Can We Learn HOW to do CMA's As Realtors, Please?!

By
Real Estate Agent with BloomingHouse Realty

Wow, another wild week!  We have had FOUR purchase agreements not go through this week because of listing agents misinforming a seller of a homes worth.  How does this work?  Oh yeah, Mr. and Mrs. Seller, you can list your home at whatever you want, it doesn't matter, we'll just go down on the price someday?  And of course you can take this 25 year old home and compare it to the new construction with lot values of $100,000+.  It's all the same Mr. and Mrs. Seller.  Geeze Louise, give me a break!

The game I am seeing with listing agents is they are taking the listings, with NO guidance or recommendations to the seller, just to have a home listed.  Now why are they doing this?  To represent the Seller?  OH NO!  This method is ALL about representing the AGENTS pocketbook.  They carry the listing forever (knowing it is overlisted) in order to pick up 20+ buyers that they put "somewhere else"! THAT is not representing a Seller folks!

I am absolutely amazed at what the buyer's agents have to deal with.  Do we not, as brokers, have some sort of responsibility in training our agents on CMA's (Comparative Market Analysis')!?  One of the first things that I do is get an agent trained on CMA's!  And here's another thing "I" believe; my agents need to know how an appraisal works!  IF they can get this, then they realize in a more detailed way what the CMA is used for and how it works. 

How in the world can we as Realtors represent "anyone", buyer OR seller, if we don't know the basis of pulling comparables and guiding our clients in the right direction? Embarrassing to our community, that's what it is!  And then we wonder why the public wants to treat up like used car salesmen?!  Maybe because a large percentage of us act like a salesman, instead of a "professional" Realtor taking our jobs very serious?

Regina Harp, Broker

BloomingHouse Real Estate Group

www.ReginaHarp.com   www.PrairievilleRealEstate.com   www.GonzalesRealEstate.com

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Rainmaker
523,518
Jim Lee
RE/MAX By The Bay - Portsmouth, NH
Portsmouth NH Realtor, Portsmouth, NH

I think the Zillows of the www and other 'instant' home valuation models have to bear a lot of blame in this too.

New and/or weak Realtors walk into a listing appointment and the seller whips out his "Zestimate" of his home's value and usually wants to add 20% because "my home is better than these", and several other immaterial factors.

It's up to us as professionals to lead the way both with our clients and our peers.

Aug 30, 2006 09:33 AM #1
Rainer
59,410
Bob Pavey
RE/MAX Hometown - Aventura, FL
CRS
Regina good advice. I went out to do a appraisal with the appraiser and its notabout price per square foot like all or most agents think. It's about a property close in square footage to the subject. Agents today are about getting the listing and notabout doing the deal. I believe we will see a change soon these agents won't last
Aug 30, 2006 09:36 AM #2
Rainer
15,673
Freddie Gonzales
WEM PACIFIC Investments, Inc. - Daly City, CA
CRS, GRI, RDCPro

I guess some agents' intention in doing CMA's is to get the listing, not to come out with the real value. In order to do an accurate valuation, there are a lot of things we should consider. Things we should consider are the subject and comparables' number of bedrooms, bathrooms, lot size, gross living area, age of home, condition and proximity of comparable to the subject. Then we do the necessary adjustments whether to add or subtract values from the comparables. We should also get the most recent sold properties, closest and most similar to the subject property. I guess a lot of agents don't know how to do an effective valuation.

 

Aug 13, 2008 01:27 AM #3
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Rainer
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Regina Harp

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