What is PVRM?
What is PVRM? PVRM is simply a marketing tool. It is not intended to replace fixed price marketing, but offers buyers and sellers a unique alternative to the traditional fixed price marketing method.
How Does PVRM work? Homes are marketed in one of 80 present ranges. These ranges have evolved from data gathered from the National Association of Realtors, The Canadian Real Estate Association and by gathering information from many North American markets where Prudential Real Estate has affiliates using PVRM.
Properties are placed in MLS at the low end of the range. The remarks in MLS state: “The seller will consider offers between $119,000 and $139,876 (or whatever the appropriate range may be). This, of course does not mean the seller must accept any offer in the range, but rather they will consider or review offers. However unlike offers on fixed price listings, they agree not to be offended by any offer which is made within the range (including the LOW end). All 80 ranges end in "876" at the high end which alerts brokers searching in MLS that this is a PVRM listing. (“876” = “VRM” on the telephone). PVRM creates more activity. There are many success stories about properties marketed at fixed price where activity was stalled or stopped and when converted to PVRM the property sold…. Quickly.
Advantages of PVRM
For Sellers:
Eliminates risk of under/overpricing
Eliminates the need for price reductions
Attracts more buyers
Invites more offers - sooner
Dramatically decreases days on market
Optimizes final sales price allowing true market to determine maximum price
For Buyers:
Expands pool of homes to view
Eliminates fear of insulting seller with low offer
PVRM properties are easily identified
Negotiation process is more comfortable
Properties marketed using PVRM may sell up to five times faster and, in some cases, for more money than the seller expected. PVRM introduces properties to more buyers than a traditional fixed-price listing, and creates a comfortable atmosphere for negotiations to begin much sooner in the sales process. Prudential Real Estate has taken the lead in the real estate industry with this marketing innovation. The current chart of Prudential Property Marketing Value Ranges is below:
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PVRM# |
Low |
High |
|
PVRM# |
Low |
High |
|
1 |
$17,900 |
$21,876 |
|
41 |
$429,000 |
$488,876 |
|
2 |
$19,900 |
$23,876 |
|
42 |
$459,000 |
$528,876 |
|
3 |
$21,900 |
$25,876 |
|
43 |
$489,000 |
$568,876 |
|
4 |
$23,900 |
$28,876 |
|
44 |
$519,000 |
$598,876 |
|
5 |
$25,900 |
$31,876 |
|
45 |
$559,000 |
$648,876 |
|
6 |
$28,900 |
$34,876 |
|
46 |
$599,000 |
$698,876 |
|
7 |
$31,900 |
$37,876 |
|
47 |
$649,000 |
$748,876 |
|
8 |
$34,900 |
$41,876 |
|
48 |
$699,000 |
$798,876 |
|
9 |
$37,900 |
$45,876 |
|
49 |
$739,000 |
$848,876 |
|
10 |
$41,900 |
$49,876 |
|
50 |
$789,000 |
$898,876 |
|
11 |
$45,900 |
$54,876 |
|
51 |
$869,000 |
$998,876 |
|
12 |
$49,900 |
$59,876 |
|
52 |
$949,000 |
$1,094,876 |
|
13 |
$54,900 |
$65,876 |
|
53 |
$999,000 |
$1,194,876 |
|
14 |
$59,900 |
$71,876 |
|
54 |
$1,095,000 |
$1,294,876 |
|
15 |
$65,900 |
$79,876 |
|
55 |
$1,195,000 |
$1,394,876 |
|
16 |
$72,900 |
$89,876 |
|
56 |
$1,295,000 |
$1,494,876 |
|
17 |
$79,900 |
$99,876 |
|
57 |
$1,395,000 |
$1,644,876 |
|
18 |
$89,900 |
$109,876 |
|
58 |
$1,545,000 |
$1,794,876 |
|
19 |
$99,900 |
$119,876 |
|
59 |
$1,695,000 |
$1,944,876 |
|
20 |
$109,900 |
$129,876 |
|
60 |
$1,795,000 |
$2,094,876 |
|
21 |
$119,900 |
$139,876 |
|
61 |
$1,995,000 |
$2,294,876 |
|
22 |
$129,900 |
$149,876 |
|
62 |
$2,145,000 |
$2,494,876 |
|
23 |
$139,900 |
$159,876 |
|
63 |
$2,345,000 |
$2,694,876 |
|
24 |
$149,900 |
$169,876 |
|
64 |
$2,495,000 |
$2,894,876 |
|
25 |
$159,900 |
$179,876 |
|
65 |
$2,695,000 |
$3,194,876 |
|
26 |
$169,900 |
$194,876 |
|
66 |
$2,995,000 |
$3,494,876 |
|
27 |
$179,900 |
$209,876 |
|
67 |
$3,295,000 |
$3,794,876 |
|
28 |
$194,900 |
$224,876 |
|
68 |
$3,595,000 |
$4,194,876 |
|
29 |
$209,900 |
$239,876 |
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