How to Establish Property Value
B.P.O. Basics
(Brokers Professional Opinion)
1. Find homes that sold with similar characteristics
A. Try to use homes in same subdivision. If you compare with homes outside of subdivision, make note of it.
B. Homes should be similar in size. Choose homes preferably within 100 feet in size. If you cannot find at least homes within 100 square feet in size, use homes as close in size as possible.
C. Try to find homes within 6 years of age.
D. Prioritize in using homes with the same size garage, also.
2. Find, and save pictures for easy visual comparison
A. Take pictures of frontage of home.
B. Show back yard landscaping.
C. Take clear pictures to show upgrades, or distress of home
D. Pictures should show flooring, ceiling fans, recessed lighting, track lighting, etc.
E. Save an aerial map of the area. This helps people understand the area being reviewed.
3. Make note of specific characteristics.
A. Note lot size
B. Note number of bath rooms
C. Note single story versus multiple levels
D. Note square footage of garage. How many cars can be stored
E. How many cars can be parked in driveway
F. Note upgrades to home.
G. Make note of repairs needed in subject property versus homes that have sold
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