I read a blog today by Frank Llosa who coined the term CRA- Comparative Realtor Analysis. Most people know about CMA’s-those Comparative/Competitive Market Analysis that we do for clients.
I liked the term because I have done what he was talking about in his blog before. What Frank talks about is looking at how an agent does business. I have looked at the history the listing agent has for selling homes. Often it tells me a lot.
Is the agent a chronic overpricer? Do price drops occur after 30 days, 90 days? How many listings expire?
These are important things for me to know because it tells me something about the skill of the agent. If the agent doesn’t have to drop their price very often, then they price well or negotiate hard for their clients. If they constantly drop their price, then they “buy listings.”
With over 2,000 members of the WVMLS, it’s nice to try and get an idea of your competition before making the offer.