Summary
Highlights
The video demonstrates how to select an active listing from SABOR MLS to use as the subject property for the CMA. The example chosen is a home within the $400k-$450k range, built between 2015 and 2020. The search is refined by geographic area on the map to find active listings.
Brandon Melvin, a realtor and team leader, introduces the video, which focuses on teaching new real estate agents how to perform an accurate Comparative Market Analysis (CMA) using the SABOR MLS system, specifically for the San Antonio area. He highlights his role in coaching realtors on business growth through digital marketing and proven methods.
The instructor shows how to search for comparable properties within the same subdivision as the subject property, in this case, 'Weston Oaks'. The search includes 'sold' listings from the last six months, and the importance of having 3-5 close comparables is emphasized. If insufficient, expanding to nearby similar neighborhoods is suggested.
The video highlights the importance of adjusting the square footage range to find more accurate comparables. The process of adding the 'square footage' field to the search criteria and setting a range (e.g., 2400-3200 sq ft for a 2800 sq ft subject property) is explained to narrow down results.
The instructor begins to analyze individual comparable properties, considering factors like single-story versus two-story, lot size, year built, and primarily the price per square foot. He references advice from an appraiser, suggesting to look for homes that a buyer would consider if the subject property wasn't available.
A general rule of thumb regarding price per square foot is explained: smaller homes typically have a higher price per square foot, and larger homes have a lower price per square foot. The current market's low inventory is noted as a factor that can drive prices higher.
The video continues to examine comps, specifically looking at recent sales dates to gauge market relevance. Properties sold more recently, even at higher prices than their listing, indicate the current fast-moving seller's market. Properties with unique features like pools require price adjustments.
Once suitable comparables are selected, the instructor demonstrates how to initiate the CMA report generation using the 'graph' button. Client information is added, and the report type is set to 'buyer CMA'. The process of entering the subject property's MLS number for auto-population is shown.
The generated CMA report is reviewed, showcasing details about the subject property, sold comps, and active competitors. The report highlights that sold prices are often higher than list prices, signifying a strong seller's market. The final decision on an offer price is left to the client, guided by the realtor's professional advice.
Brandon Melvin concludes the tutorial by reiterating the importance of presenting market information to clients and allowing them to make the ultimate decision. He offers further coaching and partnership opportunities within EXP Realty. The video aims to equip agents with the skills to effectively generate CMAs for their clients.