Industry News

5 steps to building a worthy CMA

Done right, CMA greases the rest of the sales process

The comparative market analysis, or CMA, is an essential instrument in a broker's toolbox. Whether you are working with sellers to list a property, or helping a buyer make an offer on a property, knowing how to create an effective CMA is paramount. I had the pleasure of being schooled by one of the most ferociously awesome principal brokers of all time. New brokers in her office were not allowed to go willy-nilly about town. No way! First, we were required to take her classes on contracts, land use, clauses and CMAs. And they weren't the kind of classes that we "experienced" brokers use to pad our education hours (you know exactly what I mean). Contracts were read aloud, line by line, and dissected. Maybe we weren't lawyers, but we would know precisely what our contracts asserted and inferred. We would not hesitate when we wrote up that first earnest money agreement (although I did sweat profusely). The CMA class, however, will remain my favorite. Everyone thinks ...