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Create Quick Simple Accurate CMA [RPR]

Published on: December 6 2022 by Jaime Resendiz

Create Quick Simple Accurate CMA [RPR]

Create Quick Simple Accurate CMA [RPR]

haiya time you take a real-estate
advisors welcome back to the channel
that brings actionable content to help
your business grow don't forget to
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courses just for being a subscriber okay
today we're looking at running CMAs so
running a comparable market analysis we
all do it we've done this pretty much
from the very beginning I mean you
should be doing this from the very
beginning that you're analyzing a
property for a buyer and analyzing a
property for a seller so regardless of
either side you need to have a good
understanding of what the property is
valued so you know how to how to
approach negotiation so you know what to
offer for the property and not get into
stiky situations on the buyer side when
you're trying to get an offer accepted
and when the bingos out there to
appraise it you're you don't have to
have that conversation that difficult
conversation with buyers that hey the
property didn't appraise I didn't think
this would happen yada yada yada and
from the seller side you want to the
property so you want to be spot-on with
what you can realistikally expect for
that property and they're leaning on you
to be that professional so there's
various ways to run CMAs and some I
probably won't even mention here but
we're looking at going to you're going
to your or less and then running it
directly from here running picking the
properties that are close to the
criteria that you're looking for doing a
simple search a radius around the
property and all that fun stuff so we're
not going to get into the actual
tiknical component of it here we're
gonna look at running a CMA through our
P R which a lot of agents have that as
part of their as part of their
association dues you get access to our
PR for quote unquote free
so today we're going to look at running
a CMA through our PR your you have the
option of course of running it through
the MLS which I just went through and
you would get started down that path or
you can get a CMA through cloud CMA or
if you're if you've been using remind
you can do the remind version of running
a CMA so you have options that is I mean
those are just three options with the
addition of the our PR you're looking at
four options but options are abundant
whatever one works for you is of course
the one that you're going to use however
I want to show you our PR if you've if
you've seen that icon and really haven't
dug into it I want to show you how to
run a CMA which I don't want to give
away the ending but this is the one that
I'm presently using right now simply
because I've tried all the other methods
and I've tried several other methods
that I'm just not in love with so this
is the one that I am presently using I
have toyed around with reminds new
version I think it's a little bit I
think it's closer but it's not all the
way there to provide a as robust CMA as
our PR so without further ado let's just
find a property and test this out let's
just say anything that's exactly five
hundred I just need an address perfect
that one's good you're gonna open up
your R P R which is gonna lead you right
here they're gonna put your address of
the property that you're trying to
evaluate what is that Farmers Branch
hmm is this a new build
Cir instead of circle you can go to
search there's a lot of cool information
in our PR that we're gonna go into
another video about where we go into
what summary is what's in summary what's
in history what's in charge
neighborhood and everything at alike you
can even do some commercial evaluations
so it's a pretty cool robust software
but we're gonna focus for the purposes
of this video we're going to focus on
analysis there's two ways to run a comp
analysis and what is the comparative
analysis which is essentially the
straight-laced very done-for-you version
which doesn't give you as many options I
compare that more to the cloud cma
version that just pulls all this
information and regurgitates it out now
this one the comparative analysis even
that one I like more than cloud CMA but
that one I very rarely run I actually
I've only run it once to see what it was
and I just did not like it so if you've
been using our PR and are using
comparable analysis let me know what
your experiences are because I don't
like it so today we're gonna focus on
cells comparable analysis because you
get such more options you get way more
things that you can edit adjust and
actually do a proper comparable analysis
so that's the one that I would select if
you want more of the dump or you version
or just a quick version if you have
plenty of comparable cells in the area
then I can see the comparable analysis
working a little bit better than one
that you have to be a bit more granular
with so we're gonna go with cells
comparable analysis first we have to
confirm the facts so at this point
whether you have been in the home or you
haven't been in the home you're not
going to know
too much about what you can edit
depending on how detailed you were with
your phone intake again this is
depending on how much you know about the
property
this one isn't gonna do too much for you
because they're gonna take what's on the
public record and what's gonna what
they're taken as well is on what they
have seen with previous listings so on
this one it actually doesn't have
anything on the public record yeah so
this is a new build so we're going based
off of everything that's on the listing
on the listing right now so again I
don't have too much information about
this property because I just pulled it
up from the internet certainly I haven't
walked through it or anything else like
that and if it was already registered in
the cat you would see this information
here and any previous listing
information would go right here and then
these are the changes that you would
make to the property again for our
purposes this isn't gonna do us too much
good because I haven't been the prop in
the property as I mentioned so we're
just gonna hit in confirm but you can
see there's a good amount of information
that you can edit here that you're gonna
want to take into consideration and then
also if you wanted to add some other
