CMA Training Class with Megan Gerber a Full House
Comparative Market Analysis Training Session
Megan Gerber, a past president of the association, led a training session on preparing for and conducting Comparative Market Analyses (CMAs). She emphasized the importance of RPAC, the industry’s PAC fund, which has helped maintain real estate agents’ 1099 status and protected homeowners’ rights. Megan outlined the steps for a pre-listing interview, including gathering information on the property’s condition, ownership status, and any potential legal issues. She also stressed the importance of consulting attorneys when necessary and using the Longleaf Pines YouTube channel for additional training resources.
Property Analysis Tools and Techniques
We demonstrated how to conduct a comprehensive property analysis using various tools and databases. She showed how to research a property’s history, features, and ownership details using Matrix, Realist, and GIS systems. We emphasized the importance of thorough due diligence before listing a property, including measuring square footage, checking deed records, and using Google Earth to assess the neighborhood. She also explained how to prepare for listing appointments by gathering and organizing all relevant information about the property and its surroundings.
Real Estate Appraisal Comps Guide
The discussion focused on real estate appraisal practices and how to find comparable properties. LPR explained that appraisers typically look for 3 good comps from the past 60 days, with at least one active listing to show current market value. They emphasized the importance of finding truly comparable properties within the same neighborhood, considering factors like lot size, builder, and exterior features. She also demonstrated how to use MLS search filters to narrow down results, including considerations for square footage, number of bedrooms and bathrooms, and school zones.
Comparative Market Analysis Demonstration
She demonstrated how to conduct a Comparative Market Analysis (CMA) by selecting and evaluating comparable properties. She showed how to customize MLS views, analyze property features, and make adjustments for differences between properties. LPR emphasized the importance of noting all features, even if they don’t match, and of considering factors such as HOA fees, pool presence, and condition when comparing properties. She selected three potential comparables for a listing, taking into account square footage, bedroom count, and other key features.
Customizing and Managing Property Pages
Megan demonstrated how to customize and manage pages in the system, including setting defaults and adjusting comparables. They explained the process of entering subject property data manually or by importing from an old MLS listing, and discussed how to use custom fields to compare features between the subject property and comparables. LPR emphasized the importance of adjusting comparables to match the subject property rather than the other way around, and noted that comparables should typically be within 3 miles of the subject property.
CMA Adjustment Techniques Overview
Megan demonstrated how to perform adjustments in a Comparative Market Analysis (CMA), emphasizing the importance of using accurate data and maintaining a narrow range between the lowest and highest adjusted values. They explained how to manually adjust for features like square footage, bathrooms, and pools, and advised against making large adjustments that could indicate poor comparability. LPR also recommended re-evaluating the comp set if adjustments exceed $20,000-$30,000, and suggested watching the Longleaf Pine Realtors appraisal panel videos for further guidance.
Overall Wrap on Comparative Market Analysis Training
Megan conducted a training session on how to perform and present a Comparative Market Analysis (CMA) to clients. She emphasized the importance of understanding market data, explaining price adjustments, and using tools such as MLS, ShowingTime, and Realist to support pricing recommendations. LPR stressed that agents should not dictate prices to sellers; instead, they should provide data and ranges to help sellers make informed decisions. She also covered how to handle unpermitted additions, accurately disclose property features, and use CMAs as part of a broader strategy that includes days-on-market data and showing activity.
