- May 10, 2018 at 6:42 pm #190490
my broker and I are having disagreement about what data gets pulled for cma ro lodt a home.
he has instructed me to only pull sold properties from RPR because that’s all that matters is what it sold for!
yet, in all my experience you want to include active, expired, etc. I am thoroughly confused now.May 10, 2018 at 6:51 pm #193296
Thanks for visiting our site and good question. Each broker runs his/her brokerage a little bit differently and this extends to how they conduct CMAS and what properties they pull. Since your license is at his brokerage and technically he is responsible for all of your licensed real estate activity I would do it the way the broker suggests. However, you’re not wrong to want to include active, expired and sold listings. It gives a better market overview when you and the client review it together and can compare what’s currently on the market with what’s expired, pending and/or sold. Keep in mind that true ‘comps’ are pulled from sold listings because a pending or active listing doesn’t yet accurately represent the price the property actually sold for. For example, a property could be pending for the sales price of $500k and end up selling for $400k which is only 80% of the asking price, so if you were representing a seller that has a similar home in that price range you could recommend that they list their property closer to $400k since that’s what the market indicated. Here’s a helpful article on running a CMA https://fitsmallbusiness.com/comparative-market-analysis/
All the best,