Most agents use a Comparative Market Analysis once they already have the listing, as a way to give their clients information about the surrounding neighborhood that they are looking to either sell their home in or buy their next home. And while this is an important aspect of being an agent, did you know you can also use CMA reports to drum up new business, as well?
Comparative Market Analysis reports have the following info that is important for consumers to know before they list their home with an agent such as:
How the Local Market is doing.
It’s not always apparent how a neighborhood is doing, in terms of value in property. For example, a street that has many two-story homes and one or two single-story homes on it might be assumed by the client as having a higher value than a street with less two-story homes on it. As you know, that is not always the case – some of those two-story homes could use a lot of work inside, like a kitchen update or stairway repairs, for example, which is not apparent from looking on the outside. That’s why a Comparative Market Analysis report is a great tool to have at your disposal, because you can provide more in-depth information to your clients. It can justify why Property A with a newly remodeled kitchen is being sold for thousands of dollars over Property B, which has the same number of bedrooms, but a more outdated kitchen.
How their home compares to other homes sold in the area.
We all think that our current home is fantastic, even if it may need a little tender loving care. People want to believe that the next owner of our home will love it just as much as they had, and value it just as highly. This kind of bias can lead clients astray when looking for that next “perfect home”. A CMA report can put the facts about the neighborhood and the area in perspective for people, so that they have information at their disposal and won’t go into their next home search blind or uninformed.
Lets them know if now is a good time to sell or if they should wait.
It’s a lot more common to move with the seasons or the school year, especially if the consumer has school-aged children. Sure, the internet might give a consumer information about the area they’re looking to sell or buy in, but that information isn’t always reliable or up to date. A Comparative Market Analysis report has information and data straight from the multiple listing service, which is accurate. A Comparative Market Analysis report can give consumers detailed information about recent sales in the area, as well as information about other homes that are currently on the market. For example, home prices are estimated to rise in 2019, but at a much slower pace, and the number of homes for sale is expected to increase by a mere 1%. This information is invaluable, as it can give the consumer the knowledge to know if now is the right time to go on the market, or if perhaps it might be better to wait a bit longer.
You can be proactive with Comparative Market Analysis reports, too, utilizing social media:
Send potential leads a one-click Comparative Market Analysis report, with some basic information about the area. Print them out and mail them, or you can leave them on the doorstep, or even knock on the door and have a chat!
Create a Comparative Market Analysis report and boost the link to the online PDF through your favorite social media avenue, like Twitter, Instagram, Facebook or Pinterest, just to name a few. We also provide another product called Cloud Attract, where you can create multiple landing pages, to target specific areas or communities – get it free for 30 days!
Cloud CMA provides everyone with a free landing page URL, that you can put on your email signature or on postcards. This will direct consumers to find out what their home is worth on a webpage that’s tied directly to your account, and then email them a Comparative Market Analysis. It will alert you to the request by email as well, so you can get in contact with the lead and start getting to know them and their needs!
Comparative Market Analysis reports are fantastic tools for both the beginning of the home-buying or home-selling process, as well as in the midst of negotiations. Let Cloud CMA serve your needs, and make you look awesome to your clients.