Boroughs & Burbs 32: "The Pricing Show" Jonathan Miller of Miller Samuels and Dr. Rob Docters

Boroughs & Burbs, the National Real Estate Conversation

We all think we know a thing or two about pricing. Every buyer, seller, and the real estate agent has an opinion about what the price "should be" based on a combination of our experience, research, and intuition. We think that because we've seen a thing or two we can be trusted. Can we? How much do we really know? Where do we get our facts and what subconscious biases are at work? How much confidence should we have?
Let's face it, pricing is hard and we all make expensive mistakes.
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📑📑 This week on Boroughs & Burbs we are talking to two acknowledged experts on pricing: Dr. Rob Docters teaches Pricing at Yale University and is the author of over 21 papers on the subject at researchgate.net. He is joined by Jonathan Miller of Miller Samuel, arguably the best real estate appraiser in New York City, called "the demigod of New York Real Estate Stats" and "an incredible real estate analyst, a true Rockstar on NYC metro luxury markets.” We want to know what we don't know about pricing.
We wanted to know about the "Buyer Trust Map" taken from a recent article by Dr. Rob Docters. In the article, Dr. Docters applies recent findings on cognition and trust to business decisions. This suggests that trust is a poor basis for decision-making, e.g.: purchase decisions unless the decision-maker knows how to look for greedy (undesirable) partner attributes.
Season 2, Episode 5: Dr. with Rob Docters and Jonathan Miller.
🙎🏻‍♂️ Jonathan Miller. Established in 1986, Miller Samuel is an independently owned and operated firm that provides appraisal and consulting services on property in New York City as well as Westchester County, Fairfield County, Long Island, The Hamptons, and North Fork for Douglas Elliman Real Estate. With a certified or licensed appraisal staff that averages approximately sixteen years of experience, Miller Samuel is known for its neutral valuation perspective and professionalism, providing their clients with benchmark insights to enable them to make more informed decisions. Miller Samuel authors more than 100 market reports a year on several U.S. sales and rental markets to better provide transparency to consumers and real estate professionals.
🙎🏻‍♂️ Dr. Rob Docters. Problem Solver, Strategic Initiatives Leader, Strategy Executive and now, the Yale Professor of Pricing. Rob was formerly Head of Market Innovation and Development at Bloomberg, LP focused on the vertical markets. His operating experience includes running consulting practices at E&Y and Abbey, LLP, and being shadow CMO of Telcel at startup (now worth $35B), and Market Manager of a $250M/year segment at Verizon. For the last five years he has been a lecturer in Management at Yale University School of Management, teaching MGT 838 Pricing.
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