4 min read – real estate CMA
When it comes to buying and selling real estate, it doesn’t matter what side of the transaction you’re on – property owner, buyer, seller’s agent, buyer’s agent – knowledge is power.
The more you know about the property, the location, the market, the more empowered you are to make better decisions, faster.
A comparative market analysis (real estate CMA) is so much more than a piece of evidence to reassure Government regulators that an agent isn’t underquoting. It is so much more than a data dump of tables, charts and graphs.
A CMA is knowledge.
At least it is, when it’s done right.
Needless to say, not all CMAs are created equal.
When done poorly, they are boxes ticked to avoid fines.
When done well, they win listings, they justify pricing strategy, and they help property owners identify the agent who will best serve them in the sale of their home.
Creating a real estate CMA that truly stands out requires three elements:
- The right data: presented with clarity and purpose (National Property Data has you covered)
- The right design: modern, clean, easy to read (we’ve got you there too)
- Real personalisation: the ability to distil what you know about the property owner into the document, in such a way they feel you understand them, their needs, motivations and you are on their side (give it a try with our CMA)
Using National Property Data’s CMA, customisation is possible when selecting comparable properties; choosing the data, graphs and charts to include; branding; and when using our automated pricing (AVM) to recommend the best asking price for the property.
Personalisation is possible in every open text space, from the letter that introduces the CMA, to the agent and agency profile at the end.
These spaces can be personalised because we understand all of your customers are unique, and as such, the way you approach their needs, should be unique too.
How to personalise your real estate CMA and win listings
Think about the purpose of your CMA
Is a CMA primarily a document an agent uses to win a listing?
Or…
Is it primarily a document a property owner uses to select an agent?
The answer to this question will produce two very different CMAs, because the person who benefits most from the document is very different.
In the first instance, the agent is the focus, and therefore the document would be all about them and how they will meet their own need to win a listing.
It will likely centre only on them and what they can do, their history and experience, drawing on templated descriptions of their expertise and offering.
It won’t be unique or personal for the property owner, because it is all about the agent.
In the second instance, the property owner is the focus, and therefore the document would be all about them.
The agent can use the editable sections of the document to include snippets they have learned about the owner through conversations and by really listening.
This is evidence they have taken the time to understand the property owner, exactly why it is they are selling and what result it is they need.
The agent might still talk about themselves, but they will do so in the context of how it relates to the clients’ need.
Instead of, ‘I am a top agent in the area, and I am an expert in selling property’, they might say, ‘In this challenging market, when you are very motivated to sell, you need an agent you can really trust to go into bat for you. I am that agent.’.
While, as an agent, you want to win a listing, you need to put yourself in the shoes of your potential new client and think about what they need.
Yours is a service-based business, so your purpose should always be to give the customer what they need. Your CMA is the right place to show them you can do just that.
Walk them through your pricing process
An important part of building trust with a property owner is being transparent.
In the past, some CMAs have simply included a dump of data as an indication to the seller that the agent has done their research.
The data – graphs, maps, charts – is provided with little context, so the seller is left wondering why it was included.
‘Why include a suburb profile? I live here, I know what it’s like!’
As the agent, the reason you selected to include certain data is because those insights have informed your pricing recommendation and will inform the way you market the listing.
Explaining to the seller what you have included and why, and how it helps you better understand and recommend pricing, enables them to come on the ride with you.
It helps them see your expertise in action, rather than just hearing about it.
Choose a real estate CMA that doesn’t just have a data dump, but walks the seller step-by-step through your pricing strategy, justifying your every move, so they can see you are the right person to lead their sales team.
National Property Data’s CMA is designed to support an agent who wants to be transparent. It is set out so it steps the client through each section of data, explaining to them in simple terms, how that data influences the pricing recommendation.
Use your real estate CMA to help them take action
When promoting a product or service in any way, one of the most important devices used is the Call To Action.
It’s that part at the end of the TV ad that tells you to call now for your special discount. It’s the section on the website where you see a simple form you can use to sign up straight away.
It tells you what you should do next to fulfil your need.
And often, it’s what’s missing from the end of a real estate CMA.
Helping people understand what comes next and what they need to do to kick off your work together can make the next move easier and encourage action.
National Property Data’s CMA can include (if you choose) a ‘What’s Next?’ section you can edit and personalise to further nurture a property owner and guide them into the sales process.
The best salespeople in any field, are those who have strong emotional intelligence, who employ a lot of empathy when dealing with customers.
Use your CMA to showcase your ability to empathise with the property owner and your dedication to helping them meet their needs.
Clear pricing that just makes sense.
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