“RealPrice takes the data and presents it in understandable charts and numbers.
It is comprehensive and eliminates pricing objections. “
Frequently Asked Questions
Is RealPrice a Comparitive Market Analysis (CMA) program
Yes, RealPrice calculates a CMA, but it produces much more than just the CMA.
Can my clients use it?
No. RealPrice is a pricing and market analysis program for real estate agents. It is not available to consumers, clients or the general public. It helps real estate agents assist their clients in pricing residential properties that they intend to sell or to buy.
What makes RealPrice different from other CMA programs?
RealPrice is based on the principle that you will need much more than just a CMA to offer reliable pricing advice. A few specific examples: RealPrice calculates comp values that are supported by four additional value calculation methods, calculates actual appreciation in a neighborhood, price limits and penalties, market position charts, actual market trends in the LOCAL area and more. There are a number of other features in RealPrice that are found nowhere else.
What are price limits?
We can specify with reasonable accuracy a) how high the subject can be priced without risk b) the market time penalties and actual dollar cost penalties for the subject if the pricing violates the guidelines. RealPrice answers the question: “Why can’t I price my house that high and what happens if I do?” with very specific information.
What will RealPrice do for me?
More so than any other program of its’ type, it will give you real confidence in your pricing estimates, answer important questions about the market and save you a lot of time.
How long does it take to complete a report?
That depends on a number of variables, but generally you can be printing a report in easily less than ten minutes and often in less than five. It’s fast. The virtue of the speed though is that it eliminates the unproductive time spent entering and calculating and makes it available for review and adjustment, which in turn gives the agent more confidence that he has applied his best effort.
What is unique about the market data?
RealPrice localizes the analysis so the data is highly relevant to the client’s neighborhood as opposed to the overall area. This is really important since appreciation, market trends, inventories, etc. can vary significantly, even within a relatively small geographical area.
How does RealPrice work?
The user enters the subject address and RealPrice delivers a list of comps to choose from. It also loads a list of (several hundred) properties for market analysis. Once the comps are chosen, RealPrice calculates adjustments for all the standard differences (square footage, bathrooms, bedrooms, differences in age, etc.) using a set of default values for the common property features. The agent can change defaults and also adjust or add features as he/she judges reasonable. Market data is calculated at the same time. It is automated, but the agent has control of the process.
Can I make my own adjustments?
Yes. The adjustment process is completely automated so its’ fast, but you control every aspect of it, so it is infinitely flexible. There is no adjustment that cannot be made. You can do anything with RealPrice that you can do with a pencil and paper.
What control do I have over the process?
The agent has total control. There are default settings for all aspects of the program, but the agent is free to change any and all of them. The reports are also customizable.
Can I use it on a tablet?
Yes. It is fully functional on android and iPad tablets.
How accurate is RealPrice?
Results will depend on the agents’ choice of comps and adjustments, but RealPrice has the tools to enhance the agents’ ability to make the correct judgments and be more accurate. For example: the agent approve or changes the basic data selections, chooses comps, controls default values, makes optional and can edit all data to correct errors. There is also a comp evaluation system, comp weighting and additional data to support the analysis, such as multiple valuation methods and a large amount of relevant market data, all of which informs the result.
Does RealPrice use MLS data?
Yes. MLS data is much more complete and much more accurate than the public records databases used by many of the Automated Valuation Models. You must be a member of an MLS to use RealPrice.
How is the data acquired?
The user enters the subject address or MLS number. RealPrice searches MLS and returns a group of possible comps and a group of properties to be used for market data analysis. The user can either accept these, or change the criteria. The whole process takes less than two or three minutes, even with user changes.
Can I use a For Sale By Owner (FSBO) as a comp?
Yes. The RealPrice editing feature is used to enter the FSBO data and then use the FSBO just as you would a comp from the MLS database.
What if my subject is not in the MLS?
90% of the time it will be. There is a quick manual entry feature which will set up the subject if it is not already in MLS.
What happens if the MLS data is wrong?
The RealPrice data editing feature enables changes and corrections to all of the data used in the model. For example, if square footage needs a correction or the selling price for a comp requires allowance for a seller concession, you can do it quickly and easily.
What does RealPrice give me in addition to the value or selling price estimate?
A total of five selling price estimates, market stats, trends, inventories, market position, appreciation, pricing strategies, limits and penalties all in customizable professional quality reports containing 50 or more pages of text, charts, graphs, photographs and backup data, most of which is not found in any other program of it’s kind. It is all pricing information, no marketing fluff or filler.
What reports does RealPrice generate?
There are three:
- A Residential Market Analysis is 25 to 35 pages of pricing information together with all the backup data, so you are prepared for any question.
- A Summary Report, which is twelve pages of the most relevant information.
- A Price Limits Report which calculates price limits specific to the area as well as market time and actual dollar penalties for exceeding these limits. This report is completely unique to RealPrice.
Is RealPrice complicated?
No, it’s pretty straightforward. The program itself has several levels and you can get into as much detail as you want, but the operation is not complicated.
Can I go back later and change or edit a report?
Yes. The agent has his/her own secure page on the RealPrice website which lists all of that agents’ projects. The projects can be edited, duplicated, archived or deleted by the agent.
How do I get access to RealPrice?
RealPrice is an Internet application, so you can access it anytime from any computer by going to the RealPrice website, which is https://realpricenow.com. You must be a licensed real estate agent with MLS membership.