Winning with CMAs: Your Path to Real Estate Excellence

By Michelle Bailey

Michelle Bailey is the managing partner of the Ben Kinney Team at Keller Williams Realty Boise. She is responsible for hiring, mentoring and coaching Realtors®. They deliver the dream of homeownership and help buyers and sellers build wealth through real estate.

In the world of real estate, accurate property valuation is crucial, and that’s where the Comparative Market Analysis (CMA) comes into play. Unlike online home valuations, a CMA conducted by a real estate professional provides a comprehensive and precise assessment of a property’s worth. Whether you’re a seasoned agent or just starting in the business, here are some valuable tips to enhance your CMA skills.

1. Get the facts. Before diving into the CMA process, gather all the essential information. Utilize the Multiple Listing Service (MLS), and county records, or consult with your clients regarding any updates or renovations made to the property since their purchase. Ensuring your data is up-to-date is paramount to an accurate CMA.

“Mastering the art of a CMA is vital for any real estate professional.”

2. Find the right comps. Selecting appropriate comparables (comps) is crucial. Begin by searching for properties within the same subdivision as your subject property. Gradually expand your search radius while maintaining similar square footage and age criteria. It’s essential to compare like with like, such as single-story homes to single-story homes and two-story homes to two-story homes.

3. Make informed adjustments. Adjustments are a critical aspect of the CMA process. While making adjustments, focus on aspects that significantly affect the property’s value within its specific area. For instance, if the property you’re evaluating has more bathrooms than the typical homes in an older neighborhood, it’s worth making an adjustment to reflect this unique feature.

Mastering the art of a CMA is vital for any real estate professional. If you find yourself needing guidance or wish to discuss CMA techniques further, don’t hesitate to reach out by phone or email. We’re here to assist you in providing accurate and valuable property valuations for your clients. Contact us today to elevate your CMA expertise.