The best, finest, and most meaningful/ relevant way, for real estate agents, to explain, professionally, their reasoning, marketing and selling plans, is to create a thorough, Competitive Marketing Plan, or, CMA, and explain it thoroughly, to their potential, and existing clients! This must be, more than, merely, a cursory, explanation, and examination, of home prices, but, rather, must become a key part of the strategic and action plans, which will be used, to bring forth, the best possibilities! As a Real Estate Licensed Salesperson, in the State of New York, for over 15 years, I have prepared innumerable plans, and consider them, to be 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 attempt to, briefly, consider, examine, review, and discuss, 6 important components/ factors, in preparing, and taking advantage of a professionally designed, Competitive Market Analysts.
1. Market trends/ conditions: It’s important to create a strategy, based on specific, local, and/ or, regional trends, and conditions, because what works in one place, may not, in another. What are some of the local nuances, etc, which might impact the marketing strategy, as well as Listing Price, etc?
2. Recent sales: It’s not enough, to, merely, examine and consider, recent sales, and/ or, Listing Prices! Selling prices must be examined, carefully, and the more current, the closing date, the more significant! One must, however, carefully, compare, a variety of features, including the specific block, local schools, community safety, specific home features/ inclusions, etc.
3. Expired Listings: This process must include considering Expired Listings, and the probable reasons, they may have not sold! If there are a lot of these, it indicates one thing, but, even, if there are fewer, a common link, should be searched – for, and examined! Perhaps, the reason was pricing, and, if so, should provide key information, in preparing the document.
4. Features/ condition/ upgrades/ lot and house size/ specific block, etc: Avoid comparing apples, to oranges! Take into consideration the included features, and value of these! What is the overall condition of the subject property, compared to the competition? What upgrades have been made, and what is the impact of these? Be certain to consider, both, the lot size and shape/ usability, as well as any advantages, and/ or, disadvantages of the specific block, etc?
5. Specific location: Compare specific locations, and the pluses, and minuses, of each. How might these affect pricing, etc?
6. Know your client: Before, any agent/ client relationship, it is important, for a real estate professional, to know, and understand his client, and, be able to thoroughly, completely, communicate, on essential marketing and selling strategies. The CMA will only, make sense, and be effective and meaningful, if/ when, an agent and client, work together, and take advantage of quality teamwork!
Since, for most people, the value of their home, represents their single – biggest, financial asset, doesn’t it make sense, to proceed, wisely, and in a well – considered way? Before hiring an agent, carefully examine, the professionalism, and thoroughness, of the Competitive Market Analysis!