A comparative market analysis (CMA) is an examination of the prices at which similar properties in the same area recently sold. Since no two properties are identical, you'll make adjustments for the differences between the target property and the comparable properties (henceforth known as comps) to determine a fair price. To put it simply, a CMA is an informal and unofficial version of an appraisal.
There are two common scenarios where you'll create a CMA:
There are two ways to create a CMA in Remine. You can create a custom Remine CMA 360, or if you're a Cloud CMA subscriber, you can log in and create a CMA in the Cloud CMA interface.
You can leverage the massive amount of data in Remine to create comprehensive CMAs. When you select the criteria for the comps you want to find, Remine searches for properties in two categories:
In the top bar, click Create CMA, and in the drop-down, click Remine CMA 360.
The Select Comparables Criteria page appears, and the selected property is automatically tracked. This page is where you can define the types of comps you want to pull for your CMA.
Fill out the form based on the comps that you want to find.
These fields include property characteristics like bedroom and bathroom count, square footage, lot size, parking options, and more. Use these fields to define the comps that you want to find. Remine will return comps that meet this criteria in the next step.
In areas where the public record data doesn't include bedroom counts, we reference our estimated bedroom counts to find off MLS comps. Off MLS comps are properties that transacted within the last 6 months outside of the MLS, like For Sale by Owner (FSBO) properties.
These fields include listing characteristics like current MLS status, listing and sold prices, and a time frame for when any sold properties went to closing. Use these fields to define the types of listings you want to find for your comps.
In the Distance box, you can define the search radius for all the comps you want to find. The larger your search radius, the more comps Remine will return in the next step.
When you've made your selections and are ready to see your results, click the Search button at the bottom of the page.
You'll see your results, your selected criteria, and a map with pins that correspond to each result.
If you want to modify your search criteria, click the Edit Criteria button in the upper right corner. If you're happy with your results, continue to step 4.
View and adjust the list of comps as needed.
At the top of the page, you'll see the criteria you selected in a horizontal list.
In the upper left corner, you'll see the Market Value Range. The lower end of the range is the lowest available sold price of all the comps. The higher end of the range is the highest available sold price of all the comps.
Below the Market Value Range, you'll see various MLS statuses. Each number corresponds to the number of comps that have that particular MLS status. Off MLS means the property transacted outside of the MLS, like FSBOs.
Click an MLS status to filter the list of comps to just the comps with that MLS status. To return to the full list of comps, click All.
To the right of the MLS statuses, you'll see the Sort By section, where you can sort your list of comps by several characteristics, like bedroom and bathroom count, days on market, or diff (how much the sold price differs from the list price for closed properties).
When you hover over a list item, the corresponding pin on the map wobbles to identify itself.
Click an address in the list to view the Property Details page for that property. In the top bar of the Property Details page, you can scroll through the details for every comp, or click Close in the upper right corner to return to the list view.
If you want to remove a comp from your CMA, in the row for the property, click the button. The property is grayed out and won't be included in the CMA, but it doesn't disappear from the list on this page. You can easily add the property back to the CMA by clicking the button.
When you're happy with your list of comps, click the Save & Continue button in the upper right corner.
The Customize Report page appears.
Customize the look and feel of your PDF report.
Color Scheme - Choose from preset color schemes for several popular real estate companies and franchises, or select Custom.
If you select Custom, the Select Colors section appears, where you can click each colored circle to customize your color scheme for your office or team.
When you're happy with the report, click the Save & Continue button at the bottom of the page.
Your final report appears. If you navigate away from this page, you can always access it again from the Property Details page of the target property.
Print the PDF of your CMA by clicking the Print button in the upper right corner of the screen.
The Print CMA window appears, where you can customize your print options.
Make your selections and click Print.
The report downloads automatically.
After you download your CMA PDF, to exit the report screen, click the Close button in the upper right corner.
You can view your past Remine CMAs on the Property Details page for the target property. These CMAs are private, and visible only to you.
If you are a Cloud CMA subscriber, you can quickly create a Cloud CMA while referencing the Property Details page in Remine.
Visit the List of Cloud CMA MLS Partners to find out if your MLS offers Cloud CMA as a member benefit.
Note: Any Cloud CMAs that you create are tied only to your Cloud CMA account. These will not appear in Remine on the Property Details page for the property.
In the top bar, click Create CMA, and in the drop-down, click Cloud CMA.
This link directs you to the Cloud CMA login page.
After you log in to Cloud CMA, in the top navigation bar, click CMA.
For more information about Cloud CMA, visit the Cloud CMA Support Center.
The following video describes how to create a CMA in Remine:
Click to enlarge