Name: ERC BMA Training
Uploaded: 2024-06-21
Duration: 10 min 14 s
Description: 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] 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?. 

Scene 1

15 Florida First-Time Home Buyer Grants - NerdWallet

[Audio] The ERC BMA, short for the Employee Relocation Council's (pause) 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.. 

Scene 2

The Worldwide ERC Broker’s Market Analysis Report  was created in response to the needs of real estate brokers and relocation management companies that handle relocation properties.

[Audio] The form was designed (first bullet) to be used in conjunction with the appraisal process during a traditional corporate home sale buyout program. The BMA (second bullet) 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.. 

Scene 3

Used in conjunction with the appraisal process
The BMA looks at the property from the real estate broker’s perspective

[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 are 79. The relocation company dictates the marketing time is 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.. 

Scene 4

[Audio] Back to the uses of the ERC BMA This form also (third bullet) serves as a cross-check to use with the appraisals that are obtained by the relocation management company. We most commonly use this form (last bullet) 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.. 

Scene 5

Used in conjunction with the appraisal process
The BMA looks at the property from the real estate broker’s perspective
Cross-check to use with the appraisals
To aid in the implementation of home-marketing assistance

[Audio] First (first block) the relocation department will receive a home sale initiation from the relocation management company. Then, (second block) 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, (third block) the relocation counselor and relocation director will select an agent. (fourth block) 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 (new block appears) 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, (next block) 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. (animation) 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. (next block) 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. (final block) In a collective decision by the relocation company and the transferee the listing will be awarded to a brokerage.. 

Scene 6

Relocation Dept receives BMA request from RMC

 Initial needs assessment

 Watson Associate selected

 Associate reaches out to customer the same day and schedules listing appointment

 Relocation Dept reviews and discusses BMA with you

 Relocation Dept submits BMA to RMC

 RMC reviews 
both BMAs

 ERC BMA form and photos uploaded to eRelocation

 RMC awards listing

[Audio] Now, filling out the BMA might seem overwhelming but here are a few ways you can prepare for it. (first bullet) 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. (second bullet) 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 (third bullet) 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, (fourth bullet) 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. (next bullet) The transferee does not need to sign anything at this point. Finally (last bullet) 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.. 

Scene 7

You are the “eyes and ears” for the RMC
Document any problem areas
PAGE 11 IS CRITICAL
Do not discuss pricing or benefits with the transferee
Never have the transferee sign anything
No further communication with the transferee

[Audio] SCRIPT: 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. (first bullet) 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? (second bullet) As I mentioned earlier, complete all field of the BMA, even if it is filled with a not applicable. (third bullet) 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. (next two bullets) 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.. 

Scene 8

Utilize adequate comparables
Complete all fields of BMA even if it is just “N/A”
Be forthright about challenges in selling this property
Tour the comparable active listings
Drive by the sold properties

[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. (animation) 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. (animation) 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. (animation) Make sure to take pictures and notes of the property during the appointment. You will need those notes and pictures when completing the BMA. (animation) 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.. 

Scene 9

Contact the transferee within the same day to set up an appointment date
Building rapport is your #1 priority
During the appointment take pictures and notes of the property
Photos are for BMA purpose only; not for listing or marketing use
Prepare and submit the BMA within 48hrs after the appointment
DON’T discuss benefits or pricing with the transferee

[Audio] And that's all for this module. Thank you for completing Module 1. Hit the next button in order to complete the knowledge questions. See you in Module 2 where we will start reviewing the BMA form itself.. 

Scene 10

ERC BMA Training

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 E-R-C B-M-A-?

avatar

The Erc Bma
 short for the Employee Relocation Council's (pause) Broker's Market Analysis report is the standardized Worldwide E-R-C form that real estate brokers and relocation management companies use when handling relocation properties.  Before the E-R-C B-M-A
 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.

The form was designed (first bullet) to be used in conjunction with the appraisal process during a traditional corporate home sale buyout program.  The B-M-A (second bullet) 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.

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 are 79. The relocation company dictates the marketing time is 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.

Back to the uses of the E-R-C B-M-A

This form also (third bullet) serves as a cross-check to use with the appraisals that are obtained by the relocation management company. 

We most commonly use this form (last bullet) 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 B-M-A process flows.

First (first block) the relocation department will receive a home sale initiation from the relocation management company.

Then
 (second block) 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
 (third block) the relocation counselor and relocation director will select an agent.  

(fourth block) 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 B-M-A--. After your appointment (new block appears) 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 B-M-A is submitted
 (next block) 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. (animation) 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.

(next block) 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.

(final block) In a collective decision by the relocation company and the transferee the listing will be awarded to a brokerage.

Now
 filling out the B-M-A might seem overwhelming but here are a few ways you can prepare for it.

(first bullet) 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.  

(second bullet) 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 (third bullet)  to page eleven of the B-M-A 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 B-M-A review process by looking at page 11 first.

As a reminder
 (fourth bullet) 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.  

(next bullet) The transferee does not need to sign anything at this point.   Finally (last bullet) 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 B-M-A to the counselor. This little extra touch could help you stand out and sway the listing to be awarded to you.

Script:

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 B-M-A--. Remember
 you have 48 hours starting an hour after the appointment to complete and submit the B-M-A and photos in eRelocation.  (first bullet)  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?

(second bullet)  As I mentioned earlier
 complete all field of the B-M-A
 even if it is filled with a not applicable. (third bullet)   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. 

(next two bullets)  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.

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.  

(animation) 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.

(animation)  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. 

(animation)  Make sure to take pictures and notes of the property during the appointment. You will need those notes and pictures when completing the B-M-A-.

(animation)  You have twenty-four hours to complete and submit the B-M-A 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.

And that's all for this module.

Thank you for completing Module 1. Hit the next button in order to complete the knowledge questions. See you in Module 2 where we will start reviewing the B-M-A form itself.