When it comes to pulling a CMA for your clients, you have some options. There is a lot of criteria that goes into pulling a CMA, so they might take a little time to run and dissect. But remember, YOU are the expert, not a computer program that spits out information based on algorithms. Here is 3 different CMA’s in 30 minutes or less! 

The MLS CMA in 30 Minutes

The first type of CMA is directly from the MLS and there are 4 different search options: Neighborhood, Specific Neighborhood, Radius, and Zip Code. Neighborhood searches start narrow, and you can expand into a Zip Code search. No matter which search your choose, here is some of the criteria that you’ll want to include:

• 3-4 Closed homes in the past 6 months
• 2 (or more) Pending homes
• 1-2 Active homes

Numerous factors need to be considered when comparing the data, like photos (is the home updated or not?), lot size, and amenities. This CMA can be created in 30 minutes or less.

The Adjusted CMA

The second type is an Adjusted CMA. This is where you take information on the subject property and compare that to comparable sales, then assign certain values to specific aspects of the subject property and the comparable properties. Once you assign those values, you can then you can create an adjusted price for the comparable.  This helps to better determine what the value of the subject property. Here is some of the criteria to include when pulling this type of CMA:

• Location – 1.5mi to 3mi (max)
• Status – only looking at sold properties in the past 6 months
• Property type – look for same property type as the subject property
• Age – 10 yr =/- age difference
• Living area sq ft – within 10% =/- difference
• Sold date – within the last 6mo 

It is crucial to understand the value of adjustments and how to make adjustments. An Appraisal and a Broker Price Opinion are examples of this type of CMA.  This is the type of CMA lenders typically use to determine if a buyer qualifies for a loan.

RPR CMA

The third type of CMA comes from RPR (Realtor’s Property Resource). Use the same guidelines as the other two CMA’s, there are a few things to keep in mind:

• Start off narrow – You can always expand from there
• There are different search features that allow you to search in different ways
• Always pay close attention to detail when running a search because things like crossing into a different school district could affect your search results
• RPR allows you to change the level of detail in each report based on their available report options
• Be consistent with the information that you give. You want to be right, but you don’t want to overwhelm anyone.

A good way to practice running CMA’s is to use your home as an example. What are the sales trends, how does it compare to homes a mile or 3 miles out? Keep in mind that there are limitations when it comes to running each of these reports. If you need some assistance, feel free to reach out and we’ll be glad to assist you!