ERC BMA Training

[Audio] In this learning path, you will understand what the ERC BMA form is, how to fill it out, get marketing tips and how to upload everything to the eRelocation database. First thing first. What is an ERC BMA?.

[Audio] The ERC BMA, short for the Employee Relocation Council's Broker's Market Analysis report is the standardized Worldwide ERC form that real estate brokers and relocation management companies use when handling relocation properties. Before the ERC BMA, relocation management companies, and real estate professionals used their own unique forms to provide a market analysis and price opinion of a relocation property. As you can imagine, this produced multiple difficulties as this forced relocation management companies to spend valuable time understanding many types of reports. Now that we have defined what the ERC BMA is, let's talk about its uses..

[Audio] The form was designed to be used in conjunction with the appraisal process during a traditional corporate home sale buyout program. The BMA looks at the property from the real estate broker's perspective. The broker estimates a most likely sales price and creates a marketing strategy designed to best obtain this value in the dictated marketing time..

[Audio] What is marketing time? This is the time period dictated by the relocation company based on the transferee's relocation policy. Some policies give the transferee sixty days to sell their home while others allow one hundred twenty days before the buyout. So, the most likely sales price and suggested listing price is not based on market value but is based on selling the property in the dictated marketing time. For example. Let's say, based on comps and active inventory, you think a home should be listed at $600,000 dollars with a most likely sales price of $580,000 dollars. The average days on market equals 79. The relocation company dictates the marketing time as 60 days, you need to adjust that value pricing for the property to sell before the marketing time expires. In this case, the suggested list price may now be $580,000 dollars with $575,000 dollars as the most likely sales price in order to sell the home in sixty days..

[Audio] Back to the uses of the ERC BMA This form also serves as a cross-check to use with the appraisals that are obtained by the relocation management company. We most commonly use this form during the implementation of home marketing assistance programs. In most instances of home-marketing assistance, the completed form is not only given to the relocation company but could also be presented to the transferee in order to help in the development of the best marketing strategy for the subject property. This form is very factual in nature, but we often use softer language in the event the form is shared with the transferee. Let's take a look at how the BMA process flows..

[Audio] First the relocation department will receive a home sale initiation from the relocation management company. Then, The relocation counselor will complete an initial needs assessment with the transferee. Understanding their timeline, expectations and setting the stage for your presentation. After the initial assessment, the relocation counselor and relocation director will select an agent. Upon receiving the listing referral from the counselor, you should contact the transferee within the same day, unless otherwise instructed. You should set up a listing appointment time and provide the date to your counselor. During the listing appointment be sure to build rapport and make a dazzling presentation because they will be selecting the agent based on who they connect with, and who has extensive relocation and market knowledge. Also, during the appointment conduct research by doing a property inspection and take photos for the BMA. After your appointment complete the ERC BMA form and upload photos to the eRelocation database within forty-eight hours after your listing appointment. You will be prompted to complete the form through an alert email message from your relocation counselor. After the BMA is submitted, the Relocation Department will complete a review the form and photos. Please make sure you're available for questions or any modifications that need to be made after the counselor reviews. Once you and the counselor agree with the pricing and strategy, then the counselor submits both the report and photos to the relocation management company. The relocation management company will review the BMA's submitted by both brokerage companies. They will have a discussion with the transferee and determine how they would want to move forward. In a collective decision by the relocation company and the transferee the listing will be awarded to a brokerage..

[Audio] Now, filling out the BMA might seem overwhelming but here are a few ways you can prepare for it. You, the agent, are the eyes and ears for the relocation company. Document everything you see and tell it like it is. The relocation company wants to understand the condition of the property and how to successfully market the home. If there are any problem areas that need further explanation, it is okay to include a separate word document to provide a more detailed description. Make sure to fill out the entire form. The relocation company will not accept a form with any blanks. Pay special attention to page eleven of the BMA form. Filling this page out is critical and where you can make yourself and your marketing tactics stand out. We know, from experience, that relocation companies start the BMA review process by looking at page 11 first. As a reminder, we cannot discuss specific pricing or relocation benefits with the transferee during this process. Your goal is to go in and build rapport, make a dazzling presentation and demonstrate to the sellers that you are an experienced relocation expert who can easily walk them through this process. The transferee does not need to sign anything at this point. Finally, after the listing appointment, we are instructed not to contact the transferee. The listing decision will come from the relocation company. So, we encourage you drop a handwritten thank you card in the mail before submitting the BMA to the counselor. This little extra touch could help you stand out and sway the listing to be awarded to you..

[Audio] Now you know how to prepare yourself before the appointment and before filling out the report. So, let's discuss some best practices you should follow while filling out the BMA. Remember, you have 48 hours starting an hour after the appointment to complete and submit the BMA and photos in eRelocation. It is important to utilize adequate comparable properties. These are properties within the neighborhood or micro area of the subject property. If a buyer would look at this property, what others would they preview? As I mentioned earlier, complete all field of the BMA, even if it is filled with a not applicable. Remember you are the eyes and ears of the relocation company so be open about the challenges in selling this property. You don't want to hide any as it might affect you if the transferee chooses you for listing the house. When choosing your comparables, tour those active listings, if possible, and drive by the sold properties. This will allow you to make sure that they are comparable and give you information to provide in the comments section for each comparable property..

[Audio] Whao. That was a lot of information. Hopefully we still have your attention. Let's do a quick review of the most important information we just discussed. First, make sure to contact the transferee within the same day your relocation counselor assigns you to the referral and schedule the listing appointment date and time. Building rapport is your number one priority. Although you are only reaching out to the transferee during the appointment, make sure that your marketing presentation is solid and captivating. Make sure to take pictures and notes of the property during the appointment. You will need those notes and pictures when completing the BMA. You have twenty-four hours to complete and submit the BMA form after the appointment is over. Do not procrastinate completing this form. (animation) During the appointment, do not discuss relocation benefits or specific pricing with the transferee..

[Audio] And that's all for this module. Thank you for completing Module 1. See you in Module 2 where we will start reviewing the BMA form itself..