Value Range Pricing – Is It a Concept I Can Use in This Market?

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By Diane Ives, CRB, CRS, and MRIS Instructor

MRIS, April 28, 2008–Value Range Pricing (VRP), a concept first introduced in 1996, is available as an option in Keystone. While some agents contend that Value Range Pricing as a marketing strategy yields additional activity on their listings, other agents are skeptical of the concept.

Entering the listing in Keystone

When you choose YES in the field “Value Range Pricing” and click SAVE, you will be prompted to enter a ListingLowPrice and a List Price. If you change the price in a future revision, it will be important to remember to change the ListingLowPrice as well or change the “Value Range Pricing” field to NO.

Searching Matrix for properties using Value Range Pricing (VRP)

  1. Scroll down the Matrix search screen and click the blue “click here to add or remove other search fields” link.
  2. Scroll down the list to find VRP and add it to the selected field box by clicking the Add button.   
  3. At the bottom of the screen click Return to Search.  The field you added will be at the bottom of the search screen, click the arrow to reveal the VRP field drop down menu, choose Yes. Note, search results will only include listings that were entered into Keystone as value range pricing = Yes.

Consider adding the field ListingLowPrice, however be aware that when the ListingLowPrice is $500,000 and the List Price is $525,000, the system is going to look for all listings with a low price of $500,000 AND a list price of $525,000.  The listings returned will have those exact numbers.  Therefore, the best results are achieved when only one search field is used, either ListingLowPrice or List Price.

Another way to search effectively is to put a figure such as 300,000+ in ListingLowPrice and 400,000- in the List Price field. This way the results will be properties with a ListingLowPrice of $300,000 and above and the List Price will be $400,000 and below.

Remember, if you search using VRP = Yes, only properties that were entered into Keystone that way will be returned in the search results.

Custom Display will allow you to view the ListingLow Price easily on your computer screen. Include the field “List Price” and “ListingLow Price” in order to see the range easily when you change your display.

Directions to create a custom display can be found in the Help Tab in Matrix under Frequently Asked Questions (FAQ). Look for Displays – Create, Edit, and Print Your Own. MRIS also offers an Advanced Matrix class in which custom display is a covered topic. Hands-on classes and virtual classes are other options you may wish to explore.

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Diane Ives, CRB, CRS is an MRIS instructor.


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