Remine is a big-data tool that turns information from your MLS, public records, and other sources into opportunity by applying predictive analytics to accurately predict when a property is most likely to sell, and when a buyer is most likely to buy. We’re happy that we are able to include Remine in your NNRMLS membership at no extra cost!
A Comparative Market Analysis (CMA) report plays a new, yet familiar, role in today’s real estate transaction. Through technology, potential sellers and buyers have access to housing market information and are more informed than ever before. There are still resources agents have access to that a seller or buyer does not, but there is little room for error as clients can confirm the information for themselves. You may already know what a CMA is, but in case we have a new agent in our midst, a CMA is a document prepared by a real estate professional to help determine the selling price of a home or to help determine if a buyers offer matches the appraised value. CMAs serve you as a value add, special sauce, or secret weapon that separates you from another agent.
To create a comprehensive CMA, one that portrays a property and its surroundings accurately should include at minimum the following factors:
Assess the Neighborhood
After landing that listing appointment or finding your buyer’s dream home, the first step to creating a comprehensive CMA is to gain an understanding of the neighborhood. You may not be able to step onto the property, but analyzing area demographics, proximity to amenities, and curb appeal start to paint a picture.
Assess the Listing
Find the listing in Remine, then carefully review the pictures and description. You’ll be able to get a decent sense of the home’s condition, any upgrades that have been made and issues in the marketing strategy.
Examine Current Valuations
There are many consumer facing valuation tools, most with inaccurate data. Operate with the utmost certainty that your client thinks information from these tools have provided a truthful value of their home. Having direct access to the top valuation providers such as Zillow, First American, and Black Knight from a single view will adequately prepare you to address the property’s worth when your seller or buyer brings it up.
Fire up Remine or another CMA software like Cloud CMA, which takes MLS data and creates attractive reports that can be digitally shared with your clients. Unlike traditional CMA software, CMA 360 features MLS AND Off-MLS listing information as well as public record data generating the most comprehensive CMA on the market.
The end goal is to have a CMA that highlights comparable listings. Sold listings, expired listings, active listings or pending listings that are a close match to the one you’re analyzing. After entering criteria, you should have several homes that are comparable. It’s important to review the results given and move forward with those that are most similar in features, neighborhood, square footage, and lot size. Too many comparables that don’t fit the box can lead to a skewed analysis.
Many agents go above and beyond to make a client facing report branded and personalized. Using a tool like Remine’s CMA 360 or Cloud CMA offers several advantages over a do-it-yourself option. Results are organized in a digestible manner, reports are branded with your information, and personalized with the client’s information. Here is an example of a CMA produced using the CMA 360 feature in Remine.
Assess the Home in Person
You’ve done your homework and should be very confident when you meet with your homeowner. After all, you already have a pretty good idea of what the home is worth, so you should be able to address any questions about value the homeowner has for you. Tour the home looking for hidden issues that might affect the sale price such as condition of the home, additions or upgrades, and property picture. Should you notice any major issues that weren’t discovered during your initial research, run an updated or new CMA that provides more realistic comps. CMAs you create in Remine are attached to the respective property. In the near future, a CMA created in Remine will be accessible via an agent dashboard and auto-refresh.
The Bottom Line
Once you understand how a CMA works, creating a CMA and using it to secure a listing or close on a home is straightforward. While accurately pricing the value of a home might involve more market knowledge than outlined above, you should now be able to run an accurate CMA using any tool in the marketplace.
Now you can create your very own! Click here to access Remine on the NNRMLS Launchpad!
Watch the Remine 360 Video here