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The best way to conduct a Comparative Market Analysis (CMA) when on a listing presentation appointment. This informative sample shows you how to educate the home seller and let the comps determine a property's listing price. Too often we as real estate agents use our opinion to set a price. And also quite often, we let the seller's opinion determine a price. By doing your CMA visually with printed property MLS sheets on their dining room table, the facts and the numbers are right in front of them, plain as day. This is the most effective and easiest way to get a property priced right, with full cooperation from the property owner. This process eliminates the seller's ability to push high on price and over-price their home. As Realtors we must price homes correctly for them to sell. The saying is true: "A listing well taken, is a listing half sold". Visit our website at http://www.bestlistingpresentation.com for additional tools that help Realtors sell homes.
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BestListingPresentation.com
STEP 1Prior to your listing appointment, you will print out data sheets from your MLS of the closest comparables to your subject property. It is best to print a 1-page fact sheet, along with a second page of photos so its easy to compare each property.
BestListingPresentation.com
STEP 2Start with the seller’s dining room table.
BestListingPresentation.com
STEP 3First you will lay out all the ACTIVE listings in order of price, from lowest to highest.
BestListingPresentation.com
STEP 4Next, add any of the current PENDING listings as the second row.
BestListingPresentation.com
STEP 5Now on the third row, add the recent SOLD listings, also in order of price, lowest to highest. You now have a perfect visual snapshot of their local market.
BestListingPresentation.com
STEP 6Take out a blank sheet of paper. This will represent the seller’s property.
BestListingPresentation.com
STEP 7Starting with ACTIVE listings, determine where the seller’s property fits in best. You can slide the sheets around and actively discuss the pros and cons of each property, and together you will decide where you think their home fits in.
BestListingPresentation.com
STEP 8Now that you can visually see where the home fits in with the ACTIVE listings, take the two prices from the homes your subject property is in between, and write them on your blank paper. Notice, that you are not determining price, the comps are doing this for you.
BestListingPresentation.com
STEP 9Now you can do the same with the SOLD listings. Determine together where their property fits in best. You’ll see that this process is ultra transparent and very difficult for the seller to push high in price. The numbers are plain as day in front of them.
BestListingPresentation.com
STEP 10Now write down the prices of the two closest SOLD properties.
BestListingPresentation.com
STEP 11You now have a visual snapshot of where their home fits in with the competition, and what to expect for a selling price range. The comps have set these values for you. Now it does not have to be your opinion, or the seller’s opinion. The facts are there.
BestListingPresentation.com
STEP 12Now determine a listing price for their property. Additional factors such as seasonality and prices trending up or down can be factored into your discussion. The PENDING properties may help push price one way or the other. Remember, let the comps set the price.
BestListingPresentation.com
STEP 13Often a seller may still want to push a little high on price. You can agree with the condition that if not sold within 30 days, you’ll have a pre-set price reduction at your recommeded price. You can pre-sign this reduction with the normal listing paperwork.
