What is a CMA?
Comparative Market Analysis (CMA) is a term Real Estate Agents use to describe an in-depth process of evaluating a home’s true worth in today’s market. CMAs help homeowners understand their home's value based on the value of recent properties that sold in their neighborhood.
When someone requests a CMA, it could be an indicator they're considering selling their property to either relocate or purchase a new property as a source of additional income.
Where do CMA requests come from?
Homeowners can request an expert opinion through the "Tune Your Value" module in their report. Learn how that works here.
Because homeowners typically work with a Real Estate Agent to complete their CMA, Loan Officers can easily assign inbound CMA requests to their co-sponsored Real Estate Agents in Homebot. If you’re a Loan Officer, learn how to hand off CMA requests below.
How it works
When homeowners want your help coordinating a CMA, you'll receive an email alerting you of the request.
Find your client in your portal and click on their name to be taken to their profile.
Scroll through their activity and preview their report before giving them a call.
When on the phone, let them know you noticed they adjusted the value of their home and you're calling to understand their intentions and confirm if they'd like a professional opinion.
To remove a client from the Needs CMA Key Client List, you must update the value manually. To update the value manually, see below or find instructions HERE.
For Real Estate Agents
Call your client to let them know that you saw they tuned the value of their home and offer your professional opinion. If they'd like a CMA, perform it outside Homebot. Then, update the value manually by clicking Complete CMA.
For Lenders
Call your client to get an understanding of why they would like a professional opinion. Ask if they want to be connected to a Real Estate Agent that you trust. You can click on Assign to agent to hand it off to one of your co-sponsored agents.
The agent will receive all the necessary information. Once you have the updated value, click on Complete CMA to enter it manually and remove the client from the Needs CMA key client list.
If you're not co-sponsoring agents on Homebot, call one of your trusted agents to perform the CMA.
If Your Client Has a Preferred Real Estate Agent
When a client is working with a preferred agent, it's a great opportunity to expand your network in real life and on Homebot through co-sponsorship.
CMAs are a great pitch for getting an agent to partner with you on Homebot and a great way for you to stay top of mind for a client!
🚨Best practice: If you're working with a buyer, add their preferred agent to their buyer profile. That way, any questions on a particular listing in Homebot home search will be routed to you and the preferred agent, instead of the listing agent.
Once you have the updated value, click on Complete CMA to enter the updated value and give them a range to play with, should they make home improvements in the future. The client's report will update immediately.
Learn about co-sponsoring agents
Click here to learn how to pitch agents who aren't yet on Homebot or read all about the benefits of co-sponsoring agents here.