate broker outlines the terms under which the broker will sell the property. It details the commission structure, duration of the agreement, and any specific obligations of both parties.
Purchase Agreement: This document formalizes the agreement between the buyer and seller regarding the sale of a property. It includes details such as the sale price, contingencies, and closing date.
Disclosure Statement: Sellers are often required to provide a disclosure statement that outlines any known issues or defects with the property. This helps protect buyers and ensures transparency in the transaction.
Inspection Report: Conducted by a licensed inspector, this report assesses the property's condition and identifies any potential problems. It is crucial for buyers to understand the state of the property before finalizing their purchase.
Appraisal Report: An appraisal is an independent assessment of a property's value, typically required by lenders to ensure that the loan amount does not exceed the property's worth. This report helps all parties gauge fair market value.
Title Report: This document provides information about the legal ownership of a property and any liens or claims against it. A clear title is essential for a smooth transaction.
Closing Statement: Also known as the settlement statement, this document outlines all financial transactions involved in the sale, including closing costs, fees, and the final sale price. It is reviewed and signed at closing.
Lead-Based Paint Disclosure: For homes built before 1978, sellers must provide a disclosure regarding potential lead-based paint hazards. This is a federal requirement aimed at protecting buyers, especially families with young children.
HOA Documents: If the property is part of a homeowners association, relevant documents detailing the association's rules, fees, and regulations must be provided to the buyer.

Understanding these documents can greatly enhance the real estate transaction experience. Each form contributes to a comprehensive understanding of the property and the terms of sale, ultimately supporting a successful closing process.

Similar forms

The Comparative Market Analysis (CMA) report serves a similar purpose to the ERC Broker Market Analysis form. Both documents aim to assess a property’s value by analyzing comparable sales in the area. The CMA typically includes details about the subject property, comparable properties, and market conditions. This report helps real estate agents set competitive listing prices and provides homeowners with insights into the local market.

The Property Condition Disclosure Statement is another document that shares similarities with the ERC Broker Market Analysis form. This statement requires sellers to disclose known issues with the property, such as structural problems or environmental hazards. While the ERC form focuses on marketability and pricing, the disclosure statement emphasizes the physical condition of the property, providing crucial information to potential buyers.

The Appraisal Report is also comparable to the ERC Broker Market Analysis form. An appraisal provides a professional opinion of a property's value based on various factors, including location, condition, and recent sales. While the ERC form estimates the Most Likely Sales Price, an appraisal is often used for financing purposes and must adhere to specific standards set by regulatory bodies.

The Broker Price Opinion (BPO) is similar in function to the ERC Broker Market Analysis form. A BPO provides an estimated value of a property based on a broker's assessment of the local market and comparable properties. Like the ERC form, a BPO is often used by lenders to determine the value of a property in the context of a mortgage or refinancing.

The Home Inspection Report shares some common ground with the ERC Broker Market Analysis form, particularly regarding property condition assessment. A home inspection report details the physical condition of a property, including structural and mechanical systems. While the ERC form focuses on marketability and pricing, the home inspection report provides buyers with critical insights into potential repair needs.

The Listing Agreement outlines the terms under which a property will be marketed and sold, similar to the ERC Broker Market Analysis form. It includes details about the listing price, duration, and responsibilities of both the seller and the broker. Both documents are essential in the real estate transaction process, helping to set expectations and guide the sale.

The Sales Contract is another document that aligns with the ERC Broker Market Analysis form. This contract formalizes the terms of the sale between the buyer and seller. While the ERC form provides a market analysis to help determine the sales price, the sales contract outlines the agreed-upon terms once a buyer is found.

The Seller’s Disclosure Statement is similar in purpose to the ERC Broker Market Analysis form, as it provides potential buyers with vital information about the property. This document includes disclosures about the property's condition, history, and any known issues. While the ERC form focuses on pricing and marketability, the Seller’s Disclosure Statement emphasizes transparency regarding property defects.

The Market Analysis Report from a real estate association also resembles the ERC Broker Market Analysis form. This report provides insights into market trends, property values, and economic conditions affecting real estate in a specific area. Both documents serve to inform stakeholders about the current state of the market and guide pricing strategies.

Lastly, the Zoning Compliance Report is another document that relates to the ERC Broker Market Analysis form. This report outlines the zoning regulations applicable to a property, which can significantly impact its marketability and value. While the ERC form assesses property conditions and market factors, the zoning report addresses legal aspects that may affect the property's use and potential resale value.

Dos and Don'ts

When filling out the ERC Broker Market Analysis form, it is essential to adhere to best practices to ensure accuracy and compliance.

Provide complete and accurate information about the property, including all relevant details such as address, owner information, and property condition.
Follow the requesting company’s guidelines closely regarding property inspections and report submissions.
Include any state-specific disclosure requirements that may apply to the property being analyzed.
Ensure that the estimated Most Likely Sales Price reflects the property’s “as is” condition and marketing time frame.
Document any known issues that could affect the property’s insurability or marketability.

Conversely, there are certain practices to avoid when completing the form.

Do not make assumptions about the property’s condition without proper inspection and documentation.
Avoid using vague language; be specific in your descriptions and comments.
Do not ignore state-specific laws or requirements, as this may lead to legal complications.
Refrain from including personal opinions or biases that could skew the analysis.
Do not submit the form without thoroughly reviewing all entries for accuracy and completeness.

Misconceptions

Misconception 1: The Erc Broker Market Analysis form is an appraisal.

This form is not an appraisal. It serves as a comparative market analysis, which means it helps brokers assess the property’s condition and marketability, but it does not provide a formal valuation like an appraisal would.

Misconception 2: The Most Likely Sales Price (MLSP) is guaranteed.

The MLSP is an estimate based on current market conditions and the property’s condition. It is not a fixed price and can vary based on numerous factors, including market fluctuations and buyer interest.

Misconception 3: The form includes a home inspection.

This form does not include a home inspection. Instead, it allows brokers to note observable conditions of the property. A professional home inspection is a separate process that provides a detailed evaluation of a property's condition.

Misconception 4: All state-specific disclosure requirements are automatically included in the form.

Brokers must be aware of and include any state-specific disclosure requirements themselves. The form does not automatically account for these legal necessities, so it is essential to ensure compliance with local laws.

Misconception 5: The form is only for residential properties.

The Erc Broker Market Analysis form can be used for various property types, including condos, townhouses, and mixed-use properties. It is versatile and adaptable to different real estate scenarios.

Key takeaways

Purpose of the Form: The ERC Broker Market Analysis form helps real estate brokers analyze a property's condition, competition, and marketability.
Not an Appraisal: This form is not a home inspection or an appraisal and should not be used as such.
Disclosure Requirements: Brokers must be aware of and include any state-specific disclosure requirements when completing the form.
Contact Procedures: Follow the requesting company’s guidelines for contacting homeowners, inspecting properties, and submitting reports.
Sales Price Estimation: The Most Likely Sales Price (MLSP) should reflect the property’s “as is” condition and a marketing time of no more than 120 days.
Property Information: Collect detailed information about the property, including its address, owner details, and any improvements made.
Inspection Details: Document any observed issues during the property inspection, such as water damage or structural problems.
Recommended Repairs: Provide estimates for any necessary repairs or improvements, both interior and exterior, and comment on their importance.
Financing Options: Identify potential financing options for the property and any issues that may arise in securing financing.
Neighborhood Analysis: Describe the neighborhood’s market conditions, including property values and average days on the market.
Marketing Strategies: Recommend marketing concessions or incentives that may attract buyers and enhance the property’s marketability.