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C O A L I T I O N C O A L I T I O N CornerCorner
The ERCThe ERC®® Broker’s Market Analysis Broker’s Market Analysis and Strategy Reportand Strategy Report
Coalition Corner:Business training tools for HR staff, real estate licensees and other service professionals in the relocation and real estate industries
© 2005, Employee Relocation Council/Worldwide ERC® Coalition
C O A L I T I O N C O A L I T I O N CornerCorner
Program Objectives
• This program supplements a monthly editorial feature in ERC®’s Mobility magazine
• This segment will:
– Examine the evolution, purpose and current uses of the ERC® Broker’s Market Analysis and Strategy Report (BMA) in the context of a managed move
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Introduction
• In a managed move (i.e., one initiated/sponsored by an employer and/or overseen by relocation management company [RMC]), formal assistance programs are typically offered to facilitate the move from location A to location B
• Employers and RMC representatives typically share information about multiple properties across many nationwide markets, creating a tremendous need for accurate and consistent information
• ERC®’s Broker Market Analysis and Strategy Report (BMA) was designed to help meet that need; and was drafted, field-tested and revised by individuals from all segments of the relocation industry, including:
– Corporations or employing organizations– Relocation Management Companies– Real Estate Brokers– Transferees
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Background Information
• BMA initially designed (in 1989) to be used in conjunction with the appraisal process during a traditional corporate homesale program (corporation or third party company bought transferee’s home to resell)
• As typical home-marketing and relocation assistance programs changed, form was updated in ’91 and ’96 to reflect two current, primary uses:
– Provide valuable information as part of the overall homesale assistance program
– Assist in devising home-marketing strategy
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Defining the BMA
• What the BMA is NOT:
– Not an appraisal
– Not a home inspection
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Defining the BMA
• What the BMA IS:
– Glimpse at the property from the real estate broker’s perspective
– Tool for diligent analysis of the subject property ‘s condition, competition and future marketability by real estate broker
– Broker’s estimate and report on the subject property’s:
• Most likely sales price “as is” and “with repairs and improvements”
• Most likely net price “as is” and “with repairs and improvements” assuming a reasonable marketing time (typically no more than 120 days)
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Defining the BMA
• Three-page form supplying such information as:
– Likely financing– Property details– Local market/recent sales
• Generally supplied to employer and/or RMC representative and often to the transferring employee
• Helps provide tangible evidence to support best marketing strategy for the property
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In Summary…
• The BMA is a tool for enabling the real estate broker to analyze and report on:
– Subject property’s condition– Other listed properties with which the subject must
compete– Recently sold properties– Marketability of subject property
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For More Information…
• Copies are available via ERC®’s “forms portal” at http://www.erc.org/esolutions/esolutions.shtml
• More in-depth training tools on completing and using the BMA are available at www.erc.org (see the “resource center” section under the “PERC-USATM” tab, or call ERC ® at 202 857 0857)
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