Do you have a client that is looking to sell their home and they ask you if they need an appraisal or a Comparative Market Analysis? Or maybe you are wondering how to use your Cloud CMA software to create a CMA appraisal report but aren’t sure where to start.
As you already know, both the CMA and Appraiser report will establish a value for the property. We’ll go over both types of reports so that you may learn something new about Cloud CMA and how to use a feature you may not have seen in the CMA software before.
What is the difference though?
An appraisal is a report that needs to be paid for and is conducted by a third-party. They often will be required when a home is being added to the market, or if the sellers are considering a home mortgage or other financial transactions with banks or lenders. These reports usually focus on Sold properties. You must have a certified appraiser generate the report for the property.
A CMA report is something that you, as an agent, will be able to generate with CMA software for your client. These reports also include Sold properties but can also include properties that haven’t been sold, such as Active, Pending, Back-Up, and other property statuses. This helps to establish the value for what you and your client may want to list their home on the market for and can be used by buyers or sellers.
Did you know?
Our Cloud CMA software has a built-in appraiser template that you can select if you are ready to generate the appraiser report, should your client have need of it. When you are ready to create the appraisal report, you’ll want to take the same steps as you would to create your CMA. When you’re in the “Customize” section of the report, you will have access to select the template called Appraiser’s Report. This will re-generate the report’s layout, focusing on a few key sections:
Map of All Listings
Summary of comparables
Comparable property statistics
Online valuation analysis
Sold property analysis
Suggested List Price
Of course, there are always more pages that can be added as needed just like you can do with a traditional CMA report.
We recommend generating a CMA report first, as that’s always a great place to start. Once you and your client delve deeper into the home-selling process, you can create an appraisal report for them, to at least give them an idea of what to expect from the full appraisal report, should they require one for their home.
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