feature that you think it's pertinent to
the property that is not reflected
excuse me that's not reflected in the
cat or in the previous listing you can
do that here excuse me I'm getting over
getting over a cold and it's been it's
been a struggle all right here we go
now we get the fun responsibility of
finding comps all right and what I'm
gonna go everyone does
comps differently everyone takes
different subjective perspectives on how
to run a comp which would constitute a
comp which property would constitute a
comp how to make the adjustments and
things of that nature so they vary just
soft the way that you were taught from
your broker or from your just the school
that you went to or just life if you
will and all of the C classes that
you've taken with appraisers so we're
not gonna get too much into the granular
aspect of it because people run comps
differently it is subjective so we're
gonna focus more on where the bodies are
buried where all of the butt buttons are
at and what you can adjust well you
can't adjust the benefits of running a
CMA through our PR versus actually hey
if you have an additional room it's
gonna be ten thousand dollars more or if
you have a third garage it's gonna be
fight at ten thousand dollars more we're
not gonna get too much into that so just
just be cognizant of what we're getting
into over here you're gonna go into
selecting your criteria very similar to
the MLS you get to select what you want
to be highlighted around your area I
don't mess around too much with these
because it's already highlighted in my
single family wrath of the residents but
if I was doing land or a ranch or
anything else like that then that option
is there
the default is going to be six months in
dates back so oh well you can adjust it
of course but they're gonna start with
the six months time period and if you
want to tidy it up a bit you feel you
have enough comps then you can go with
three months but I'm gonna keep it at
six months for right now proximity the
closest that you can get to the property
is one mile now the MLS as an example
the closest that you can get to a
property is 0.25 miles so a quarter of a
mile in that aspect is that's the one
knock that I would have on our PR that I
can't get a little bit closer to the
subject property especially if it's an
AK if it's a market that is very active
that is the one knock that I have on our
PR but outside of that I am all about it
you can start with three defaults
property details the first one being the
beds the bath is the second and then the
living area I like to play around with
the white square footage a little bit
more so I don't make that a default
which means you can tighten these up but
I like to start with a broad scope and
then manually as I get the results I
start weeding them out you can certainly
adjust all of this again these are the
filters that you can select for because
as soon as you hit search it's gonna
show properties that have sold
properties are active properties that
are we're cancelled and everything else
like that so here you have all of the
options but for our purposes I'm just
gonna go ahead search you're gonna see
quite a bit of activity all right now
the blue houses are the properties that
are presently for sale the green houses
are recent cells the gray houses are
either they sold off record or sold off
off market or they sold beyond I believe
six months I believe six months past six
months is what they deem not a recent
sell so you see some here this one was
sold it's not a recent sold property but
you do see a great area so for our
purposes we have since this is a new
build community maybe I should have gone
with another property that so we could
have some better comps if you will but
here and then I just started clicking
through getting some additional
information on well this was recently
sold unfortunately they didn't disclose
the amount so that's not gonna help us
too much here we see that this property
recently sold at four hundred and fifty
five 2,400 square feet is what this
property yeah I should
selected another property but what are
we gonna do okay so then you would go
around the map and looking for
properties that you want to pull as your
comps as you're getting the the comps
that you want you're just gonna click
here and I'm just gonna start clicking
now so so you see it this one's for sale
so I'm not gonna pull that one in I'm
gonna pull this one in even though I
know that it's not necessarily a
like-for-like then I'm gonna pull this
one isn't as another comp and then that
one has another comp so you see it and
then down here you get the breakdown of
all the properties that you see on the
screen again depending on how many
filters you apply on the front end to
get to this screen you'll have you won't
have as many if you tidy up your if you
tidy up your filter so now that we're
now that we're good on comps depending
on how many comps you want to have I
think I selected four just for the
example we're gonna click Next you see
the four comps
now we get to my favorite screen this is
really where I like to have the most
flexibility this where I spend the most
amount of time adjusting comps this is
something that you see very commonly in
an appraisal report where you see the
differences of how much they added for
the view how much they added for that
third room how much they adjusted for in
the square footage difference and all of
that like so I love this screen this is
my favorite screen of them all and we're
gonna go through it so you see how you
can adjust it so the adjustments are all
right your subject property is gonna be
over here and then the properties that
you have are adjusted on this right-hand
side now if you see that a a comp that
you feel is most relevant to your
property is over here all you need to do
is adjust it and it's going to populate
it over here now
we did highlight four properties here's
that fourth all you need to do is toggle
back and forth up here once you have
them arranged in the order that you want
you want to see in the homes again get a
better perspective on well what was the
condition of this home when it was sold
okay when you click through you're gonna
see all of the pictures from the inside
now be careful when you're selecting
like you see here smaller pictures go to
bigger pictures make sure you click on
those two buttons because if you click
here it's gonna take you to that
