In this episode I share the basics of a CMA. There are basic steps when build a cma. Assuming you don't know the area you must use your information gathering sheet or google sheet or an evernote template. Today I am providing the basics of building a CMA
You need the details to create a market analysis 🧐.
Once you have the details you need the history of the property. I recommend previewing the home and getting the measurements. Assuming you don’t have the room measurements.
Rule of thumb is to always compare apples to apples 🍏
Example - Bartlett home and the two appraisers - listen to hear the full story
The listing agent should show up to an appraisal
- Preview the home
- Start with the home address. When building a cma in your mls - I prefer the mapping tool but you can stay within a mile of the home
- If you are in a neighborhood that has a subdivision stay within the subdivision. If another subdivision is across the street and those homes sell for more in your subdivision has close deals the appraiser will stay within the same subdivision. Good try
- I always put in the same criteria as a home in the MLS. Our MLS automatically counts the number of properties on or off the market as we search. Here are the steps, search by address using the map, depending on your MLS make sure you have the correct properties height, make sure you put in active under contract an off market.
- Remember you need closed properties to get a value. And depending on your market place no more than six months.
- I always try for five closed properties that are similar to the property I’m putting on the market. Do you need at least three to get an average or median. I always like five because an appraiser might not use the homes that I selected.
- Once you have your list of homes you can build a one line summary or a side-by-side report. I simply old-school print out the listing sheets.
