The best, finest, and most meaningful/relevant way for real estate agents to professionally explain their rationale, marketing, and sales plans is to create a full competitive marketing plan, or CMA, and spell it out for their clients. potential and existing This should be more than just a cursory explanation and review of home prices, but rather should become a key part of strategic and action plans, used to generate the best possible prospects. . As a licensed real estate seller in New York State for over 15 years, I have prepared countless plans and consider them one of the most important documents and steps in making the process smarter, better, easier, less stressful and faster. With that in mind, this article will briefly attempt to consider, examine, review, and discuss 6 important components/factors in preparing for and leveraging a professionally designed Competitive Market Analyst.
1. Market trends/conditions: It is important to create a strategy, based on specific local and/or regional trends and conditions, because what works in one place may not work in another. What are some of the local nuances etc that could affect the marketing strategy as well as the listing price etc?
two. Recent sales: It is not enough to simply review and consider recent sales and/or listing prices! Sale prices should be carefully examined, and the more current the closing date, the more significant! However, a variety of characteristics must be carefully compared, including the specific block, local schools, community safety, specific household features/inclusions, etc.
3. Expired listings: This process should include consideration of expired listings and likely reasons why they may not have sold! If there are many of these, it indicates one thing, but even if there are fewer, a common link should be sought and examined! Perhaps the reason was price, and if so, you should provide key information when preparing the document.
Four. Features/Condition/Updates/Lot and House Size/Specific Block, etc: Avoid comparing apples to oranges! Consider the features included and the value of these! What is the general condition of the property in question, compared to the competition? What updates have been made and what is the impact of these? Be sure to consider both batch size and form/usability, as well as the advantages and/or disadvantages of the specific block, etc.
5. Specific location: Compare specific locations and the advantages and disadvantages of each. How could they affect these prices, etc.?
6. Know your customer: Prior to any agent/client relationship, it is important for a real estate professional to know and understand their client and to be able to fully communicate essential marketing and sales strategies. The CMA will only make sense and be effective and meaningful if/when an agent and a client work together and take advantage of quality teamwork!
Since, for most people, the value of their home represents their single largest financial asset, doesn’t it make sense to proceed prudently and in a well-considered manner? Before you hire an agent, take a hard look at the professionalism and thoroughness of the competitive market analysis!