property and then you're gonna have to
start all over again for the first
couple of times that you do this chances
are you're gonna make that mistake
because I've done that I continue to do
that so be very careful when you're
doing that in getting additional
property information and getting into
those pictures because that is very
annoying that is something that I wish
didn't happen but it does so then you
would go through the pictures and see
what the condition of the property was
what what type of flooring and
everything else like that so there is
what you do there you see the distance
between the the proximity to the
property right there the value when it's
sold price per square foot any
concessions or something else that some
additional notes that they have in
regards to the in the sell of the house
that was on the listing and then you get
you go straight down the list on the
number of rooms how to make the
adjustments for that the amount of
bathrooms partial bass living areas
basement square footage finish out room
below grade above grade pool location if
it's in a location that you need to
docks because of whether it's at the age
condition all of these look at all the
features porch roofing features
fireplaces based
and you get very detailed you can get as
detailed as you want almost too detailed
in some cases and you can add rows if
there's something so unique to the
property that you see is not being
reflected and one of these items over
here then you can add it on the
left-hand side adding some additional
notes and then you can weigh the comps
differently
you can weigh them all equally if you
would like or if you would like to
adjust them manually you can do that
over here let's just say the first
property you want at forty four forty
five percent for whatever reason then
the second one you want at thirty and
everything else like that again this is
very subjective the heart of how
everybody runs their comps I know we've
all had the CES on it I know we've all
had our brokers tell us to do this one
way I know that we've not gonna get too
much into that I'm not necessarily I'm
not necessarily too concerned about that
for now because everyone's gonna do it
differently I just want to show you the
power of our PR and if you want to reset
weight equally again or depending on how
many adjustments you do of the property
how many different adjustments you made
for the subject property and the
property that you're trying to analyze
you can do an auto weight system and it
would reflect that so right now it
doesn't do anything because I didn't
make adjustments so let's just say I
made adjustments to let's just say I
have to add ten thousand here and I'm
gonna add five thousand here don't I'm
not even looking at the subject property
and making these adjustments I'm just
making adjustments so you see it and
then he take 250 out for whatever reason
over here I'm gonna do 20 bucks okay
now we're gonna go back to edit and then
again you can reset the weighting system
depending on how many comms you have and
how with the confidence level you have
in each and then when you click the auto
weight it's gonna take the amount of
changes that you did did in every single
property to adjust it to fit your
subject property and it's gonna weigh
them like so that's the whole auto
weight of the comp adjustment so there
you see there I'm gonna apply it just
fun and now you see the value of the
property update value in clothes as you
can see it's very very detailed very
easily organized first you have to
confirm the facts or add anything else
that you know to the property you search
for your comps you make the adjustments
and then you review right here if you
want to manually edit this is where you
would do that so reviews sales
comparative analysis review the results
of analysis if you want to change the
final value if you're not into the four
hundred and sixty thousand one hundred
and eighty one dollars with fifty cents
or whatever if you if you want a range
this is where you would do this so right
now let's see it gives you that range
but you can certainly say hey this
property is really more that what you
can expect to get is about four hundred
and forty then the most you can get is
that because of the condition you save
it and you're done now you get to create
the report this is there's just so much
information here you can make a property
report where you get to you get to see
the sample of what it looks like all of
the details you see 29 pages roughly 29
pages so there's a lot of information
sellers report
same thing you get to see the example 75
pages is what it could potentially be
many Property Report evaluation report
this is the one that I that I give to my
whenever I'm going to a listing
presentation this is the one that I
present to my to my clients this was
about 35 pages but when you go to more
details you can see my default settings
which aren't really too much default
I only take these parts out but you can
see what to add or what to take away if
you don't want to have the Holmes fax
home fax for whatever reason that first
screen it gives you an example you just
take that out extended property facts
you can take that out if you would want
as well and then go through here see if
you don't want any map layers on there
if you don't want to show what the local
market conditions are and these are
examples I'm not suggesting that you do
that all right if you want to exclude
your notes personalize your report
personal report you can send it directly
to your client I wouldn't suggest that I
would just send it to myself so I would
do just run a report and it's gonna it
takes less than two minutes but you're
gonna see this up here being generated
then you're gonna get a bill that says
ding-ding-ding you're done I like doing
it this way downloading it and then
sending it directly from my email first
thing versus sending it directly from
here because often times it could go to
spam and most importantly I want to
control the conversation so I like to
send the report from my email as an
attachment as it's an additional benefit
that the kinds have for working with me
but anyway that is how you run a cma
through our PR i hope this was
beneficial if you have
any questions please feel free to reach
out hey thanks so much for watching feel
free to check out some of the other
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