A Comparative Market Analysis (CMA) is inarguably one of the most valuable things you can offer as a real estate agent. By garnering information about similar properties in the area that have recently sold, you’ll instantly gain the competitive advantage by having knowledge. They can mean the difference between having new leads waiting for your availability and struggling to find new clients.
A comparative market analysis tells you everything you need to know to make key decisions, including the listing price and the main selling features, what types of homes are selling andthe duration in which other homes are staying on the market. This is the type of information that will guide you toward making the best business decisions for your clients – past, present and potential .
Highlight your expertise
When you conduct a comparative market analysis (CMA), you’re showing prospective leads the level of real estate service they can expect when they hire you. Your CMA needs to be as accurate as possible to demonstrate your expertise.
Focus on profitable areas
With every comparative market analysis, you’ll gain valuable knowledge about the trends across differentareas. It will help you become aware of the communities that are expected to increase in popularity and you’ll also know which areas are declining. This allows you to direct your real estate business to the most profitable of areas.
Discover the trends
Trends are what will dictate your future. As a real estate agent, it’s imperative to always be a couple steps ahead of your competitors. For example, when you know millennials are expected to take over the real estate market five months from now in a specific neighborhood, you can make the necessary changes \in your marketing efforts to cater to their interests. If you see that fixer-upper starter homes are selling much quicker than other homes, you’ll want to focus on these types of homes.
A house should be on the market for as little time as possible. The longer a house remains on the market the harder it is to sell. One of the key factors you learn when you conduct a CMA is the types of homes selling. Yoy should also examine the main selling features of the homes that have sold in the area. This information allows you to ensure necessary changes are made prior to listing to ensure a quick sale.
With precise information, you can make accurate business decisions that can take your real estate to a new realm of success.