How to Use a Comparative Market Analysis
The best thing a real estate agent can do for their client is to obtain a Comparative Market Analysis. A Comparative Market Analysis is a document that has all of the prices of similar properties to help homeowners work with their real estate agent how to set the price for their home. For many people, selling a home can be a very emotional affair and having a Comparative Market Analysis is an excellent tool to help show your clients that you are setting a fair price to the home that holds so many wonderful memories for them
Being able to show your client the active listings, pending lists, sold listings, and off the market listing will be a valuable asset for showing them how much their house is worth, so that they are fully aware of what the first pricing on their housing is going to be and give them a realistic idea of what their competition is.
Another way a real estate agent can use CMA tools to boost productivity is to use the Comparative Market Analysis to help their clients who are looking to buy houses. Relators can use CMA software to compare prices throughout the neighborhood to see if there is another house that matches their needs selling for a cheaper price, or how to set the first negotiation price through comparison of other houses.
The housing market can change rapidly, and having a CMA software that provides you up to date information about listings and prices is important to having a successful sale. You want to be able to provide information to your client that is accurate and helpful in negotiations. The last thing that you want to do is show up to a negotiation and lose money or the house for your client because your Comparative Market Analysis is out of date.
Providing CMA reports for each client, whether they are looking to sell or buy, is an excellent practice that puts you ahead of other realtors. Make sure that your client knows that the Comparative Market Analysis exists and show them the benefits of having one.